No. of Recommendations: 2
The electronic currency Bitcoin has been all the rage, with news organizations doing stories on vendors accepting Bitcoins, an auto dealership in Miami selling cars for Bitcoins, even the Fox science fiction series Almost Human repeatedly presenting bitcoins as the default currency of the future. But last month U.S. government agents arrested Charlie Shrem, the CEO of Bitcoin exchange BitInstant, charging him with laundering money for customers of online drug bazaar Silk Road. And today, what was once the world's largest online trading platform for bitcoins is now a blank page.

The Bitcoin-trading website Mt.Gox was taken offline late Monday, putting at risk millions of dollars put there by investors who gambled on the digital currency. The exchange also deleted all of its tweets, and Mt.Gox CEO Mark Karpeles resigned from the Bitcoin Foundation's board of directors on Sunday.

Who notes that Bitcoins are not a recognized currency of any government and while an intriguing idea for those who prefer to transact business out from under the watchful gaze of regulation, trading in Bitcoins should be considered highly volatile and extremely risky for reasons like the story above...
Print the post  


When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.