[2014-08-13] Five Questions About the Bitcoin Crackdown

[zakoliverz]

http://blogs.wsj.com/totalreturn/2014/08/12/five-questions-about-the-bitcoin-crackdown/

Bitcoin is an online currency that can be traded between users or used to buy goods and services from merchants who agree to accept it. Unlike traditional currencies, bitcoin isn’t backed by a central government.

The CFPB highlighted the risk of hackers attacking security systems to steal funds, a lack of protections from fraud and massive fluctuations in the price of digital currencies. The agency also said the cost of using virtual currencies can be high, given exchange rates.

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[cryptofan5]

I would be surprised if they would say: guys we really recommend people use bitcoins because its convenient. :-)

[CoinMode]

http://blogs.wsj.com/totalreturn/2014/08/12/five-questions-about-the-bitcoin-crackdown/

"The agency also said the cost of using virtual currencies can be high, given exchange rates."

Exchange rates have nothing to do with the cost of doing business in any currency. Exchange fees are what cost you money. How in the world can they be so stupid to not know this and how immoral would one have to be to make such blatant lies?