Four years ago, in 2013, someone I knew asked what I thought about Bitcoin. He was interested in investing in it and wondered whether I had any insight into it. At the time, I only had limited knowledge about Bitcoin and digital currency. But I knew enough to stay away and I advised him to do the same.
Well, turned out I was right. Not to congratulate myself, and I received zilch for advising someone on investment strategy. There was Mt. Gox. Then silk road. And then the government stepped in. Then there was this. So, it was easy to forsee these things happen when you have pockets of programmers breaking security and accessing systems everywhere. Even the CIA was hacked at one point. So, logically it stands that any system can be broken if people are so inclined.
I think putting money behind one of those systems would motivate someone to hack it.
That’s how I came to that conclusion. Still holds today. Doesn’t make sense to invest in a digital currency. I just watched an interesting documentry on Bitcoin on Netflix called Banking on Bitcoin.
It’s sad, really, because the intentions were good and the idea makes sense. There’s a saying about good intentions and a paved road too. It’s hard to watch the government stepped in and regulate it. Very interesting movie and I recommend it.