Monday, August 8, 2016

Crypto currencies not yet ready, hacking to be solved first

spreading the loss among customers when it was the fault of the company.

there you go.
crypto-currency without true regulation and no watchdog.
and you thought it would replace international currencies?

anything without government recognition is not a currency because they can be legislated away by the governments, cheated from people without compensation/recourse, and the fall can be very rapid.
GBP fell 10% this one went 36% and can go to zero by just the announcement of a crypto-currency supported by governments.


Hong Kong-based Bitfinex said all users will lose 36 percent of their deposits after the bitcoin exchange concluded its review of a $71 million hacking attack.To compensate its customers, Bitfinex said users will receive tokens that may later be redeemed or exchanged for shares in its parent company. Following the announcement, bitcoin climbed to $594 as of 10:55 a.m. on Sunday in Tokyo, based on prices from Coinbase. The virtual currency dropped 12 percent to $577.23 in the week through Friday, its largest weekly decline since June, according to Bloomberg prices.