Quote from: 1NV3ST0NM3 on December 14, 2017, 04:40:12 PM

Quote from: Displux on December 14, 2017, 11:54:36 AM

https://cryptodaily.co.uk/2017/12/man-loses-22000-cryptocurrency-scam/

So once again we see a demerit of decentralization. Man loses such a huge sum and all he could do is regret because no law in the world caters problems related to crypto currency scam even if they cater there is absolutely no chance that they would be able to effectively trace any such persons.

That's a pessimistic view of things. Using bitcoin and cryptocurrencies is very empowering because no centralized entity (like your bank or Paypal) can freeze your funds, delay transfers, etc.

The downside of that is that you are 100% responsible for your money. You need to be wary of social engineering attempts to get your exchange credentials and private keys. Be careful of phishing sites and don't trust any links that enter your email. As a general rule, if I can't store a coin on a hardware wallet (like the Ledger Nano S), I am ultra careful to check the source, discuss the software with people I trust, and to compartmentalize less trusted software from my primary PC and wallets.

Also, don't be so sure that people can't be effectively traced. Many people involved in the darknet markets have been jailed at this point due to blockchain analysis.