I want to use the Bitcoin client Multibit, but to do so I will need to install Java which over the past six months I've only heard bad things about.
So my question is: how safe is it for me to install Java on Mac OS X 10.8.3?
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You'd better ask it on the Apple SE, since apparently Bitcoin is not the core of this question, i.e. this could have happened with any software requiring Java.
That said, you could simply chose not to use Multibit: switch to another client, be it a desktop client or an online wallet.