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Arrest in disappearance of $390 million in Bitcoins


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#1 Rogerdodger

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Posted 01 August 2015 - 08:55 AM

Executive arrested over disappearance of $390 million in Bitcoins...

Backers say virtual currencies allow for an efficient and anonymous way to store and transfer funds online.
But regulators argue the lack of legal framework governing the currency, the opaque way it is traded and its volatility make it dangerous.
Bitcoins are generated by complex chains of interactions among a huge network of computers around the planet and are not backed by any government or central bank.

Meanwhile, Snoop Dog prefers cash:

SNOOP STOPPED BY ITALIAN CUSTOMS...
$422,000 in cash...

Edited by Rogerdodger, 01 August 2015 - 08:56 AM.


#2 HoseB

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Posted 01 August 2015 - 09:05 AM

Executive arrested over disappearance of $390 million in Bitcoins...

Backers say virtual currencies allow for an efficient and anonymous way to store and transfer funds online.
But regulators argue the lack of legal framework governing the currency, the opaque way it is traded and its volatility make it dangerous.
Bitcoins are generated by complex chains of interactions among a huge network of computers around the planet and are not backed by any government or central bank.

Meanwhile, Snoop Dog prefers cash:

SNOOP STOPPED BY ITALIAN CUSTOMS...
$422,000 in cash...


Didn't he change his name to Snoop Lion? (Which is even more ridiculous than Snoop Dog.)
40,000 headmen couldn't make me change my mind....

#3 NAV

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Posted 01 August 2015 - 10:32 AM

Executive arrested over disappearance of $390 million in Bitcoins...

Backers say virtual currencies allow for an efficient and anonymous way to store and transfer funds online.
But regulators argue the lack of legal framework governing the currency, the opaque way it is traded and its volatility make it dangerous.
Bitcoins are generated by complex chains of interactions among a huge network of computers around the planet and are not backed by any government or central bank.

Meanwhile, Snoop Dog prefers cash:

SNOOP STOPPED BY ITALIAN CUSTOMS...
$422,000 in cash...


Bitcoin is for idiots. Those who lose investing in this kind of unregulated stuff, deserve it.

Edited by NAV, 01 August 2015 - 10:33 AM.

"It's not the knowing that is difficult, but the doing"

 

“I have heard many men talk intelligently, even brilliantly, about something – only to see them proven powerless when it comes to acting on what they believe” - Bernard Baruch

 


#4 Rogerdodger

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Posted 01 August 2015 - 12:05 PM

Bitcoin is for idiots


If the movie BLOW was remade today, Johnny Depp would have put all of his cocaine money in Bit-con instead of a bank in Panama.
Either way it would all still be gone.

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Edited by Rogerdodger, 01 August 2015 - 12:05 PM.


#5 arbman

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Posted 01 August 2015 - 01:11 PM

So there are about 14.5m bitcoins for $4B in value and Bitcoin bankers lost 10% of the Bitcoin supply. You know it appears to me this is still acceptable given that the bankers lose about half of the money supply on worthless assets routinely since QE (in trillions). :lol:

#6 viccarter

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Posted 02 August 2015 - 03:31 PM

There was an excellent discussion regarding Bitcoin on EconTalk a couple of weeks ago. I found it very interesting. Keep in mind that the commentator is biased due to having a business which involves Bitcoin, however, I felt that the moderation did a good job of challenging him on all of his talking points.

Here is the free link if anyone is interested.

http://www.econtalk....es_casares.html