17 Feb '14, 8pm

Bitcoin’s Crisis Is Turning Point for Currency - MoneyBeat - WSJ

Bitcoin’s Crisis Is Turning Point for Currency - MoneyBeat - WSJ

By Francesco Guerrera [email protected] Biography CONNECT [email protected] Biography Reuters Many bitcoin users are probably too young to remember the Notorious B.I.G.’s 1997 rap hit “Mo Money Mo Problems.” A YouTube trip down memory lane won’t be a waste of time: Mo virtual money, mo problems. After weeks marked by technological breakdowns, regulatory issues and general questions over its viability, bitcoin is in the midst of the worst crisis since it was proposed in a white paper in 2008 . The turmoil is a watershed. The way bitcoin and its ecosystem react to the problems could determine whether the whole experiment goes the way of Dutch tulips in the 1600s or becomes a historic technological breakthrough like email. To recap: Bitcoin is a virtual or “crypto” currency. It isn’t backed by governments or central banks and it exists only online. In fact, ...

Full article: http://blogs.wsj.com/moneybeat/2014/02/17/bitcoins-crisis...

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