The financial system at larger scales is not terribly different -- you electronically transfer money and in the blink of an eye it is gone, and is only recovera

The financial system at larger scales is not terribly different -- you electronically transfer money and in the blink of an eye it is gone, and is only recoverable with the cooperation of the counter-party. Of course most banks have identity requirements, but identity proofs in most countries are wholly insecure. If someone with ill intent has the ability to wire money from your account, they can do so with ease. Bitcoin really isn't that unique in that sense. The real story in the bitcoin world is a recurring tale of gross, epic levels of incompetence, largely because a bunch of people who know some PHP have become the ones building financial systems. People who lack even the most rudimentary of knowledge necessary (this particular "exploit" for instance....good God. This is literally usually the very first "learning databases" lesson because it is so obvious of a weakness).