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 | PandoDaily

pandodaily.com 31 Aug '12, 11pm

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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@nathanielmott » 05 Sep '12, 8pm
@therealprotonk @zenimpulse I agree. Researching this post made me lose my faith in mankind: [link]
@ajmarsland » 05 Sep '12, 1pm
RT @worksonmypc: #Bitcoin: How a Virtual Currency Became Real with a $5.6M Fraud | PandoDaily [link]
@Imhoteppresents » 03 Sep '12, 5pm
How the bitcoin became real with a $5.3Million Fraud [link]
@Saemin4655 » 02 Sep '12, 11am
Fascinating. Bitcoin: How a Virtual Currency Became Real with a $5.6M Fraud [link]
@beijingkaz » 01 Sep '12, 5pm
@fishinapocket #Bitcoin: How a Virtual Currency Became Real with a $5.6M Fraud [link] via @pandodaily (via @NthCodePeter)”
@anykanen » 01 Sep '12, 5pm
Ponzi schemes seem to work with every currency [link]
@bootdisk » 01 Sep '12, 3pm
Bitcoin: How a Virtual Currency Became Real with a $5.6M Fraud #cybercrime [link]
@ricardokleber » 01 Sep '12, 3pm
RT @OpiceBlum: Bitcoin: Como uma moeda virtual tornou-se real com US $ 5,6 M Fraude [link] via @ Zite
@YacineBaroudi » 01 Sep '12, 2pm
Bitcoin: How a Virtual Currency Became Real with a $5.6M Fraud [link] #Tech
@OpiceBlum » 01 Sep '12, 1pm
Bitcoin: Como uma moeda virtual tornou-se real com US $ 5,6 M Fraude [link] via @ Zite
@OgMaciel » 01 Sep '12, 1pm
'The first thing I thought of when I read about the Bitcoin Ponzi scheme was “Super Mario Bros”.' [link] via @zite
@bkno » 01 Sep '12, 1pm
RT @Dries: Bitcoin: How a virtual currency became real with a $5.6M fraud [link]
@spsot » 01 Sep '12, 12pm
RT @fotisk: Bitcoin: How a Virtual Currency Became Real with a $5.6M Fraud [link]
@dgwbirch » 01 Sep '12, 9am
RT @petervan: #Bitcoin: How a Virtual Currency Became Real with a $5.6M Fraud [link] via @pandodaily > "current fin sys ...
@NewCommGlobal » 01 Sep '12, 6am
RT @petervan:#Bitcoin:How a Virtual Currency Became Real w/a $5.6M Fraud [link] via @pandodaily >current fin system not so bad
@petervan » 01 Sep '12, 6am
#Bitcoin: How a Virtual Currency Became Real with a $5.6M Fraud [link] via @pandodaily > "current fin system not so bad"
@plyy » 01 Sep '12, 6am
Bitcoin: How a Virtual Currency Became Real with a $5.6M Fraud [link] via @zite
@michaelreuter » 01 Sep '12, 5am
Bitcoins are for real [link]
@pro2rat » 01 Sep '12, 3am
BITCOIN linked to internet snuff murder of 12yo Fanny Adams - authorities call for calm, police-approved IP addresses [link]
@cahlberg » 01 Sep '12, 3am
Interesting on Bitcoin fraud - may not make it but someone will soon. Being worth a fraud is perhaps a good sign? [link]
@bjpp1 » 01 Sep '12, 2am
RT @sambowne: RT @Penenberg: Bitcoin: How a Virtual Currency Became Real with a $5.6M Fraud [link] via @pandodaily
@6 » 01 Sep '12, 2am
RT @Penenberg: Bitcoin: How a Virtual Currency Became Real with a $5.6M Fraud [link] via @pandodaily
@dcilea » 01 Sep '12, 12am
Every generation has its charlatans... MT: @sarahcuda: Bitcoin: How a Virtual Currency Became Real with a $5.6M Fraud [link]
