dennis s. hurddennis s. hurd

Monday, February 17, 2014

A New Type of Stored Value

Every so often, I post a screenshot of what Bitcoin is up to. My last, just after the start of 2014, anticipated a slowing of the turbulence in prices as the infrastructure matured. Oh, that hasn't been the case for the last six weeks! The latest monkey wrench has been thrown by one of the oldest markets for the crypto-currency.

Mt. Gox suspended withdrawals of bitcoins citing a problem with the implementation. It seems to me to be smoke and mirrors. Something has been up with their site for months and months. The other markets seems to settle on fairly close values. In the past Mt. Gox was between one and two hundred dollars per coin higher than all other exchanges. Most definitely if they halted withdrawals they should have closed trading. This particular organization seems unprofessional and very much a scam.

Buyer beware. Cypto is not regulated and therefore people have to take care of their own assets. It was absolutely silly to keep extra coins online at a site. I'm holding on to mine in a personal wallet. This wild west stage of development is to be fraught with trial and tribulation. This is part and parcel of being an early adopter. Having been involved for about 10 months means I've always considered this a shrewd gamble. So far I have no regrets, in fact, quite the opposite.

February 17, 2014

This chart shows the odd discount Mt. Gox has on coin trade at this time. This will eventually be a part of Bitcoin legacy, and I wanted to add a screenshot to show I was there.


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