RATE Group | Economist Nouriel Roubini is Right About Bitcoin’s Biggest Security Flaw
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Economist Nouriel Roubini is Right About Bitcoin’s Biggest Security Flaw

25 Feb Economist Nouriel Roubini is Right About Bitcoin’s Biggest Security Flaw

Posted at 12:49h in Bitcoin News by

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An Irish drug dealer makes $60 million selling weed. He uses the money to buy bitcoin and spreads the holding across 12 digital wallets. He then hides the codes to these accounts inside an aluminum box containing fishing rods.

Years later, local authorities nab the dealer and put him in prison for five years. Meanwhile, his landlord decides to trash all his belonging, including the aluminum box. It only takes a moment for the weed seller to lose all his crypto holdings. A sixty million dollar stash goes into a dumpster, never to be found ever again.

This is the story of Clifton Collins, a former security guard, who thinks Karma got to him for his wrongdoings. But, in reality, what got to him is his decision to use bitcoin, a digital asset that could store millions of dollars digitally (and…

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