birguslatro: Birgus Latro III icon (Default)
[personal profile] birguslatro
This is an interesting read...

https://www.theverge.com/2017/7/29/16060344/btce-bitcoin-exchange-takedown-mt-gox-theft-law-enforcement

It suggests Mt. Gox collapsed due to criminals taking advantage of not very good vaults at Mt. Gox, as apposed Mt. Gox itself running off with near a half a billion dollars in bitcoin.

It also suggests a way to distinguish between what could be considered main-stream bitcoin exchanges and the rest - namely whether they're registered with FinCEN or not.

News around bitcoin seems to wax and wain with fluctuations in its exchange rate. While that's the case, it doesn't have much real value beyond something to speculate with, or perhaps a safe place to put some of your money when you think maybe the banks are about to go bust or your country's printing too much new money.

It would be useful as internet pocket-money, or for transactions with people you trust so neither has to pay a middle-man fees for the transaction. Or with people you don't trust so they can't ask the middle-man to reverse the transaction sometime after it was made. All of which require a trusted exchange one way or the other.

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August 2017

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