Posted on 03/04/2014 7:16:05 PM PST by Nachum
[UPDATE: Tech in Asia has updated the article to emphasize that suicide is only suggested and not certain]
The last few weeks have been dismally littered with two things. The virtual losses of virtual wealth from virtual currency speculation and the very real losses of very real humans with very real senior financial services positions. Sadly, as NewsWatch reports, tonight sees the two trends converge as the 28-year-old CEO of Singapore-based Bitcoin exchange First Meta has been found dead. The exact reason that may have led to the suicide is not known, and whether the Police have concluded that the cause of death is suicide is also unofficial.
(Excerpt) Read more at zerohedge.com ...
The news is on her company’s website: https://firstmeta.com
Not really “major news outlets” but here are some more:
http://au.christiantoday.com/article/bitcoin-exchange-website-first-meta-ceo-reported-committing-suicide-at-28/16928.htm
and
http://www.womenofchina.cn/html/womenofchina/report/170129-1.htm
Meanwhile my BitCoins are safe and sound in my encrypted wallet on my local hard disk (& several other places). Don’t have too many but they only cost me $4.50 in electricity to mine. Diversification, along w/gold, silver, and .22LR.
Now how is a bitcoin taken out of circulation? Does the owner of the coin have to report that the coin has been taken out of circulation to the ledger?
If so that is another way for the ooin to be stolen.
If the hacker can hack the seller’s ID, then falsely report to the real ledger the coin has been stolen, then spend the coin before it can be traced.
Is that a pit bull in the picture with her?
The bitcoin bank could try to figure out who stole the bitcoins but the cost of going after the thieves is greater than the company’s resources so they have to declare bankruptcy instead.
= = = = = = = = = = = = = = = = = =
So, in a nutshell, basically treat it as another ‘Ponzi Scheme’, bleed the REAL money off the top and when it gets ‘harder’ to back the investors OR early ‘fish’, just declare bankruptcy and ‘live off your ill gained profits’...
Like they say, Bernie goes to jail and the people that instigated, distributed and managed the Social Security ‘monies’ are getting raises and/or being praised - in some cases posthumously.
FDR gets ‘hammered’ for SS but maybe the ‘original intent’ was to ‘house’ the money, draw interest and redistribute it to those that contributed.
The ‘worst’ part of the SS scheme was the GOVT was just entrusted with HOLDING the money, they didn’t contribute, their only (supposed) contribution was investing properly and distributing wisely. The ONLY people that put into the fund were the ‘recipient and whatever ‘boss’ he had’ and if being self employed the ‘recipient’ put in the whole 15%.
Sorry, I misused the word ENTRUSTED - when someone DEMANDS you put into a fund for your own good you aren’t really entrusting them, you are enabling them.
So those that say hillary/obamascare are unprecedented, are basically wrong as the ‘health care’ bills are much the same as the SS (in practice anyway) - Just costing US more.
If the day ever comes that the pols can look in that ‘locked vault’ called ???CARE and say
“MY GOD, look how that fund has grown, shame that money should just sit there idle, lets ‘invest’ it elsewhere and when the time comes, we will replace it”
The jails are FULL of people that handled money and just ‘borrowed’ a hundred bucks to go the track or buy that new TV or whatever, then took just a little more till the next pay check, THEN said, “What the Hell, they will catch me eventually so may as well enjoy myself while I can”.
Even if the SS ‘overwhelmed’ itself it still is not the fault of those that contributed lo those many years, it is the handlers that misspent and misused the funds.
Guess I am wrong - those that ‘sheepishly’ contributed surely aided and abetted the crooks that were ‘raiding the funds’ can be at ‘fault’ as they kept giving
‘albeit under penalty of _____________’
>> The price has actually risen since the Gox bankruptcy.<<
But that’s exactly the problem. A legitimate currency doesn’t change in value by significant amounts from day to day. Did the dollar buy less after millions had their credit hacked recently via Target stores?
Bitcoin is a speculative investment, period. The fact that people are trying to use it as a currency is secondary. It’s no more a currency than a gold or silver ingot, both of which can be converted to dollars which are then used as currency, usually after paying a significant transaction cost to do so.
The difference between speculation in gold versus bitcoins is that the risk of holding bitcoins is far greater due to both its higher volatility and the difficulty of protecting it from theft by hackers everywhere.
If Bitcoin survives it will only be because governments step in with regulations to protect investors, which will result in most of its current supporters claiming it will have become just another “fiat money.”
Exactly, not sure how ZeroHedge connected her to Bitcoin, since her company is a “bit player” at best in Bitcoin trading. The whole ZH “trail of dead bankers” is a bit of a stretch...how many deaths per day are there worldwide? A certain % are going to be involved in the banking (or Bitcoin) industry.
LOL!
pyramid scheme collapsing?
“Did the dollar buy less after millions had their credit hacked recently via Target stores?”
No but target stock TGT did drop significantly.
;^)
at least one person got it
>>No but target stock TGT did drop significantly.<<
As it should have. My point being that a reasonably severe problem with the credit system didn’t impact the dollar in any significant way. Compare that to the fluctuation in Bitcoin when a portion of its system (Ft Gox) was hacked. My larger point is that Bitcoin is an inferior currency to the dollar, i.e., the dreaded “fiat” money, at least presently.
I think you’re right...according to this,
http://en.wikipedia.org/wiki/Mt._Gox
they were handling 70% of all bitcoin trades.
So this was not just a minor rogue bitcoin bank (I heard that claim made), this was a major player.
For the price to recover so quickly is strange to say the least. There must be a plan to bring those coins back on the market some day.
I think you’re right...according to this,
http://en.wikipedia.org/wiki/Mt._Gox
they were handling 70% of all bitcoin trades.
So this was not just a minor rogue bitcoin bank (I heard that claim made), this was a major player.
For the price to recover so quickly is strange to say the least. There must be a plan to bring those coins back on the market some day.
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