Australia's largest stock trading and investment forum Australia's #1 stock forum

Crypto Trading 2017, page-1914

First 1914 Last

Share
Profile

Follow
Medicca71

2,473 Posts.

272

28/09/17

11:27

Post #: 27514701
Share

Originally posted by vagabond84 ↑

Just had a thought. With all this interest in bitcoin, people all over the world will be looking to sign up to bitcoin exchanges. These exchanges take investors cash and settles bitcoin trades on their behalf. But they're also, for the most part, unregulated. When you do business with a bitcoin exchange, you are basically handing over your cash to this business and saying "I trust you".

Surely, this must be a scammer's dream. You start a business (a bitcoin exchange) and people will throw money at you, while you have virtually nil accountability. You could take advantage of naive customers who leave custody of purchased bitcoins with your exchange, by stealing the bitcoins then pretend you got hacked by some unknown thief.

There's been the occasional bitcoin exchange hack in the past. If these hacks steps up in frequency, I wonder what the government response will be like? Especially considering as well now that bitcoin is beginning to draw in ordinary folk, rather than just enthusiasts in the past.

Expand

Harware wallet/cold storage - Ledger nano/Ledger blue.

You are your own bank
1 Upvote

Reply

Top Stories

FXG

What on earth is antimony – and why are ASX traders going crazy for it? + 6 stocks to watch

The Rising Tide: How institutional adoption is shaping the future of crypto

CC9

Chariot locks in high-potential drill target at Black Mountain, one of the USA's largest lithium landholdings

SER

How flooding did Strategic Energy Resources a favour: Four holes down in 'redesigned' gold & copper campaign

Why are so many ASX explorers setting up shop in Saudi Arabia? + 8 stocks to watch

There are more pages in this discussion • 632 more messages in this thread...

First 1914 Last

SPONSORED BY