Bitcoin is bankrupt

Pat494 · Mar 18, 2015

Well it had to happen I suppose. A currency with no backing of any assets.

http://www.bloomberg.com/news/artic...-association-files-for-bankruptcy-in-new-york

If they pull the plug on bitcoin then the US won't be able to pay off it's debts in that er dodgy currency.

Pat494 · Mar 18, 2015

China is much too gullable in investing in US paper money. They should insist that in future it is backed by assets like land. Only this would jerk the US out of it's complacency and out-of-control spending. Of course the politicians like to look good spending big. It's not really their money and by the time someone starts asking awkward questions, like how are they going repay the loans, they have long disappeared over the horizon.

Much the same with Greece.

Hot air and excuses just aren't enough.

Splitlink · Mar 18, 2015

I suppose I'm too old to grasp the logic of how this worked, in the first place.

I see that the last price for one was $10,000. So where is the Bitcoin and where is the $10,000?

Pat494 · Mar 18, 2015

Splitlink said:
I suppose I'm too old to grasp the logic of how this worked, in the first place.

I see that the last price for one was $10,000. So where is the Bitcoin and where is the $10,000?

All smoke and mirrors as far as I can see. Those in the bitcoin circle made shedloads and the hangers on may be left with a nasty loss. A scam of epic proportions.

Jack o'Clubs · Mar 18, 2015

Pat494 said:
China is much too gullable in investing in US paper money. They should insist that in future it is backed by assets like land. ....

It was the corollary of the US offshoring their manufacturing. Think of it like trade financing. Anyway, rather than repeat all the arguments here, read Stephen Roach's book Unbalanced.

http://yalepress.yale.edu/book.asp?isbn=9780300187175

neil · Mar 18, 2015

Run with the Pack

Splitlink said:
I suppose I'm too old to grasp the logic of how this worked, in the first place.

I see that the last price for one was $10,000. So where is the Bitcoin and where is the $10,000?

It's a case of "The Emperor has no clothes." Enough people shout loud enough about money for nothing and the more followers dumb enough gather to follow them.

"The Emperor's New Clothes" (Danish: Kejserens nye Klæder) is a short tale by Hans Christian Andersen about two weavers who promise an Emperor a new suit of clothes that is invisible to those who are unfit for their positions, stupid, or incompetent. When the Emperor parades before his subjects in his new clothes, no one dares to say that he doesn't see any suit of clothes until a child cries out, "But he isn't wearing anything at all!"

Source: http://en.wikipedia.org/wiki/The_Emperor's_New_Clothes

5SS · Mar 18, 2015

When I seen this I expected to see BTC hit a lot more than it has been. It is down today but it's not that bad a day by previous standards.

http://gyazo.com/a6643b0eb39dec3fded32f8819225f67

Splitlink · Mar 18, 2015

http://www.washingtonpost.com/blogs/the-switch/wp/2014/02/28/mt-gox-is-bankrupt-but-bitc

Washington Post is a little more optimistic

None of this is for me, though.

LON:RMG · Mar 21, 2015

Bitcoin isn't bankrupt, you peon..

Do you understand what decentralised means?

tar · Mar 21, 2015

Splitlink said:
I see that the last price for one was $10,000. So where is the Bitcoin and where is the $10,000?

Last price is around $260 .

Bitcoin is bankrupt

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