Bitcoin buyers should be aware of the risks and look after themselves, top excha

[miningfool]

Traders tempted to invest in cryptocurrencies such as bitcoin must carry the burden of responsibility, according to the CEO of a leading cryptocurrency exchange.

"I think ultimately consumers need to look out for themselves, look into the fundamentals of any coin and not rely on any particular exchange to protect them from market volatility," Jesse Powell, founder and CEO of Kraken, told CNBC on Tuesday.

Speaking at the World Government Summit in Dubai, Powell said Kraken conducted a "thorough" evaluation process to ensure every digital coin available on its San Francisco-based exchange was "almost certainly not a scam."

"We make no promises about the future of any coin, things can change when you raise $1 billion in 10 minutes," he said.

'Declaration of monetary independence'
On Monday, European Union regulators warned cryptocurrencies were unsuitable investments and should be viewed as "highly risky" assets.

The European Supervisory Authorities (ESAs) for securities, banking and insurance and pensions said in a joint statement that the volatile nature of cryptocurrencies was showing "clear signs of a pricing bubble."

Warren Buffett, Chairman and CEO of Berkshire Hathaway.
David A. Grogan | CNBC
Warren Buffett, Chairman and CEO of Berkshire Hathaway.
Elsewhere, billionaire investor Warren Buffett warned last month that the recent craze over bitcoin and other cryptocurrencies would almost certainly end badly. And, before walking back on his earlier criticisms at the start of the year, J.P. Morgan Chase Chairman and CEO Jamie Dimon previously described bitcoin as "fraud."

When asked whether cryptocurrency traders should take the views of such seasoned investors seriously, Nick Spanos, CEO of Blockchain Technologies Corporation, replied: "Warren Buffett is good at renting furniture and whatever other businesses that he does, but we are in a different business,"

"I believe cryptocurrency is the people's declaration of monetary independence," he said on the same panel at the World Government Summit.

[Fredyink]

At least with Bitcoin I can shape my future, with FIAT's I can't do nothing.
Long live Bitcoin.

[peter0425]

Of course, everyone should be responsible because its our own money anyways. We are our own bank. We know that risk that's why we take every precautions that is in the book, although hackers and criminals will do anything, but we need to be step ahead of the game.

And we do our share of partaking the knowledge to that newbies. We all been preaching how to protect themselves, but it really depends on the person. At least we have given them guidance from the very start so that they don't have the right to bitch out when they lost their money in a exchanges or in their wallets.