Home > Main > Bitcoin hacked, proving once again it’s not real money

Bitcoin hacked, proving once again it’s not real money

June 20, 2011

I have a friend who passed along this interesting bit about Bitcoin.  Bitcoin is the private “money” that’s getting headlines everywhere.

Huge Bitcoin sell off due to a compromised account – rollback

There are huge problems with bitcoin.  Security is just one of them.

Rufus Blooter  points out bitcoins have serious pricing problems.  Depending on where you trade your bitcoins, there are rather large differences in price.

Here is his post:

“Checkout the markets. What’s the catch? Are these things fungible or not? If so, why would I be able to cross bid/ask everywhere? I must be missing something, because someone with even the most rudimentary trading skills should be in there ripping everyone’s faces off.”

I suspect that these coins are not fungible, because my 9 year old son would be able to rip the faces off of these spreads.  The bitcoin is probably closer to a fad than a real form of money.





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