I lost $50,000 in Bitcoin crash, but I’m still a believer
http://buzz.money.cnn.com/2013/04/18/bitcoin-investor/?source=cnn_bin
I have tried to make sense of the bitcoin (official source here) without much luck. The origins sound incredibly suspicious (can’t go into any details on my suspicions) and the purpose entirely suspect. Granted it is ‘government free’, but since there are a very finite number of them it would be trivial to track who has what coinage and while they may disappear for a while, in order to make any real use of them you are going to have to engage in an electronic transaction, thus creating a trail. If you want anonymous transactions, stick with gold, diamonds, platinum, etc. Cash is still king and there are plenty of people who can launder money for you (for a fat fee, of course, but you are going to pay something to hide yourself). Which government’s cash is largely irrelevant if you are laundering the money and ultimately you wind up with something like the old numbered Swiss bank account.
If you want to speculate (i.e., gamble; ‘speculate’ is just polite society for rolling the dice), sure, go for it. You might even be able to make a lot of money. However, all monetary tokens depend entirely on the transactees all agreeing that the tokens have a certain value. Once any side loses faith (make no mistake, it is _entirely_ a faith-based concept!) then the ‘value’ will plummet, likely to worthlessness.
