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A comment on The Increasing Trend of Online Extortion. Parent comment

Re:The Increasing Trend of Online Extortion by notahacker on Wednesday November 26, 2014 @06:21AM (#8661871)
Oleg and Boris don't need Bitcoin or tipoffs to bash people over the head for their jewllery in rich neighbourhoods, and don't need named bank accounts and audit trails to get caught doing it.

The pseudoanonymity is perfect for phishing and ponzi schemes though...

[ Parent | on HN ]
Re:The Increasing Trend of Online Extortion by Cyther606 on Wednesday November 26, 2014 @12:58PM (#8663615)
Right idea, but:

1. Satoshi is likely carrying $300M in his head, today. Imagine what it will be in 10 years. You can't carry $1,000,000,000 in cash in your head for example.

2. Allowing criminals to steal BTC from you by force or extortion sets up horrible incentives. First, the criminals must voluntarily relinquish control of the BTC if you are to get it back, so there's little the State can do to help you even if they wanted to. Are you willing to use equal or greater force to compel hardened criminals to get your money back? The police probably aren't, and your government is almost assuredly corrupt regardless of where you live.

Ponzi schemes are the least of your worries in a world where Bitcoin is truly ubiquitous.

[ Parent | on HN ]