It was yet another piece of bad Bitcoin news: BitInstant Chief Executive Officer Charlie Shrem was arrested by federal agents Sunday and charged with using Bitcoin in a money-laundering scheme connected to the now-defunct Silk Road illegal drug website.
After Bitcoin exploded onto the financial world last year, it immediately became enveloped in controversy, with just as many predicting its imminent doom as were declaring it a revolutionary form of money.
The recent data breach at Target is one of the worst breaches of credit card information ever. But if those millions of Target Corp. (NYSE: TGT) customers had been using Bitcoin instead of credit cards, the thieves could not have stolen any of their personal data.
The thieves who stole the credit card data from Target customers took the information from Target’s own computer systems. They got credit card numbers, names, and home addresses. In short order, the Target thieves were selling this data to other criminals over the Internet.
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