Mt. Gox & the Bitcoin Crash

I have to admit, I have been a non-believer in Bitcoin and I am not surprised that things are getting ugly in the bigcon bitcoinistan. My skepticism, of course comes from an affinity for real money. And also being old enough to have seen the movie before — Second Life for instance had similar level of insanity around it. Who amongst today’s young remembers Flooz and Beenz? They had similar grandiose digital currency ambitions. Flooz was fronted by Whoopi Goldberg and by 2001 it was being investigated by FBI. Beenz raised a whopping $100 million from some of world’s richest and smartest people. I am not saying the crypto-currency is a terrible idea, but one shouldn’t underestimate the regulatory regimes and of course, one can’t really underestimate the nefarious who want to profit off the gullible. (Photo: via Wikipedia)

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