@GeoffSanders » 01 Sep '12, 12am
Who'd have evr thought an unregulated currency like BitCoin, used only by hackers, geeks, & skiddies, would have probs? [link]
@rrichard09 » 01 Sep '12, 12am
RT @sarahcuda: Bitcoin: How a Virtual Currency Became Real with a $5.6M Fraud [link] via @pandodaily
@sarahcuda » 01 Sep '12, 12am
Bitcoin: How a Virtual Currency Became Real with a $5.6M Fraud [link] via @pandodaily
@GLEAMsocial » 31 Aug '12, 11pm
RT @PandoDaily: Bitcoin: How a Virtual Currency Became Real with a $5.6M Fraud [link]
@PandoDaily » 31 Aug '12, 11pm
Bitcoin: How a Virtual Currency Became Real with a $5.6M Fraud [link]
@KarenRegis » 01 Sep '12, 4am
RT @Penenberg: Bitcoin: How a Virtual Currency Became Real with a $5.6M Fraud [link] via @pandodaily
@Klose7 » 01 Sep '12, 4am
#Bitcoin : How a Virtual Currency Became Real with a $5.6M Fraud | [link]
@balbuenac » 01 Sep '12, 3am
Bitcoin: How a Virtual Currency Became Real with a $5.6M Fraud [link] via @pandodaily
@ramonapringle » 01 Sep '12, 2am
RT @Penenberg: Bitcoin: How a Virtual Currency Became Real with a $5.6M Fraud [link] via @pandodaily
@GeneralSec » 01 Sep '12, 2am
RT @sambowne: RT @Penenberg: Bitcoin: How a Virtual Currency Became Real with a $5.6M Fraud [link] via @pandodaily
@alanmbarr » 01 Sep '12, 2am
RT @Penenberg: Bitcoin: How a Virtual Currency Became Real with a $5.6M Fraud [link] via @pandodaily
@kentsbike » 01 Sep '12, 2am
RT @Penenberg: Bitcoin: How a Virtual Currency Became Real with a $5.6M Fraud [link] via @pandodaily
@stummm » 01 Sep '12, 2am
RT @sarahcuda: Bitcoin: How a Virtual Currency Became Real with a $5.6M Fraud [link] via @pandodaily
@sambowne » 01 Sep '12, 2am
RT @Penenberg: Bitcoin: How a Virtual Currency Became Real with a $5.6M Fraud [link] via @pandodaily
@sivavaid » 01 Sep '12, 2am
RT @Penenberg: Bitcoin: How a Virtual Currency Became Real with a $5.6M Fraud [link] via @pandodaily
@geekrebel » 01 Sep '12, 2am
RT @sarahcuda: Bitcoin: How a Virtual Currency Became Real with a $5.6M Fraud [link] via @pandodaily
@gibsonbiddle » 01 Sep '12, 2am
RT @sarahcuda: Bitcoin: How a Virtual Currency Became Real with a $5.6M Fraud [link] via @pandodaily
@Penenberg » 01 Sep '12, 1am
Bitcoin: How a Virtual Currency Became Real with a $5.6M Fraud [link] via @pandodaily
@KaganJ » 01 Sep '12, 1am
RT @sarahcuda: Bitcoin: How a Virtual Currency Became Real with a $5.6M Fraud [link] via @pandodaily
@delaneparnell1 » 01 Sep '12, 12am
RT @sarahcuda: Bitcoin: How a Virtual Currency Became Real with a $5.6M Fraud [link] via @pandodaily
@abonel » 01 Sep '12, 12am
Bitcoin: How a Virtual Currency Became Real with a $5.6M Fraud [link]
@socially_accept » 01 Sep '12, 12am
Bitcoin: How a Virtual Currency Became Real with a $5.6M Fraud [link]
@Penenberg » 01 Sep '12, 12am
RT @PandoDaily: Bitcoin: How a Virtual Currency Became Real with a $5.6M Fraud [link]
@jbmcconnell » 31 Aug '12, 11pm
RT @PandoDaily: Bitcoin: How a Virtual Currency Became Real with a $5.6M Fraud [link]
@andrenoore » 31 Aug '12, 11pm
Bitcoin: How a Virtual Currency Became Real with a $5.6M Fraud [link]