[2014-08-14] How Bitcoins Could Put Your Finances at Risk

[zakoliverz]

http://time.com/3104130/bitcoin-cfpb-virtual-currency/

The Consumer Finance Protection Bureau released a report Monday concluding that virtual currencies, such as Bitcoin, offer less protection than regular currencies and can be vulnerable to outrageous mark-ups, online scams and hackers.

In addition to publishing the report, the bureau has also added a virtual currency section to their complaint page where people who have run into problems with Bitcoin or other similar currencies can register their issues.

[1715180087]

1715180087

[1715180087]

1715180087

[aigeezer]

It is interesting to watch this story bounce around in the media echo chamber. "Be afraid. Be very afraid". I think they've tried that mantra too many times on too many topics for anyone to pay attention, but you never know.

I'm surprised they rolled this one out in August, normally the silly season for media stories. I hope it's not a dress rehearsal for a post labour-day media blitz. "Be afraid. Be very afraid. We really mean it this time."

[bitsmichel]

Just a scare story. Bitcoin actually offers more protection, as you are in control of your money.
Banking is a big risk, they should write an article about that. Some people who put money in Cyprus bank lost up to 800.000 USD

[notthematrix]

http://time.com/3104130/bitcoin-cfpb-virtual-currency/

The Consumer Finance Protection Bureau released a report Monday concluding that virtual currencies, such as Bitcoin, offer less protection than regular currencies and can be vulnerable to outrageous mark-ups, online scams and hackers.

In addition to publishing the report, the bureau has also added a virtual currency section to their complaint page where people who have run into problems with Bitcoin or other similar currencies can register their issues.

tipical westren deformation , you dant have access to your fiat moiney!
you can not walk in to the bank to get it , if needed,
with bitcoin you have always access to your bitcoins.
if the bank blocks the money your money is worthless...
your bitcoin are not.

[notthematrix]

http://time.com/3104130/bitcoin-cfpb-virtual-currency/

The Consumer Finance Protection Bureau released a report Monday concluding that virtual currencies, such as Bitcoin, offer less protection than regular currencies and can be vulnerable to outrageous mark-ups, online scams and hackers.

In addition to publishing the report, the bureau has also added a virtual currency section to their complaint page where people who have run into problems with Bitcoin or other similar currencies can register their issues.

tipical westren deformation , you dant have access to your fiat moiney!
you can not walk in to the bank to get it , if needed,
with bitcoin you have always access to your bitcoins.
if the bank blocks the money your money is worthless...
your bitcoin are not.

[passionsurf]

Just a scare story. Bitcoin actually offers more protection, as you are in control of your money.
Banking is a big risk, they should write an article about that. Some people who put money in Cyprus bank lost up to 800.000 USD

Yeah banking is a big risk ... just look at the Great Depression. Hello!!! Banks are allowed to lend out somewhere around 11x the money people give them. What happens when the majority cannot pay back those loans? Then all the people who have their money "safely" stored in that bank is lost. Oh, "but we're FDIC insured." I'd like to see how that plays out in the event of another Great Depression.