Bitcoin - Scam or Legitimate Currency

[Schmeck]

Anything is legitimate currency if someone is willing to accept it as such. BitCoin isn't a scam but it very well might be a bubble. It wouldn't be the first one and surely wouldn't be the last one.

If anyone is interested in the crypto behind BitCoin check out Security Now expisode 287. Audio or Video is here and the transcript is available here.

As Tim said above, if the crypto involved in BitCoin is cracked all transactional security is essentially no longer relevant. That goes for transactions involving traditional currency too. The only way that wouldn't be the case is if it was the implementation of the crypto as opposed to the crypto itself that was faulty but that is true of everything.

But I can hold a paper dollar bill in my hand and buy something at the store. I won't need transactional security. We can go back to paper log books and ledgers for bank transactions. I don't think bitcoins will survive in that way.

 

[NaLisa]

Mt. Gox declares bankruptcy

http://money.cnn.com/2014/02/28/investing/mt-gox-bankruptcy/index.html?hpt=hp_t2

 

[Cannot_Wait_4Disney]

I learned my lesson when I spent a fortune collecting Beanie Babies. Thought it would put my daughter through college. First and only time I'll buy into a new trend that promises big rewards.

Tulips, Beanie Babies, Credit Default Swaps, Bitcoin. Easy come, easy go.

 

[Cannot_Wait_4Disney]

Mt. Gox declares bankruptcy

http://money.cnn.com/2014/02/28/investing/mt-gox-bankruptcy/index.html?hpt=hp_t2

To "coin" a phrase, it Looks like Mt. Gox "bit" the dust.

 

[PrincessKsMom]

My how the pyramid has fallen.

 

[Geoff_M]

Tulips, Beanie Babies, Credit Default Swaps, Bitcoin. Easy come, easy go.

My how the pyramid has fallen.

Psssst! Two minutes ago Bitcoin was still trading at $589.62 US per bitcoin. http://bitcoincharts.com/markets/

Confidence has clearly been shaken, but it ain't dead.

 

[manning]

Mt. Gox declares bankruptcy

http://money.cnn.com/2014/02/28/investing/mt-gox-bankruptcy/index.html?hpt=hp_t2

Mt. Gox, once the world's biggest bitcoin exchange, filed for bankruptcy protection in Japan on Friday, saying it may have lost nearly half a billion dollars worth of the virtual coins due to hacking into its faulty computer system.