Throughout the years Bitcoin has been around there have been a bunch of thefts and scams connected to the currency. However, people often forget how much this happens with cash and credit card services.
Illegal activities and crime are a much larger issue for the fiat game. When these losses happen, many clamor for regulation from governments and financial officials to calm the ‘wild wild West’ of cryptocurrency. What these people are missing is the fact that the community itself self-regulates our economy.
One of the greatest examples is the loss of BTC from the infamous Mt. Gox exchange. Many look at this event as one of the most catastrophic times in the existence of cryptocurrency.
After it happened, a good swarm of people chimed in for the governing authorities to step in and stop the madness. Yet, this is akin to asking for a paid protection service much like the mafia back in the day. What people don’t realize is that the community had handled the case thoroughly and the best they could.