As the article above shows, the crypto-currency world is full of hacks, frauds, bugs, and simple negligence that have caused billions of dollars of crypto-currencies to just disappear into cyber-space never to be seen again.
This phenomena reminds me of the selective memory of most gamblers and stock investors. They’re always ready to tell you about their big wins, but are usually shy when it comes to describing their losses.
Likewise, bitcoin buyers are quick to point out the price appreciation in crypto-land, but seldom mention the losses of those whose bitcoins have been stolen, diverted, lost or trapped in digital “wallets” because the wallet owner lost his “private key” (something like a password), and has no chance of ever accessing that wallet again.
What this article points out is that the price action in bitcoin is impervious to such disasters. Even when the headlines are ablaze with tales of bitcoin frauds and bitcoin hacks, the price just keeps going up. That’s just one more sign of a bubble mentality that shows no signs of fading soon.
What the article reveals is that you now have two ways to lose your money. Your bitcoin can just disappear now (due to hacks, frauds, and negligence), or it can disappear later when the bubble bursts. Any way you look at it you lose.
