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A BIT of A crypto Crisis

DNMUM405502 | 1/14/2018 | Author : Dipu Rai | WC :1872

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The Centre has cautioned people against risks in trading in virtual currencies such as Bitcoin. Several countries have launched crackdowns against them that are not legal tender. With regulations likely in India, DNA examines how the network works and what lies ahead
DNA THE STORY

New Delhi: It’s as easy as setting up an e-mail address or operating a bank ATM, anyone can do it — this is what you may often hear from Bitcoin advocates. But here’s the catch: more than 50 per cent of the world’s largest cryptocurrency is owned only by about 2,000 users, most of them are connected and the trade is synchronised. The recent boom and bust of Bitcoin prices has proved this. “These heavyweight first movers, also known as whales, are working in collusion. Some of them are working on behalf of the super-rich and politicians,” said a source who worked with a cryptocurrency exchange in India.
Risky business
Whales want you to rely on their ‘Papa John’s pizzas’ story: On May 22, 2010, a web developer purch
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