Quadriga CX is a crypto-currency exchange. The only person who knew the password died and now the exchange cannot access $140 million dollars of bitcoins. Stories abound of people forgetting a password and losing their bitcoins. But this is an exchange that has lost the password. Read more.

One problem is that bitcoins are ether—not tangible. However, I never see or touch most of the dollars in my paycheck, which is electronically deposited in my and mostly goes to the many electronic bills. The primary problem is that the exchange was badly managed.

Slow down

It is great to be first. But it is better to be correct. Humans seems to always be in a hurry, which often leads to a mistake. Countless times we have jump into something without fully understanding the situation. This phenomenon has given rise to the phrase unintended consequences.

There is a rush to be the first to implement IoT. These early solution almost certainly deficient in some significant ways that will lead to unintended consequences. This paper argues that we are throwing caution to the wind. Read it and beware.