Bitcoin QT failed to write undo data
(by Nadeem Walayat) Bitcoin is as a SCAM by design as I have voiced many times over several months in that even when a large percentage of people have their holdings stolen the price is stable enough to continue to entice new entrants into exchanging hard earned fiat currency for bitcoins via the ramblings of the clueless mainstream press, investors who will also at some point lose the value of all of their holdings.
GUEST POST: This is an excellent article by Nadeem Walayat, Editor at Market Oracle. Many readers have asked my opinion on Bitcoin. While I stated that I didn’t trust the crypto currency, I never really took the time to research it.
However, I came across this article and it is a MUST READ on the subject of Bitcoin. Nadeem does a great job chronicling what he calls a “BITCOIN: The Perfect Scam.”
Bitcoin The Perfect Scam
by Nadeem Walayat,
The Bitcoin USD price has recovered strongly by more than doubling from the crash low of $240 of 16th February in the wake of the collapse of the worlds largest Bitcoin exchange MTGox (Magic the Gathering) that declared bankruptcy a couple of days ago, though the current Bitcoin market price of $560 is still half the $1250 high of less than 3 months ago.
Off course the price for the approx 800, 000 bitcoins deposited at MtGox is not $560, instead the last price MTGox stated before the site went blank was $135 and more than likely near zero today, which highlights the real dangers of holding the bitcoin virtual crypto currency in that the only safe way to hold the virtual currency is OFFLINE which defeats the whole point of having a virtual currency.
