February 26, 2014

FROM THE DAY THEY JOIN THE AV CLUB...:

Bitcoin virtual currency is on verge of collapse (Chris O'Brien and Andrew Tangel, February 25, 2014, LA Times)

It was supposed to revolutionize the global monetary system. Instead, the bitcoin virtual currency that has captured the imagination of investors and financiers is on the verge of collapse.

In a stunning blow to a novel way to buy products and services, the world's largest exchange for trading bitcoin currency shut down Tuesday, triggering a massive sell-off and sending many prospective investors away -- perhaps for good.

"This is extremely destructive," said Mark Williams, a risk-management expert and former Federal Reserve Bank examiner. "What we're seeing is a lot of the flaws. It's not only fragile, it's fragile as eggshells."


...libertarians can never get rid of that "Kick me" sign.
Posted by at February 26, 2014 1:21 PM
  
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