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Bitcoin: It’s Capitalism And You Assume The Risk (video and picture)
Proponents of the relatively new crypto-currency, Bitcoin, have long boasted that the system was secure. Onlookers at the recent Vancouver Resource Investment Conference might have seen a company called Greenbank Capital (GBC:CSE) on display, with Director Mark Wettreich telling attendees that his company was betting on Bitcoin because, among other things, it was secure.
“How are you going to steal Bitcoins? Who are you going to rob? You’d have to steal them from the entire Bitcoin community because every transaction is verified by the entire community – it just can’t happen.”
Well, it did. Mt Gox, the world’s largest Bitcoin exchange, and also likely the world’s worst run Bitcoin exchange, lost 750,000 of the world’s supply of the currency when hackers allegedly slipped in and emptied the vault. MOREHRE
