Quote from: Bostonbitcoin on January 11, 2014, 12:44:02 PM

Quote from: ghdp on January 11, 2014, 10:07:35 AM

Quote from: Inedible on January 11, 2014, 03:29:27 AM

Security will be a major issue but no more of an issue than for electronic banking.

Are you kidding ?

In "electronic banking" there is almost no way anyone can steal significant amount of money without beeing caught and the money recovered.

I agree with ghdp.

I was at a $20 bn boutique fund the other day talking BTC with the owners -- I looked around the office and noted that there really isn't anything anyone could steal. If a criminal walked in you could give him free reign -- what could he take? Client lists?

If he was REALLY clever he could figure out where to wore money....then what? He'd need to have a wire to a bank where he could wore it to another etc. Opening anonymous Swiss bank accounts to receive a $10 mm wire the next week is purely a product of the movies (or maybe might have worked in the 1960s) -- there is almost no way people could move real money like that.

Bitcoin on the other hand -- all someone needs is to take a photo of a private key.

The Die Hard comment from DPoS is a real point! The reason we saw heists like the Lufthansa heist in the movie Good Fellas (which was a real heist) stop is not because criminals got more honest but because there isn't anything to steal. Now, with bitcoin there is again and when we talk $10, 20, 100 million worth... All bets are off....people have sent entire teams of heavily armed people to kill for a lot less. Not to be over-paranoid but I think Wall St. firms who think they can simply use the office safe and building security for 45,000 coins are making a mistake.

Why are you printing out private keys? This is the equivalent of printing out your banking password. In fact it's worse - it's the equivalent of leaving your money on the table instead of in the bank.

I can see no reason why you'd print your private key out. Are you needing to transfer the base asset of your investment vehicle?

I get that you might not have a full understanding of how Bitcoin works but this is a fundamental misunderstanding you have here.

I own Bitcoins. You could walk into my office and there'd be nothing you could steal that would endanger my funds any more than the $20 bn boutique fund.