Summary of The Wretched, Endless Cycle of Bitcoin Hacks
Proponents of digital currency are scrambling to find a solution
Everyone wants in on bitcoin, hackers included.
Modern-day bank heists don’t take place in steel-walled bank vaults, but, rather, online via hacks and the theft of digital keys. Bloomberg tech reporter Yuji Nakamura, with additional reporting by Olga Kharif, details the millions of dollars lost to multiple cyberattacks on digital currencies, including bitcoin. His message serves as a warning for all those interested in investing in digital money. Nakamura explains how companies have dealt with their losses and suggests that regulation is imminent. While never giving financial advice, getAbstract recommends this article to digital currency proponents and technology enthusiasts.
In this summary, you will learn
- How hackers continue to steal from bitcoin communities
- How they are reacting to the security breaches
- Why some form of regulation is necessary if bitcoin is to survive
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