Recently South Korean owned Crypto trading site Coincheck was hacked. Of course the hack was reported all over the world by mainstream media. And, as you might expect, droves of "experts" in the field of Crypto, (according to themselves), jumped on the bandwagon writing articles about how dangerous the blockchain can be.
One of the journalists who have been calling for regulation of blockchain, Julia Kollewe, credentials for analyzing crypto are suspect.
One of the biggest financial magazines in the world, Forbes Magazine, has perhaps more authority here. And while contributor Naeem Aslam writes positive stories about crypto, he is also an advocate for regulation. He is recently quoted in Julia Kollewe article about the Coincheck's hack. “The question is: is there any limit to these hacks? After every few months, we are seeing the same pattern emerging. This is the result of loose regulatory control and regulators must step in to protect the consumers. Anyone who wants to do anything with exchanges should be forced to adopt high-grade security and regular security upgrades.”, Clearly Mr. Aslam sides with the big banks & big government to regulate blockchain.
However, the recent hack of a crypto currency known as NEM was hacked from South Korea's Coincheck. And as expected, immediately after this hack, droves of negative articles extolled the values of regulation. However, none of these articles mentioned the crypto that was hacked from Coincheck was a blockchain called NEM. And the fact that the entire idea of blockchain technology was attacked with proposal of regulations to control it are yet another indication that smart people question authority and check sources.
Direct from the "horse's mouth" so to speak. After reading the article about the Coincheck hack, I looked up the company the article reported was robbed. And, right there on their homepage they apologize for the hacking of NEM cryptocurrency from their site.
Suppose we all could have expected yet another artificial hit Bitcoin would take after this news.
Meanwhile NEX or (XEM), dropped a small fraction compared to the steep drop foisted on Bitcoin
The sharp peaks and valleys of NEX pricing over the last few days spurred on an even bigger drop in Bitcoin
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There's still strong gravitating towards centralized exchanges, regardless of the fact they're are very prone to hacks, both in theory and practice. My assumption is that's because it somehow feels more legitimate to go to a big company rather than to an independent website.
Personally, I'm a fan of Switchain, but any exchange that doesn't hold onto your assets is always a better choice.