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A timely warning from the feds: Bitcoins are the 'Wild West'
A timely warning from the feds: Bitcoins are the 'Wild West'

The Consumer Financial Protection Bureau, that whipping boy of big-business conservatives everywhere, demonstrated its value to the average consumer this week by explaining the pitfalls of bitcoins and other such "virtual currencies." The key takeaway, in the succinct words of CFPB Director Richard Cordray: "Virtual currencies are not backed by any government or central bank, and at this point consumers are stepping into the Wild West when they engage in the market." The agency underscores several risks in the use and trading of bitcoins that experienced participants generally know all about, but could trap the unwary--precisely the people the CFPB was created to...

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