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Posted on 02/25/2014 8:42:32 PM PST by BenLurkin
In a stunning blow to a novel way to buy products and services, the world's largest exchange for trading bitcoin currency shut down Tuesday, triggering a massive sell-off and sending many prospective investors away — perhaps for good.
"This is extremely destructive," said Mark Williams, a risk-management expert and former Federal Reserve Bank examiner. "What we're seeing is a lot of the flaws. It's not only fragile, it's fragile as eggshells."
The mysterious circumstances that triggered the failure of the exchange, Mt. Gox in Tokyo, is only adding to the renewed anxiety over the virtual currency, which just a month earlier had been gaining momentum and supporters.
(Excerpt) Read more at latimes.com ...
That which the government cannot control, it will regulate.
That which the government cannot regulate, it will destroy.
Such is the nature of a totalitarian socialist government.
It’s been around longer than an average 3rd world country.
Its downfall was the bubble and it still may still survive to fulfill its original purpose as a coin purse to make purchases to small for credit cards.
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The sell price on btc-e today is about the same or a bit up from yesterday.
Last year, I took out a 4th mortgage on my house and invested it all in Bitcoins so I could get away from the evil banksters. If I lose my investment, can the mean Republicans stop me from getting my government bailout?
Yesterday I checked it was at 540...
I just checked today since I seen the LA times report 587...
I think they try to compare volatility with that of the stock market...apples vs oranges, the only things they have in common is they are both fruit and grow on trees.
There may be some similarities but they are different markets, but the fruit cannot be compared.
AFAIK, that is true. What happened wasn’t a data corruption/tweak issue. Gox left some wallets exposed, and hackers were able to get access to them and steal the coins.
(route the coins to another address)
It’s like if you leave your bank acct info and your password on your machine, and somebody steals your laptop and then drains your bank account, well, that’s not the banks fault and nothing about the way the bank does its business operationally has been compromised or broken.
"There's a sucker born every minute."
If Bitcoin seeks government help it may have a chance for survival.
Speculators destabilized it. Didn’t take any computing power, just not having enough fools to keep the “greater fool” theory running.
What is on the verge of collapse is the US dollar. Bitcoin is so radically different and enduring it collapses in the wrong direction, UP!
I have been buying all week and will continue to do so at this price point.
Yes, and we want freedom, Bitcoin and lederhosen for everybody!
Bitcoin is going to the Moon man! :)
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