Why I Think Bitcoin Is Not Ready For Prime Time

So Bitcoin becomes the rage again for unknown reasons.  Today Bitcoin price is going through the roof.  As of this writing a single Bitcoin is equating to $2251 (US Dollar).  I can see the allures of Bitcoin, but I can also see so many drawbacks.  Let’s talk about the drawbacks shall we?

First, one of the biggest drawbacks of Bitcoin for me is not be able to sell Bitcoin anonymously through an exchange.  Instead, the exchange requires you to send your info includes your social security number before you get verified and be able to do any trading of Bitcoin.  This means if an exchange gets hack, all of  your info is going to be shared or be sold to any unknown parties.  Of course you can argue that lot of your information is already in places that are being stored online and can still be hacked easily.  I argue that at least the government agencies and banking institutions are perhaps more willing to protect your information than some Bitcoin exchanges.  Thus, hacking into these institutions may not be easily done, and once it is being done the government would definitely go after such hackers in a big way.  So, at least you know you got huge resources to look after your information in a more serious manner.

Second, another biggest drawback is that many Bitcoin exchanges cannot be trusted, because not only they’d gotten hacked way too many times before but some of them also run away with your bitcoins.  This means if an exchange decides to stop doing business and just run away with your bitcoins, you’re basically losing all of your bitcoins on a specific Bitcoin exchange.  This is why I don’t think it’s wise to store any of your bitcoins on a Bitcoin exchange besides just enough bitcoins for selling purpose.  Once buying a bitcoin on an exchange it’s wise to transfer the bitcoin out of the exchange immediately and into your more secure Bitcoin wallet that stores on your local machine/computer.

Third, another biggest drawback is that you can lose all of your bitcoins easily if a computer that you’re using to store all of your bitcoins got corrupted hard drives.  This means if you cannot rescue a specific corrupted hard drive that stores all of your bitcoins, you basically lose all of your bitcoins forever.  Thus, I think some people may adopt storing their bitcoins on multiple machines in multiple wallets, so they don’t have to worry about having all of their eggs in one basket.  Some people also do backups for their Bitcoin wallets’ data to ensure that Bitcoin wallets’ data won’t get corrupted easily.  It is also wise to encrypt the partition or partitions that you store your Bitcoin wallets’ data, and only this way you can protect your bitcoins from being stolen easily.  Basically, encrypting a partition on top of already encrypted Bitcoin wallet’s data is like having one more security layer.

Fourth, another biggest drawback is that Bitcoin is still not being accepted widely.  Sure, there are many places that may accept Bitcoin, but there are also so many many places that do not accept Bitcoin.

Fifth, another biggest drawback is that Bitcoin can be confusing for people who have no experiences with computer.  Some people in older generations will not be able to understand how to use Bitcoin, and so it’s going to be exotic and hard to use for them.  To use Bitcoin, one must know how to securely protect your bitcoins in a Bitcoin wallet and on a secure machine, but these measures are probably just gibberish for people who do not have the ability to use computers correctly.  Especially, if they do not know how to use computer in a secure manner, they are going to get hack easily and lose all of their bitcoins.

Sixth, another biggest drawback is that many governments are not recognizing Bitcoin as currency, and so Bitcoin is in a grey area in which so many different laws are being applied to Bitcoin.  This means you have to use Bitcoin differently in each country, and so laws that regulate Bitcoin in one country doesn’t behave similarly to laws in another country.  Of course you can argue that cash are not the same in all countries, but cash are legal tender — thus there are specified laws that may apply on the usage of cash even though such cash are not printed in the specific country or countries.  Some governments are outright hostile toward Bitcoin, thus they’re banning Bitcoin outright.

Seventh, another biggest drawback is that some governments are making you as a target of investigation for using Bitcoin, because they think Bitcoin is a way to facilitate dirty money.

These are the drawbacks and other drawbacks that I may not have stated that prevent me from seeing Bitcoin as a sure way that can replace the traditional money.  Furthermore, I like to have the option of Bitcoin and digital currencies and traditional currencies in digital forms, but I also like even more to see that traditional currencies in the form of cash that do not go away.  Why?  Anything that is tangible is definitely harder to be erased and made disappear.  This means your wealth can be protected better even it means securing them under your mattresses.  If your wealth can just go poof in an instant, it means your wealth is not being secured in a correct form or forms.  Because Bitcoin has so many weaknesses, I think it’s not wise to convert a huge portion of your wealth into bitcoins at all.

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United Airlines Training Video? Beating Passenger Up For Refusing To Give Up Paid Seat For UA’s Own Employees.

This could be United Airlines’ training video.  Check it out and you would laugh yourself to tear at the video, but feel disgusting about UA’s recent idiotic action.  Why?  Well, recently UA decided it was wise to bloodied a man face and dragged him off the plane like an animal for he refused to give up his paid seat for one of UA’s employees.  I mean, the people that involved in the incident got no common sense at all.  Plus, it tells me that people are definitely capable of being a slave to corporation and treating another human being like an animal.  After all, we all know animals can be abused and killed by humans for fun.  You know, like on a hunt for pleasure.  Anyhow, check out the video right after the break and you’ll see why I mean UA’s training video could have come out of this video.

Stupid Theory Tries To Claim Terracotta Army Was Inspired By Greece

Recently, there is this stupid theory tries to claim Terracotta Army that guards Chinese first emperor’s afterlife got inspiration from Greece.  Even now I think it’s really a lame theory, border beyond jokes.  Whoever repeats this theory in my eyes is the stupidest person on earth.  You know the chance for the right person with the right knowledge to transfer such inspiration from the far flung West to far flung East — in the ancient time in which traveling from one neighboring country to another was so difficult — is slim to nil.  Even the Romans themselves much later couldn’t even meet up with the Chinese.  Yet here we have a stupidest theory on earth, with no evidence whatsoever, suggests that an ancient person from Greece traveled to China to spread an art form in which inspired the Terracotta Army.  As if it’s a blaspheme for another region on earth to create beautiful art, because there should be none other than the West that could come up with such an art form.  Furthermore, how stupid can you be to not see that replicating a real life size figure is not that hard.  After all, you got a real soldier in real armor and weapons in detail, how hard is it to not be able to replicate such figure into art form such as life size figurine creation?  If Greece was the inspiration, why Greece didn’t have the Terracotta Army themselves?  When you look at Greece’s ancient sculptures, these figures got naked bodies and such — emphasizing masculinity.  When I look at Terracotta Army figures, I see soldiers in ancient Chinese uniforms with Asian characteristics, and these figures don’t look like the Greece’s ancient sculptures at all.  I guess the people who suggest the theory I’m bashing of are the people who are too stupid to even imagine that another human being could come up with similar art form.  Enough rant, because even I feel stupider for trying to defend the truth from such an idiotic theory.  Check out the video right after the break if you brave enough to get a dosage of stupidness.

Awesome Magicians Yif and Cyril

In my opinion, so called magicians are the people who have done extreme preparations to achieve amazing results that would make people’s eyes, minds, and other senses go berserk in childish ways such as “Wow, how did you do that?” — their eyes would want to pop out of their sockets to show how much they adore at the magician’s trick and hope that the magician would reveal how the trick was done.  On camera or in real person, either way these tricks are amazing to say the least, because you cannot use your common sense to explain how the tricks were done unless you’re already know how to do them in the first place.  Magicians make their tricks look effortlessly real too!

At the moment, I like 2 magicians very much and these are Yif and Cyril.  Check out their videos right after the break and be wow.