07 Apr '15, 3pm

Scammers and Skeptics Are Strangling the Future of Digital Money: Bitcoin devotees and other cryptocurrency f...

Bitcoin devotees and other cryptocurrency fans say that math gives their radical ideas so much potential. But starting a new value system also requires a level of faith in the people using the math. As “shitcoin” scams pile up, it’s becoming clear that new currencies need trust, too. And they don’t have it. Nowhere is this more evident than the chaotic Paycoin saga. Paycoin , an alt-coin launched late last year, was marketed as a more stable alternative to Bitcoin. In the months since its launch, however, Paycoin founder Josh Garza has become a figurehead for crypto-chicanery. The contentious response to Garza and his coin highlights how volatile the fickle fraternity of digital dreamers can be. Garza has been accused of suckering people into investing in Paycoin and his businesses under false pretenses and then straight-up stealing money . Online forums like Reddit and Bi...

Full article: http://gizmodo.com/scammers-and-skeptics-are-strangling-t...

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