Quote Originally Posted by Jewboo View Post
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I happen to share Blink's apprehension. According to you, no one is personally responsible for the integrity of Bitcoins and anyone can "improve" the code. What or who prevents someone from "improving" the code to divert credits into their own Bitcoin Wallet?

If our Bitcoins get stolen who do we call?

The protocol itself is set in "stone" so there are limitations on what can be changed or updated. Enhancements to the wallet, like maybe you want to add an automatic backup feature, that's allowed.

The way the system works it would be entirely impossible for someone to modify the code to divert coins into ones wallet. When you make a change or "mine" coins each coin has to get the approval of all nodes on the network to make sure that it is what it is. The same way a transaction occurs, it has to be approved by all the nodes on the network in order for the transfer to take place. If you have a bitcoin / litecoin wallet, you'll get a payment. It shows up on an "Unconfirmed" field. Then once it has been verified it ends up in your wallet and is valid. It can take about 5-10 minutes (depending on network speed) to verify the transaction. All those miners mining bitcoins are also the ones verifying all the transactions. So you would have to deceive every single one in order to create fake coins, or to transfer authorized coins.