Joined Nov 11, 2007
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With Dozens of Robberies and Millions Lost, How Safe is Bitcoin

“One of the most powerful myths about Bitcoin — the encrypted, independent online currency that’s become a huge trend in recent months — is that Bitcoin is “secure.”

Bitcoin.org, the semi-official voice of the Bitcoin community, says “the whole system is protected by heavily peer-reviewed cryptographic algorithms like those used for online banking. No organization or individual can control Bitcoin, and the network remains secure even if not all of its users can be trusted.”

But Bitcoin is not secure.

There have been dozens of robberies of Bitcoin banks and exchanges, and millions of dollars have been lost.

To put that in perspective, if robbers were routinely walking into brick-and-mortar banks and taking millions of dollars, with zero consequences and no arrests, it would make huge headlines every day. The media would be on high alert for the next heist.

But on the Internet, Bitcoin thefts worth hundreds of thousands and millions of dollars happen on a weekly basis and no one cares….”

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