The Mt.Gox debacle has got some pundits chirping about how it will bring about the fall of Bitcoin. I came across this article in which an economist puts forward her ideas on why Bitcoin is a failed experiment and why it’s value will drop to zero.

I don’t agree with her, and here’s why (you’ll need to read her article first):

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  1. She’s wrong on this statement: “Fiat currencies (money) are pegged to real assets and backed by governments“. Fiat currencies are basically backed by hot air and not by real assets. That all

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Wired are reporting that the Mt.Gox crypto-currency exchange has most likely gone out of business.

It has apparently lost hundreds of millions of dollars due to a years-long hacking effort that went unnoticed by the company.

The hacking attack is detailed in a leaked “crisis strategy draft” plan, apparently created by Gox and published Monday by Ryan Selkis, a bitcoin entrepreneur and blogger.

Gox’s insolvency has also been independently confirmed by Coinbase.

The exchange is reputed to have lost 744,408 Bitcoins — worth about $350 million at Monday’s (Fe, 24, 2014) trading prices.

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I’ve spent the last several days researching different ways of getting Bitcoins. It’s been a long slog as there’s a lot of sites to wade through, and in posts to follow are the ways I’ve come across, with their pros and cons.

Buying Bitcoins, as it turns out, isn’t easy. Well, not if you’re outside the USA. And when you do get some Bitcoins, you need a wallet to keep them in.

The exchanges are the obvious places to start but these require you to provide proof of who you say you are, so that means providing copies of government-issued …

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Ever felt you’re late to the party? Missed the bus? Or just not in the right place at the right time?

That’s how I feel about Bitcoin. I know many others feel the same way. Why? Because recent stories in the media have highlighted how the value of Bitcoin has skyrocketed since October 2013.

I was aware of Bitcoin back in 2009 but it didn’t light a fire under me. It looked like just another online venture that ultimately would not go anywhere. So I didn’t pay it any attention, forgot about it.

And that’s where things lay till about …

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