Let’s see....
Bitcoins were selling for $1,100 about a year ago, now the same coin sells for $700. Ouch.
What backs Bitcoin?
A large Bitcoin outlet, Mt. Gox, went broke under suspicious circumstances.
The CEO recently committed suicide.
The originator claims not to have any to do with the product, so who is the originator and where is the transparency?
Hmmm. I’ll pass.
“Bitcoins were selling for $1,100 about a year ago, now the same coin sells for $700. Ouch.”
Slightly off on your numbers, a year ago February, Bitcoin was at about $17.00, seventeen.
Last year it was in the teens. A few months ago, it was briefly at $1,200. And now it’s north of $600.
I would say your opinion is probably based upon some severe ignorance ... :-) ...
In September of 2012 Apple stock was $700 and in April of 2014 it dropped below $400. Ouch. If you have any worthless AAPL please give it to me.
“Let’s see....
Bitcoins were selling for $1,100 about a year ago, now the same coin sells for $700. Ouch.”
Actually, a year ago BTC were selling for under $100. So if you’d bought then and held, you’d be up 500%+ (they’re at $615 or so today). Not so “ouch”.
A year and a half ago, gold was at almost $1700/oz. Now it’s under $1400, and heading lower today. Ouch?
“What backs Bitcoin?”
A robust, distributed protocol, beholden to no government.
“A large Bitcoin outlet, Mt. Gox, went broke under suspicious circumstances.”
Yes, an exchange went bankrupt. Lehman Brothers went bankrupt. More similarly, Bernie Madoff lost people a lot of money. So, the dollar is defunct?
“The CEO recently committed suicide.”
Nope, you’re confused.
“The originator claims not to have any to do with the product, so who is the originator and where is the transparency?”
The originator is still anonymous. Most likely he’s a techie who’s not interested in the drudgery of running the Bitcoin Foundation. The folks running it seem to be doing a good job though. Several thousand businesses accept BTC so far, and the number is growing rapidly.
“Hmmm. I’ll pass.”
Feel absolutely free to do so. :-)