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Bitcoins, Nude Photos, and Mordecai Jones

Written by Gary North on September 2, 2014

The story of a hacker who was able to get into iCloud and steal photos of naked celebrity females who have more beauty than good sense is all over the Web. Another guy faked photos, and then sold them for Bitcoins. People with more Bitcoins than good sense or ethics bought them. The crime really […]

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Bitcoins — Down, Down, Down

Written by Gary North on May 14, 2014

They are under $450 per bitcoin, down from $1,242 in December.  The trend remains down. The number of worldwide transactions remains miniscule: under 75,000 a day. In the United States, total money flows are about $14 trillion per day. Anyone who tells you that bitcoins will soon become an alternative to the U.S. dollar has […]

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Bitcoin May Be Trending, But Investors Still More Than Hesitant To Jump In

Posted on April 28, 2014

Bitcoin is the hottest investing trend since the Internet, according to venture capitalists who have sung its praises. But the money hasn’t exactly followed. Venture capitalists invested $74.1 million in bitcoin startups across 39 deals in 2013, according to data provided by CB Insights. That’s less than a third of what Internet companies raised in […]

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Bitcoins: The Losses Continue

Written by Gary North on March 6, 2014

For months now, Bitcoin soothsayers have proclaimed that the virtual currency is going to Change Everything. The mass adoption of Bitcoin, they told us, would utterly transform the way the world stores and exchanges value. Government-backed currency would become obsolete. Farmers in Kenya would use the same Bitcoin-based payment systems as cafés in the Mission. […]

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When You Hear “Bitcoins,” Think “Mt. Gox.”

Written by Gary North on February 28, 2014

Mt. Gox is gone. Bankrupt. It took $473 million with it. About a million investors listened to the hype about the “untraceable money of the future,” and they turned real money over to some 25-year-old French kid — a programmer who lived in Japan. They gave him real money. He gave them a dream. Goodbye […]

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Bitcoins, Stage 2: “Bring in the Feds!”

Written by Gary North on February 26, 2014

When you think “Mt. Gox,” think “Enron.” When something this devastating happens to the biggest exchange in an experiment designed by anonymous Japanese programmers, the industry is not going to recover rapidly. Other firms in this industry now have a real marketing problem. The disappearance of the Mt. Gox Bitcoins exchange is a major setback […]

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73% Loss on Bitcoins

Written by Gary North on February 17, 2014

For anyone who bought Bitcoins at the top at $1200 in December, he has suffered a 73% loss if he bought from Mt. Gox, the largest American exchange. If he bought Bitcoins from one of the competitors, he is down by about 48%. Bitcoins are wildly volatile, as I have warned repeatedly. This is why […]

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Bitcoins Crash . . . Again

Written by Gary North on February 13, 2014

For the naïve souls who bought bitcoins from Mt. Gox at $1200 in December, they have lost 60% of their money. This assumes that they can get any of it back. Look at the dollar price for bitcoins on Mt. Gox. Then compare with other exchanges. For now, Mt. Gox investors cannot spend their bitcoins. […]

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