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Bitcoin

  • 07-03-2014 8:27pm
    #1
    UtopianWarlord
    Closed Accounts Posts: 48 ✭


    Is there a concerted effort to destroy bitcoin and people faith in it?
    Several high profile incidents concerning it in the few months. First was the collapse of Silk Road. That wouldn't raise too much eyebrows despite its supposed safety and anonymity, as it was always going to be targeted. Recently though there's been a string of incidents. The second silk road site collapsed, either due to hacking or fraud, although it wouldn't be a stretch to say it could have been set up by agencies with the intent to let it build up a profile before destroying it to reduce the legitimacy of the online market place as a whole, and put a big dent in the illegal online trade. A couple of days before Silk Road 2 collapsed, one of its main rivals, Utopia, was shut down and raided by Dutch police.

    But the we had the big one, the collapse of Mt Gox. Mt Gox controlled 70% of the worlds bitcoin transactions, and was apparently hacked, with $450m dollars going missing.
    At the same time, last week the owner of First Meta, another bitcoin exchange, was found dead from 'unnatural cause', with suicide been given as the reason. Another service, Flexcoin, said it was closing during the week after it was hacked and all currency it held stolen, ammounting to $600,000. There are also major headlines everytime a country announces it doesn't accept bitcoin as a currency, for example just today the front page of the BBC was about Japan refusing to recognise it as legitimate but saying they would find ways to tax it.

    Understandably there's going to be more interest in something as it grows, but there seems to be a big increase in attacks and negative publicity for it since the first silk road went down. A concerted effort by government agencies before it gets too out of hand and they can't control it?


Comments

  • #2
    nyarlothothep
    Registered Users, Registered Users 2 Posts: 5,182 ✭✭✭nyarlothothep


    The genie is out of the bottle for now it seems, bitcoin's price is relatively stable, it's actually increaesed in price a bit since mtgox.


  • #3
    FISMA
    Closed Accounts Posts: 2,616 ✭✭✭FISMA


    nyarlothothep wrote: »
    bitcoin's price is relatively stable

    How things can change.


  • #4
    Terry Gilliam Beard
    Registered Users, Registered Users 2 Posts: 134 ✭✭Terry Gilliam Beard


    FISMA wrote: »
    How things can change.
    Indeed. Doubling or halving in a month is hardly 'stable'.


  • #5
    nyarlothothep
    Registered Users, Registered Users 2 Posts: 5,182 ✭✭✭nyarlothothep


    It experienced a boom a few months ago and then predictably crashed, but the crash was in line with predictions that it would go down to a level way above what it had started from. So where it was $30 I dunno, correct me if I'm wrong, last year-ish or the year before it was overvalued, it's now something like $600 which isn't that dramatic a fall from $1200 if you consider it's a boom-bust cycle independent of it being bitcoin or not. Also the price has been resilient despite the closure of mt gox, it dipped a bit around the $490-500 mark but has climbed back since then. To me that says it's stable in relative terms but correct me if I'm wrong. It may become valueless, but it demonstrates potential no?


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