Canadian police investigating cyber attack after online bitcoin bank Flexcoin folds this week. As I said previously, wolves are hunting down all bitcoin exchanges and raiding these. Then there is this news about Autumn Radtke, 28, CEO of First Meta bitcoin exchange found dead in Singapore supposedly suicide. If so, I am betting that exchange has been devoured, too.
Here is yet another story about bitcoins that shows how murky, paranoid and vulnerable the creation of this fanciful ‘money’ has become: Has Bitcoin’s founder Satoshi Nakamoto been found in California? Some Japanese guy who used to program for the military/industrial complex, no less. The fantasy world was all about how secure and tricky and honest this fake money was but it turns out to be wildly off base.
It is like drug dealing: buyer beware and ripoffs are de rigueur. And enforcement is via murder. When everyone is either a user or a dealer and stealing is more profitable than purity, with everyone basically anonymous, using street names and vengeful, we get the mess that bitcoins are in today. As the bad news grows, desperate users are trying hard to hang on.
We see from the chart above that the green days were the vast majority when the buy mania began. But since February, red sells dominate. Shooting upwards, soon it will be nonstop red ink. With a pack of wolves systematically hunting down all exchange platforms, the only thing holding up the value at this point is probably the wolf pack not selling their loot to addled fanatics.
Unless, and this is most likely, the wolves are killing the captured coins and leaving bones of the exchange hosts behind. The guy in Japan running the raided exchange will be killed by the Yakuza. The business is now being regulated there: News: Japan may tax bitcoin deals, stop banks, brokerages from handling. So much for the fun and games. Maybe time to by some Beanie Babies.
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