Tuesday, 5 February 2019

Still looking for reasons why cryptocurrencies are a bad idea?

Canada's largest cryptocurrency exchange is unable to access millions in digital currency following the sudden death of its founder.

Quadriga has filed for creditor protection and estimates that about C$180m ($137m; £105m) in cryptocurrency coins is missing.

It has not been able to locate or secure its cryptocurrency reserves since Gerald Cotten died in December. Cotten, 30, had sole responsibility for handling the funds and coins.

In court documents filed with the Nova Scotia Supreme Court on 31 January, his widow Jennifer Robertson, says the laptop on which Cotten "carried out the companies' business is encrypted and I do not know the password or recovery key". "Despite repeated and diligent searches, I have not been able to find them written down anywhere," the affidavit states.

So, a bit like a bank: who's manager has lost the key to the vault, "Sorry, you can't have your money back. Shut the door on your way out." 
I've said it many times: 

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