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March 05, 2014, 05:37:59 PM |
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I am very worried about security at the Altcoin exchanges. Here's my thinking:
If the bigger boys who handle Bitcoin may have been vulnerable (a la Mt. Gox) how much more vulnerable should the smaller altcoin exchanges be?
As altcoins are a much smaller market than Bitcoin.
The answer: in my mind, much more vulnerable.
I don't know, but I guess that the major hackers have focused on Bitcoin because (a la Jesse James and banks) that is where the money is. As the altcoin market grows larger, I am worried that the altcoin exchanges could be devastated by security attacks.
Another problem is that there are way too many altcoin exchanges (one doesn't seem to be putting some of the others out of business). Which means they're smaller and likely undercapitalized - ideal conditions for hacking.
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