musings and one liners

The Bernie Madoffs of Bitcoin

There was a bit of background story on BitCoin last week that was probably more interesting than the BitCoin debit card rumours

The market for Bitcoin — the digital currency of choice for the tech-savvy libertarian set — is hot again. The price of the popular online currency has steadily risen over the last six months, and the number of Bitcoin transactions per day has increased roughly 400 percent since May. The resurgence has several causes: the debut of a popular Bitcoinbetting game, increased interest from Europe, and the growing success of the underground illegal drug bazaar, Silk Road. But the currency’s rebound has coincided with a relatively new phenomenon in the Bitcoin financial sector: investment funds that promise sky-high returns based on secret strategies.

Via The Bernie Madoffs of Bitcoin? As market heats back up, virtual hedge funds claim fantastical profits.