29 Dec '13, 2am

Bitcoin: A modern day 3-card Monte

Bitcoin: A modern day 3-card Monte

Each year, new financial scams pop up in which unsuspecting investors get fleeced by crooks and con artists. Five years ago, it was Bernie Madoff. This year, it was a barrage of insider trading. And next year, one way or another, the bitcoin flimflam will come to a head (or a tail). The Tinkertoy “crypto-currency” is nothing more than a modern-day game of three-card monte, with a little Sudoku thrown in, just to add a touch of mystique. In 2013, thousands of people became convinced they had to get in on bitcoin before it changed the flows of capital around the world. Like most schemes of dubious merit, the sexy intrigue of incalculable calculus combined with no central oversight suckered them in. We know the socialite Winklevoss twins are in; we even know PayPal founder Peter Thiel is in for $3 million, the equivalent of 10 cents to you and me. But nobody knows who the cre...

Full article: http://nypost.com/2013/12/28/bitcoin-a-modern-day-3-card-...

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thehindu.com 29 Dec '13, 8am

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