31 Aug '12, 11pm

Bitcoin: How a Virtual Currency Became Real with a $5.6M Fraud via @pandodaily

Bitcoin: How a Virtual Currency Became Real with a $5.6M Fraud via @pandodaily

The first thing I thought of when I read about the Bitcoin Ponzi scheme was “Super Mario Bros”. I had heard of Bitcoin before but had always assumed that, like a coin in the classic Nintendo game, it was relatively worthless in the real world. I was wrong. At the current exchange rate, the man responsible for the Ponzi scheme made off with the equivalent of $5.6 million. On a basic level, Bitcoin makes sense. Many of our financial transactions are digital, and the dollar bill has almost become an anachronism used only for bribing children and the purchase of fast food. Technology has also (believe it or not ) shifted from a centralized model to an “open” culture that encourages the spread of ideas and control amongst capable programmers. This free-love philosophy can only extend so far, however, and Bitcoin falls just outside of its boundaries. In 2009, Bitcoin was created...

Full article: http://pandodaily.com/2012/08/31/bitcoin-how-a-virtual-cu...

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