15 Aug '12, 6pm

The Bernie Madoffs of Bitcoin? As virtual trading heats up, promises of profits skyrocket

The Bernie Madoffs of Bitcoin? As virtual trading heats up, promises of profits skyrocket

The market for Bitcoin — the digital currency of choice for the tech-savvy libertarian set — is hot again. The price of the popular online currency has steadily risen over the last six months, and the number of Bitcoin transactions per day has increased roughly 400 percent since May. The resurgence has several causes: the debut of a popular Bitcoin betting game , increased interest from Europe, and the growing success of the underground illegal drug bazaar, Silk Road. But the currency’s rebound has coincided with a relatively new phenomenon in the Bitcoin financial sector: investment funds that promise sky-high returns based on secret strategies. So-called "High Yield Investment Programs" are suddenly being heavily advertised, promising to use investors' Bitcoins to trade large volumes, engage in complex arbitrage, and otherwise bet on the market in lucrative ways. The cre...

Full article: http://www.theverge.com/2012/8/15/3243200/bitcoin-ponzi-s...

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