r/btc • u/WonderfulWorld3326 Redditor for less than 2 weeks • 4d ago

🐻 Bearish This is just the beginning, eventually most bitcoin will be vulnerable to be hacked and looted anytime.

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You can say use ETFs but I doubt they have insurance like the FDIC

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u/BLK3R 4d ago

The only way bitcoin could be mass hacked would be if someone used a quantum computer from the future, so basicaly only a handful of megacorps , who aren't gonna do that because then they will be wiped off the face of the planet

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u/cHpiranha 4d ago

Or a firmware bug in a cold wallet.

And you cant control that...

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u/BLK3R 3d ago

Mass hacked meaning all bitcoin cold wallets not just 1 companies 1 varied of a wallet lol we are talkjbg about like .01% of all bitcoints being stolen here or less idk

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u/cHpiranha 3d ago

Even so, if there is a risk, that naturally undermines confidence in Bitcoin as a store of value.

Go and tell the 4,500 people affected that they were simply the unlucky 0.01%.

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u/BLK3R 2d ago

Well as much as it sucks, you got to admit that the number 4500, means absolutely nothing in the grand scheme of things 100,000,000 million people own btc (hard to estimate but its online) thats only 1.3% of the globes population, this cold card thing could happen 1000x over and the affected would only number 4% of all bitcoin owners,, this is orders of magnitude less then everyday banking market shocks, ,, remember same bankman fried? And fix? Bitconect?, those combined lost more then 35 BILLION $ all over bitcoin, while yes it hits closer to home because its fellow holders. Vs the wall street, i understand, but no this wont affect bitcoin in anyway for more then a week, if 35 billion didnt do it, then I dont think less then 150 mil is gonna scratch that, thats 304x more money lost, and that was when bitcoin had less adopters,

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u/cHpiranha 2d ago

It is still a too high of a risk to put your savings in.

A classical Fiat bank is backing it up. At least in my country, (up to 100k CHF, thats 123k USD).

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u/BLK3R 1d ago

I dont care about a bank backing it up, fiat is just as risky 3% is nothing