Discussion of the digital currency known as Bitcoin is divided into two camps. People who understand the currency well tend to be enthusiastic boosters. Those who are citical of Bitcoin tend not to understand the currency very well and, as a consequence, their criticisms tend to be superficial, misguided, or just plain wrong.
That’s unfortunate because Bitcoin does have some real weaknesses. The lack of knowledgeable critics has created an echo chamber effect that I worry may produce (or may have already produced) a bubble. I’m generally a Bitcoin fan (and, full disclosure, I own some Bitcoins), but in the interest of balance, here are four reasons you should think twice before buying Bitcoins.
Losses. Traditional financial products have strong consumer protections. If someone makes a fraudulent transaction with your credit card or your bank goes belly-up, there are laws in place to limit consumer losses. Bitcoin has no such safety net. If your Bitcoins are lost or stolen, there’s no intermediary with the power to make you whole… >>MORE (Forbes.com)
Online currency bitcoin had 20 percent knocked off its price overnight on Thursday as one of its major exchanges became the victim of a hacking attack leading to a sell-off in the virtual currency after reaching an all-time high.
Uncertainty over other currencies, turmoil in Cyprus and media interest are just some of the reasons commentators are citing for the 360 percent rise in bitcoin prices over the last month. The frenzied interest in bitcoins piled over onto the social media site Twitter and led to a spike in Google searches on the topic.
(Read More: CNBC-What Is Bitcoin?)
But by Thursday morning bitcoin prices had fallen to $132 from Wednesday’s record price of $147.
The most popular bitcoin exchange, Tokyo-based Mt.Gox announced overnight that it had been the victim of a hacking attack after experiencing a severe lag with its systems. The complications meant the price quickly sank to below $115 before regaining ground to $130 by 6.00 a.m. London time on Thursday, according to Bitcoincharts.com…. >>MORE(CNBC.com) Bitcoin Wikipedia photo:CASASCIUS
By Eman Al Baik April 01, 2013 emirates247.com
A Saudi man allegedly claimed that he is from the country’s royal family to impress a Dutch gold jewellery dealer and together with two other Arabs confined, robbed and assaulted him, the Dubai Criminal Court heard.
HIT, 33, Saudi businessman, AFO, 31, Jordanian mechanic engineer and AAW, 34, Yemeni truck driver are all accused of confining JWF in a prestigious hotel for a couple of hours and asked him to pay $10,000 in ransom for his freedom.
The three are also accused of forcing him to pay Dh3,200 for the dinner which they had in the hotel with his credit card, stole Dh1,000 from his wallet and accompanied him to an ATM and forced him withdraw Dh1,300.
HIT and AFO are accused of kidnapping the victim. One of them held him by his shirt while the other walked next to him and forced him into a car and drove to a flat in Sharjah where they assaulted him.
HIT is accused of slashing the victim with a belt and beating him up with a wooden bar…
“I have been coming to Dubai on tourist visa for about three years. I have experience in the gold and precious items trade. Last February 17, a broker whose name I do not remember called me asking me to attend a meeting in Crown Plaza Hotel on Sheikh Zayed Road with a Saudi prince who will represent a UAE sheikh… >>MORE>(emirates247.com)
KNVN.com APR 2,2013
Less than a week after being identified as one of the suspects in major gold heist, David Johnson, 49 of El Cerrito, turned himself into Siskiyou County authorities on Monday. Siskiyou County Sheriff’s deputies recently identified a pair of suspects in the January 2012 theft of more than a million dollars in historic gold nuggets from the county courthouse.
Agents from the sheriff’s office searched parts of the Bay Area Thursday after getting million dollar search warrants for Johnson, and Scott Bailey, 51 of El Sobrante. The pair are the prime suspects in the January 31, 2012 theft of $1,257,500 worth of historic gold nuggets from the Siskiyou County Courthouse in Yreka. Investigators say they believe Johnson and Bailey used the stolen gold to purchase high value items. Johnson is being held in the Siskiyou County jail on $1,000,000 bail… >>MORE(KNVN.com)
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Saturday, March 30, 2013 SFGate.com
YREKA, Calif. (AP) — Two San Francisco Bay area men have been named as suspects in connection with the theft of more than $1 million in gold from a county courthouse’s historical collection, Siskiyou County officials said.
David Dean Johnson, 49, of El Cerrito and Scott Wayne Bailey, 51, of El Sobrante, are wanted on $1 million arrest warrants issued earlier this week, The Redding Record-Searchlight reported Friday.
The two allegedly broke into the gold collection at the Siskiyou County Courthouse in Yreka in February 2012 and made off with $1,257,500 in gold, jewelry and artifacts.
“These thieves stole a part of Siskiyou County history, which represents the hard work, sacrifice, traditions, and pioneer spirit which characterizes the personality of Siskiyou County and its citizens – past and present,” Siskiyou County Sheriff Jon Lopey said in a statement.
After allegedly making off with the gold, jewelry and artifacts, Johnson and Bailey used the money from the sale of the goods to purchase “high-value” items, Lopey said.
The entire gold collection before the theft was valued at about $3 million. Lopey said it would be “highly speculative” to guess how much of the gold, if any, would eventually be recovered, Lopey said… >>MORE (sfgate.com)
Reuters – APR 2, 2013
Beijing: Rescue teams have found 59 dead bodies at the site of a massive landslide in Tibet and two dozen more workers are still feared buried in the rubble, Chinese state media said on Tuesday.
Tonnes of rock, mud and debris engulfed a miners’ camp on Friday in Maizhokunggar County where China Gold International Resources Corp Ltd operates its Jiama mine.
Emergency workers and other miners spent the weekend digging through the landslide which was up to 50 metres deep in parts… >>MORE(NDTV.com)