His unearthing of an apparent multibillion-dollar theft and money laundering scheme at the very center of bitcoin’s world shows just how dangerous its largely unpoliced digital wilderness can be for investors.https://www.wsj.com/articles/the-man-who-solved-bitcoins-most-notorious-heist-1533917805?mod=e2tw …
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In the 9 years or so since bitcoin made its debut, cryptocurrency worth more than $15 billion at peak prices has been stolen, much of it in hacks like those that precipitated Mt. Gox’s collapse, excluding thefts not publicized or cryptocurrency used in other illegal activities.
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The rip-offs represent just one of the threats now facing bitcoin, which has electrified the financial world with its promise of a decentralized, anonymous payment system intended to render banks obsolete.https://www.wsj.com/articles/the-man-who-solved-bitcoins-most-notorious-heist-1533917805?mod=e2tw …
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Anonymity is evaporating as people transact on big, centralized exchanges that collect detailed user data—and provide it to government investigators. Speculators have driven huge price fluctuations that make bitcoin unviable as a currency and dangerous as an investment.
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Then there is crime: With little government oversight and no way of reversing bitcoin transactions, thieves have developed creative ways not just of breaking into exchanges, but of using bitcoin to facilitate all sorts of other schemes.https://www.wsj.com/articles/the-man-who-solved-bitcoins-most-notorious-heist-1533917805?mod=e2tw …
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Credit-card thieves sell stolen cards for bitcoin; hackers—including some from
—have taken data for ransom to be paid in bitcoin, cybersecurity researchers say. Regulators now want to subject bitcoin to many of the same rules as traditional investments.https://www.wsj.com/articles/the-man-who-solved-bitcoins-most-notorious-heist-1533917805?mod=e2tw … -
Mr. Nilsson and others in Japan’s enthusiastic digital-currency community crowded into bitcoin in a moment of post-financial-crisis optimism.https://www.wsj.com/articles/the-man-who-solved-bitcoins-most-notorious-heist-1533917805?mod=e2tw …
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Founded by an enigmatic coder—or coders—going by the name Satoshi Nakamoto, bitcoin exists only online as a string of code in a digital ledger, called a blockchain, outside the mainstream financial system.https://www.wsj.com/articles/the-man-who-solved-bitcoins-most-notorious-heist-1533917805?mod=e2tw …
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Didn't think Bitcoin was stable. Now I'm sure of it!
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Not all heros wear capes. This man followed the rabbit hole. He found the rabbit.
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Thanks. Twitter will use this to make your timeline better. UndoUndo
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Old story
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Gee you think
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