However, projects like Bitshares, Waves and Tether are leveraging Blockchain technology to provide us with Blockchain-based fiat tokens like BitUSD, wUSD, and USDT, respectively.
In total, hackers have stolen nearly $2 billion worth of cryptocurrency since the beginning of 2017, mostly from exchanges, and that’s just what has been revealed publicly.
What crypto-currencies are dollar denominated? Their units are all translated to dollar equivalents, but so is every other traditional currency.If some exchange is purporting to store funds and facilitate transactions in dollar-denominated cryptocurrency, wouldn't that make it a bank?
I'm not sure the law can make any such distinctions. It considers such as equity stocks, bonds, or even artwork as items of value, which people paid traditional currency to obtain.If crypto-currency is merely an abstract concept with no fixed value, is it even a crime to steal it? Is there any legal precedent for civil or criminal action? Can a crypto-exchange call in the FBI or local police to investigate a crypto-theft, as they would investigate any other bank heist?
One would think so. But note that the article is focusing on rogue miners, forking the blockchain so that they can create duplicate 'coins'.If some exchange is purporting to store funds and facilitate transactions in dollar-denominated cryptocurrency, wouldn't that make it a bank?