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Major Bitcoin Exchange Suspends Service, Suspecting Attack
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RyanSepe
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RyanSepe,
User Rank: Ninja
1/6/2015 | 9:22:42 AM
Re: Safeguards
Well there are many potential benefits to the bitcoin. It behaves similar to a stock in that it appreciates and depreciates. But it is a volatile currency. The digital medium of the currency makes it easy to store and transport. It is non-government regulated which also has its ups and downs but its an alternative means of currency and that is what I attribute to its largest value. Not indicative of national restraints. Universal value.

But as you say @Marilyn Cohodas, with it being a completely digital nature of the bitcoin exposes it to a plethora of exploits.
Marilyn Cohodas
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Marilyn Cohodas,
User Rank: Strategist
1/6/2015 | 9:09:11 AM
Re: Safeguards
Have to admit, I haven't warmed up -- or even totally understand -- the concept of Bitcoin and the potential for exploitation scares me. 
RyanSepe
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RyanSepe,
User Rank: Ninja
1/6/2015 | 8:51:04 AM
Safeguards
I know a big proponent to the bitcoin is that they are not government regulated. But there are a few inherent flaws with the digital currency, which I know from experience of owning a couple of bitcoins myself. First is that when you have a bitcoin wallet, you most likely have it stored locally. Bitcoin banks need to treat their distribution of coins more closely to regular banks.

I think the main question here is: Are bitcoin distributors safeguarding their "data" in a similar fashion as banks treat their data? This isn't to say they will still not experience a breach because it happens to banks anyway but to minimize risk it would behoove these organizations to try and implement similar security frameworks. I would say due to the previous events the answer is most likely no.


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