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Category Archives: Bitcoin

Digital Currency: Convenient for Users; Convenient for Robbers


Bitcoins are always portrayed as tangible "coins" rather than intangible, digital "bits" [courtesy Google Images]

Bitcoins are always portrayed as tangible “coins” rather than intangible, digital “bits”
[courtesy Google Images]

Reuters recently reported in “Bitcoin exchange Mt. Gox disappears in blow to virtual currency” that,

“Mt. Gox, once the world’s biggest bitcoin exchange, looked to have essentially disappeared on Tuesday, with its website down, its founder unaccounted for and a Tokyo office empty bar a handful of protesters saying they had lost money investing in the virtual currency.

“It was not clear what has become of the exchange, which this month halted withdrawals indefinitely after detecting ‘unusual activity.’  A global bitcoin organization referred to the exchange’s ‘exit,’ while angry investors questioned whether it was still solvent.”

What’s been done to Mt Gox Bitcoins can be done to any other digital currency—including the fiat dollars in your credit cards, debit cards, bank accounts and pensions funds.  It can all be made to disappear in moment, and investors can be left with nothing.

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