This Global news story tells of yet another Bitcoin 'Bank' folding after they were hacked and had Bitcoins stolen. Which raises the question, would you put your money into any bank where it could be lost to some nerd in his basement someplace?
You may recall a Bitcoin 'exchange' closing their doors a week ago after hackers stole 750,000 Bitcoins from their servers. Now this Canadian company is claiming collapse after 896 coins were hacked, so clearly there is little reason for anyone to feel comfortable investing real cash in fairy dust.
Let's just say for a minute that you had an inclination for larceny. How hard would it be to set up your 'bank', collect as many deposits as you can, and they tell a hacker friend how to work around your security? It would likely be nearly impossible to prove in a court and attempts at recovery would be a total waste of time.
Hmmmmmm make believe currency, stored in make believe banks........ the old mattress is looking pretty good to me. What they heck is a bitcoin anyway??
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