One of the prime myths that white-collar criminologists have to refute repeatedly is that blockchain makes fraud impossible. Blockchain, in some settings, is a costly means of making some frauds much more difficult. Blockchain is useless against the most important frauds. The primitive worship of blockchain as a supposed garlic capable of warding off evil breeds complacency, and complacency produces increased fraud and greatly extends the life of fraud.…Sheriff Bill is on the case.
New Economic Perspectives
Bitcoin Frauds Keep Growing
William K. Black | Associate Professor of Economics and Law, UMKC
I read about a guy who bought a crytocurrency wallet on eBay and then it got hacked into and all his bitcoins got stolen. They said you should only buy a wallet direct from the maker.
ReplyDeleteIt is estimated that more than half of all bitcoin has been stolen.
ReplyDeleteCrikey!
DeleteWhat about the guy who threw his hard drive out and then found out he had lost his bitcions. The people at the dump didn't mind him looking through the rubbish everyday for a week. At the time he was interviewed his bitcoins had gone up in value and were worth many millions, and today maybe much more.