Team Leader: Anthony Matias
Members: Brent Adkins1, Justin Baker4, Steve LeBano2, Anthony Matias3
Our Thesis: The system of Bitcoin is unstable because it has no one to oversee the whole process. This system has no safety next like banks have with insurance companies. One’s savings on Bitcoin can be easily hacked or manipulated by a computer programmer. Bitcoin is like operating a casino, the people who run it will rake in a good percent of the money while others gains and losses don’t matter.
Our Argument: The Bitcoin currency system is a bunch of users trading and trusting that the person that they are trading with is giving them a sufficient amount of Bitcoin in return for the product. Bitcoin has no safe net in case they are hacked. For instance, over 87,000 bitcoins were stolen from the server and couldn’t be replaced, which depreciated the value of the bitcoin greatly. A security lapse allowed hackers to make off with over 200,000 dollars worth of bit coin after the gained unauthorized access to bitcoin wallets stored by customers and the server. Both of these hacks happened in a mere few weeks. These examples show that the system is flawed and is easy to be hacked into.
Even though this “revolutionary” currency system seems to work at first glance, in reality it is incredibly flawed and hard to trust since there is no authority.