Jim Taylor's Columns - 'Soft Edges' and 'Sharp Edges'

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10

Mar

2019

Imaginary games with imaginary money

Author: Jim Taylor

It just vanished -- $190 million. But was it ever there?

            The $190 million was in crypto-currency, controlled by a Canadian firm called QuadrigaCX. The best known crypto-currency is probably Bitcoin -- an imaginary currency invented, appropriately, by an imaginary person who used the name Satoshi Nakamoto,just ten years ago.

            QuadrigaCX, once Canada’s largest crypto-currency exchange, was founded by Gerald Cotten, a resident of Nova Scotia. Only Cotten knew the encrypted passwords required to access the company’s digit assets.

            As I understand crypto-currencies -- and I don’t -- they’re supposed to be an unhackable way to store wealth. It can’t be touched by governments, banks, or internet thieves, because its security depends on a “block chain” of computers, all of which have to be convinced that a transaction is legitimate before it can go ahead.

            When Cotten died, his crypto-keys died with him. Hmmm…Maybe you can take it with you?

 

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