Bitcoin value bites the dust

I would have not put real dollars in Bitcoin before and I’m less interested in doing that now that Mt.Gox one of the most prominent Bitcoin exchanges was attacked. More than 60.000 accounts were stolen and with a series of trading operations the value of the virtual currency went from about $17.50 in worth to just pennies in a few hours, with an estimated $40m worth of bitcoins traded.

If this is a problem of security of one site or of the whole Bitcoin infrastructure is, in my opinion, irrelevant: I do not trust the system (yet) enough to pour real dollars in it.

via FT Alphaville Β» George Clooney roils the Bitcoin market.



1 Comment

  1. there can never be as stable a form of money as gold. Bitcoin is just another fiat currency. As easily as it was created, it can be inflated. Therefore, it will not gain enough confidence to compete with the dollar, yen or euro until enough money is invested into it to spread it out.

    You could always back it by silver, then cut the cord in 50 years when everybody’s hooked.