I read the most bizarre statement concerning the latest Bitcoin exchange, Vircurex, to declare itself insolvent. Rather than filing for bankruptcy, as Mt. Gox has done, Vircurex is locking down its existing accounts and has a strategy aimed at paying back all affected customers and returning the exchange to positive financial health. In order for its plan to work, Vircurex is … [Read more...]
Bitcoin Theft Closes Down Flexcoin Exchange, Forces Withdrawals Halt On BitStamp
A few days ago I wrote an article about the failure of the world’s largest Bitcoins exchange, Mt. Gox, titled “Bitcoins Gold Rush Goes Bust”. In that article I warned this wouldn’t be the last exchange to go down, that in fact it was just the first of many. If you invested in Bitcoins you had best dump this infatuation while it still holds some value and before other exchanges … [Read more...]
Bitcoins Gold Rush Goes Bust
I've watched the infatuation with Bitcoins for some time now and was amazed at their meteoric rise in value. What I've been less surprised about is its equally meteoric fall. Dr. Gary North has long held that Bitcoins are not money. He has many reasons for that belief and every one of them, I believe, is correct. Bitcoins are not money. They are simply one more penny … [Read more...]