31 May '15, 2pm

Bitcoin struggles for legitimacy - New York Post

Bitcoin struggles for legitimacy - New York Post

The crypto-currency advertises itself as an easy way to do financial transactions online. But it’s mostly been synonymous with crime. On Friday afternoon, Silk Road founder Ross Ulbricht was sentenced to life in prison. Silk Road was a bitcoin-based online bazaar for drugs, weapons and other illicit wares. A few months after Silk Road’s 2013 collapse, nearly 750,000 bitcoins went missing from Mt. Gox, a Japan-based exchange. Many now suspect it was a heist by the exchange’s own management. There have been no comparable disasters since, but the damage was done. Bitcoin prices have steadily declined since their December 2013 peak of around $1,150, trading on Friday near $237. The problem? A simple lack of rules and regulations, according to a small but high-profile cadre of New York City-based bitcoiners. But a high-profile group of investors are hoping to change that. Most ...

Full article: http://nypost.com/2015/05/31/bitcoin-struggles-for-legiti...

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