US overseer warn of problems with Bitcoins

When the Bitcoin price raise up, it is also again increasingly pointed to problems and dangers that may arise with the use of Bitcoin. Pushes the technology behind the Bitcoins already reached their limits? A report by the US financial overseer indicates problems in the area. “Delays in the confirmation of trading operations have increased dramatically”, says the annual report of the Committee for the Control of Financial Stability (FSOC), in which all major regulatory agencies have joined forces under the umbrella of the US Treasury.

Some times were also failed operations. As a reason to give the supervisors, the rate would be entered using the Bitcoin transactions, is sometimes higher than the system’s ability to process them and the so-called block chain, the decentralized accounting system to be updated. For a long time there are also within the Bitcoin fan community discussions about whether the system as usual can continue or must be extended in some form.

Another warning of FSOC precipitates very general. “Some systems could open to fraud by the cooperation of a considerable proportion of the participants to be,” it says. Actually, as conceded by the report, applies the technique of Bitcoins as fraud-proof. It is designed so that fraudsters would organize a preponderance of computer capacity than the capacity of the honest participants to falsify the block chain can.

Regardless Bitoins can be stolen or lost. Because the owners dispose of them with security codes, which can be electronically stored on the hard disk, in particular providers, but also for example on paper. Whoever brings these codes in experience, has the Bitcoins, and if the code is lost, the virtual money has disappeared.

The FSOC is open despite warnings from the new technology over quite. However, it points out that the supervisors must be prepared and work together internationally. There are also supervisors who look very strong advantages of the block chain for its own task.

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