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04 Sep 2012

Bitcoin grows up Money

Bitcoin is still the Net's favorite virtual currency, particularly for people who believe that the gold standard was a good idea. I see that Bitcoin has recently achieved sufficient critical mass to support a classic Ponzi scheme, a guy who promised absurd rates of interest, 7% per week to his "investors", then disappeared with 500,000 of other people's Bitcoins. At the current price of about $10/bitcoin, that's nominally $5 million, but Bitcoin markets are so thin that in practice it's worth a lot less unless he trickles them out over many months.

Given the general level of financial sophistication of Bitcoin users, the real question is why it hasn't happened sooner.

  posted at: 03:53 :: permanent link to this entry :: 0 comments
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