scammer votes himself all the money – Naked Security

Back when the Bitcoin protocol was invented, the idea was to build a simple global payment system that wasn’t (and couldn’t be) controlled by any central broker.

In other words, you wouldn’t need to apply to a private company for a credit card, or to get permission from a regulator to send cash abroad, or to risk having incoming payments confiscated by a corrupt bank or central government, or to negotiate a series of complex exchange rates determined by other people, or to wait for the companies at each end of the transaction to decide that it was time to let it go through.

You could simply and directly trade online with someone else who decided that the bicoinage you were offering was somehow worth what they were giving you in return.

For better or worse, however, cryptocurrency networks such as Bitcoin have largely devolved into investment schemes instead of payment systems.

People tend to trade in Bitcoin, as they might in stocks and shares, rather than trading with it, as they would with cash, a credit card, or (in the olden days) a chequebook.