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Cryptocurrencies need close scrutiny, monitor warns

5 Comments
By DAVID McHUGH

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If you have no ability to secure your own wallet off-line, then there is nothing safe or secure about cryptocurrency. For all the talk about how safe it if, how there's a full ledger of every transaction, etc - seemed to be very "helpful" when all the thefts occur and nobody is ever able to track the funds down.

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Almost every cryptocurrency has offline wallets. So far as thefts, the stolen funds are quite often tracked down when the currency has a public ledger. Which makes it safer than cash - because when that's stolen, it's gone.

Of course, people are welcome to leave their money in banks, subject to bank failures, excessive charges, liens, hyper-inflation and government seizures. Safety is relative. Strictly speaking, nothing is 100% safe. And in any case, the Financial Stability Board is not worried about safety, but about the ability to control and levy all human transactions.

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Big, veeeeeery big bubble explode coming !!..

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'Close scrutiny' kind of defeats the entire purpose of cryptocurrency.

Big, veeeeeery big bubble explode coming !!..

People have been saying this exact same line since Bitcoin debuted in 2009, and yet here we are.

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how there's a full ledger of every transaction, etc - seemed to be very "helpful" when all the thefts occur and nobody is ever able to track the funds down.

What are you talking about? They can see exactly where the funds are, and exactly which wallet owns them.

The issue is that the anonymity of bitcoin means that they can't figure out who owns those wallets. Which, in case people missed, is pretty much the entire point behind Bitcoin.

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