My cousin Rahm has shared some truly awesome and intelligent words with the world on the subject of #Bitcoin. Rahm is the son of my awesome Onkel Wolfgang and shares his sage wisdom and perhaps most indeed eclipses it in some ways too.
He starts off with…..
“To be honest I don’t trust Bitcoin.
It was created by someone using a synonym and his or her identity has never been revealed. The liquidity is dismal. The timescale for verifying transactions is slow (1), and anonymity is still an issue. The volatility is very high, which can be good if you feel like gambling and possibly making a return or potentially losing a significant amount of money because the time necessary to process the sale didn’t occur fast enough. Since Bitcoin has a limited number of cryptographic keys that can be used as coins it also has issues with entropy. (2) If someone loses their Bitcoin wallet, all of their coins are lost. Under the current system they cannot be reclaimed or mined again. You are entirely responsible for your own Bitcoin wallet. Last but not least early adopters prove to benefit the most from it, as the initial mining of unique cryptographic sequences were done very easily en masse at its inception and get increasingly”………………….
For his entire post >>> http://rklsj.ca/2013/04/10/bitcoin/