04 Oct '12, 12pm

Bitcoin's Biggest Problem: It's a Den of Thieves

I've had a curious eye on Bitcoin for a few years now. Through various posts on HN I've followed its ups and downs including the big hoopla over the exchange rate for a Bitcoin reaching parity with the dollar , a figure that is now eclipsed by today's going rate of $12/BC. For those that haven't paid similar attention, here's how Wikipedia describes Bitcoin : Bitcoin is a peer-to-peer electronic currency .. which can be sent, received and managed through various independent websites, PC clients and mobile device software. At its roots, Bitcoin is based on some rather clever mathematics, ironically the same primitives that keep our credit cards secure when buying things online. But while credit cards are centralized systems, with Visa, Mastercard and friends acting as the managers of who has what, Bitcoin is more clever. It is a truly distributed system, everybody knows eve...

Full article: http://blog.nyaruka.com/bitcoins-biggest-problem-dens-of-...

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Bitcoin's Biggest Problem: It's a Den of Thieves

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