Published on September 17th, 2017 | by bitcoin0
Even the most basic description of bitcoin – an intellectual test on a par with describing a collateralised debt obligation – elicits mental images of a digital back-alley shell game.
A bitcoin is a cryptographic solution to a complex equation.
If you regard the Bank of England as an all-powerful insurer for the pound, there is no such institution behind bitcoin.
This lack of a central authority is one of the reasons why Dimon cavilled in such strong terms last week.
Without a backstop central bank, heist victims stand to lose everything, as with the collapse of the MtGox bitcoin exchange in 2014.