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Everyone's a Scammer

  • Article
  • Sep 11, 2014
  • #Bitcoin #Cryptocurrency #Blockchain
Michael Goldstein
@MichaelGoldstein
(Author)
nakamotoinstitute.org
Read on nakamotoinstitute.org
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Bonnie and Clyde cannot simply rob First National Block Chain. They can hack servers and unencrypted wallet files or scan low-entropy brain wallets. But the costs of obtaining bitco... Show More

Bonnie and Clyde cannot simply rob First National Block Chain. They can hack servers and unencrypted wallet files or scan low-entropy brain wallets. But the costs of obtaining bitcoins hoarded on a high-entropy, password-protected paper wallet, for instance, are incredibly high. A computer cannot be expected to brute force the wallet in the universe’s lifetime, so a trespasser would have to employ expensive tactics such as kidnapping and torture on any prospective, individual target. Criminals, con artists, and swindlers cannot rely on violence to get the wealth they desire—it has become too cumbersome. These scoundrels must rely on good ol’ fashioned market forces.

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Robert Breedlove @Breedlove22
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There is a great piece written on the topic of scammers and scamming called "Everyone's a scammer" by Goldstein.
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