Bitcoins

Bitcoins - Computer Issues, Video Gaming - Posted: 22nd Mar, 2014 - 2:43pm

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Post Date: 12th Dec, 2013 - 2:04pm / Post ID: #

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Love it or hate it, bitcoins are a national craze

Love it or hate it, bitcoins are a national craze. Consumers continue to bet on them. Ref. Source 4

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Post Date: 13th Feb, 2014 - 8:12pm / Post ID: #

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Bitcoin cyberattack a big warning to users

A massive cyber attack from unknown sources that has been spamming bitcoin exchanges is highlighting some of the dangers people can encounter when they exchange cash for digital currencies like the bitcoin, experts said on Wednesday. Ref. Source 6

Post Date: 26th Feb, 2014 - 9:20pm / Post ID: #

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Hundreds of millions in bitcoin disappears

Hundreds of millions of dollars have gone missing as one of the world's largest virtual currency exchanges has seemingly disappeared. Ref. Source 9

Post Date: 7th Mar, 2014 - 3:07pm / Post ID: #

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Mysterious Bitcoin creator Satoshi Nakamoto reportedly found in California

'Satoshi Nakamoto' has allegedly gone from an assumed pseudonym to an identified senior in California. Ref. Source 6

Post Date: 19th Mar, 2014 - 1:23pm / Post ID: #

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'Face behind Bitcoin' hires lawyer

The man Newsweek claimed is the creator of bitcoin has hired a lawyer in an attempt to clear his name, repeating a denial he made to The Associated Press more than a week ago that he has never had anything to do with the digital currency. Ref. Source 4

Post Date: 21st Mar, 2014 - 6:09pm / Post ID: #

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Mt. Gox finds nearly a quarter of missing Bitcoins

The found bitcoins were located in a virtual "Wallet," Mt. Gox said. Ref. Source 1

Post Date: 22nd Mar, 2014 - 12:51pm / Post ID: #


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I still don't get how anyone can invest in something so unstable as virtual money. It is one thing to have a merchant handing the real money for you and a whole other thing to be counting electronic money.



Post Date: 22nd Mar, 2014 - 2:43pm / Post ID: #


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Bitcoin isn't a whole lot different than a USD. There is nothing that actually backs up either currency. The major differences are that if you put your USD in a bank, the FDIC automatically insures abou 250,000USD of your deposit. The government of the US can sell bonds to help keep your USD investment solvent. But basically, there is nothing that the USD is backed by other than the faith of the US Government. Bitcoin to me feels move like a ponzi scheme in that there is absolutely nothing other than the faith in bitcoin that keeps it afloat. So once someone that made millions wants to cash all their profits, if it triggers an avalanche of investors that want to cash out...bitcoin goes bust. There are no protections. However, if you got in on the bottom level, there are people that have made millions off a small initial investment. Sounds exactly like a ponzi scheme to me.



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