What's with this "Bitcoin nonsense - it's not even legal tender!

[5129frederick]

I read with heart in mouth how the Bitcoin - NOT EVEN  LEGAL TENDER is in danger of collapse, and yet places like Cyprus of all countries are accepting them as a currency to cover university fees!    Bits of plastic, with no official monetary value (why should they?) are suddenly being looked at in a different light.  If it wasn't so farsical with some bank in Canada opening up an outlet for this toy money, it would be funny.

Just a thought - I've got about £78,000.00 in Monopoly money - MAYBE I SHOULD HOLD ON TO IT!  

[ed_blackadder_1]

Now you come to mention it Fred I had better go and count mine I have 2 sets upstairs..... I can't really get my head around the whole bitcoin thing, it sounds like one company trading in them was ripping people off and they have run away with their 'fortune'.

[5129frederick]

I think it was started in Japan somewhere, and the perpetrator has just shut up shop, and walked off into the setting sun, laughing his head off.  What gets me Ed, is how Cyprus can get sucked into it, accepting bit's of plastic as real money!  There's another article covering some bloke whse demanding all hid "money" be changed up!  What price do you put up on something that doesn't exist?  The closest I can get is "credit agreement" on a child's auction... the mind boggles!  Or am I missing something?

[aernethril]

Cyprus has become something of a worrying centre for financial goings on, handling alleged billions in money laundering amongst other dodgy dealings.

The bubble came close to bursting last year, but it seems to have found a way to continue.

The Bitcoin issue is very complicated and this article may help explain a bit of what has recently happened - allegedly - no-one knows for sure:

http://www.telegraph.co.uk/technology/news/10662749/MtGox-and-Bitcoin-where-has-251m-gone.html

Here's a development to day in the US

http://uk.reuters.com/article/2014/02/27/uk-bitcoin-subpoena-idUKBREA1P17520140227

And Robert Peston of the Beeb

http://www.bbc.co.uk/news/business-26335547

[5129frederick]

Some interesting articles: it's JUST ABOUT beginning to make sense, although what I still can't get over is just how many dummies got sucked into this thing in the first place!  A bit hard, perhaps, but half of them DESERVE to lose their money!

[calibra101]

There are some huge losses out there but why keep such large sums in an exchange instead of using cold storage as well. Apparantly there have been market warnings for a year now.