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economics Uncategorized

Bill Black: Bitcoin Frauds Keep Growing

By William K. Black, Associate Professor of Economics and Law at the University of Missouri-Kansas City and author of The Best Way to Rob a Bank is to Own One. Originally published at New Economic Perspectives via Bill Black: Bitcoin Frauds Keep Growing

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economics Uncategorized

Bitcoin’s Price Was Artificially Inflated Last Year, Researchers Say

SAN FRANCISCO — A concentrated campaign of price manipulation may have accounted for at least half of the increase in the price of Bitcoin and other big cryptocurrencies last year, according to a paper released on Wednesday by an academic with a history of spotting fraud in financial markets. via Bitcoin’s Price Was Artificially Inflated […]

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economics Uncategorized

Bitcoin is the worst investment of 2014

Bitcoin is the worst investment of 2014 The year started with Bitcoin advocates making grand claims about how Bitcoin was going to be the death blow to statism, taxes and the welfare state and usher in a new golden age of capitalism. The year ended down 52% down.

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economics Uncategorized

MtGox knowingly traded non-existent bitcoins for two weeks, filing shows

MtGox knowingly traded non-existent bitcoins for two weeks, filing shows Every Bitcoin devotee claims this simply could not happen. you can’t buy and sell bitcoins that don’t exist. Fractional reserve isn’t possible. So how did it happen?

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economics Uncategorized

Bitcoin Wound Up Being Just As Broken as the Corrupt Banking System It Was Trying to Kill

Bitcoin Wound Up Being Just As Broken as the Corrupt Banking System It Was Trying to Kill Bitcoin became a thing based largely on the enthusiasm of the same types of people who pushed gold to $1,921 an ounce in 2011 – not surprisingly, this was shortly after Congress’ Big Red Shoes performance in the […]

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economics Uncategorized

“Bank” that claimed to solve Bitcoin’s security problem robbed, shuts down | Ars Technica

“Bank” that claimed to solve Bitcoin’s security problem robbed, shuts down | Ars Technica I wonder if any of the people who dismissed the gox theft victims as idiots lost bitcoins at flexcoin.

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economics Uncategorized

MtGox Files For Bankruptcy Protection

MtGox Files For Bankruptcy Protection Owner Mark Karpeles said, ‘There was some weakness in the system, and the bitcoins have disappeared. I apologize for causing trouble.’“ The freedom loving folks from Mt Gox demand protection from the state to protect them from their incompetence. At what point will they demand bailouts?

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economics Uncategorized

Bitcoin Schadenfreude

Bitcoin Schadenfreude Just think about it: billions in value in bitcoins just waiting to be stolen by anybody. Russia and China (and other nations) have huge digital warfare operations that could target those bitcoins, either officially or extracurricularly. No matter how cryptographically safe, systems can be penetrated through hardware or personnel. And no government guarantees! […]

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economics Uncategorized

Bitcoin May Be Following This Classic Bubble Stages Chart – Forbes

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politics Uncategorized

I tend to take the stance that Libertarianism is like Leninism: a fascinating, internally consistent political theory with some good underlying points that, regrettably, makes prescriptions about how to run human society that can only work if we replace real messy human beings with frictionless spherical humanoids of uniform density (because it relies on simplifying […]