27 Sep '12, 12pm

Bitcoin 'Pirate' scandal: SEC steps in amid allegations that the whole thing was a Ponzi scheme

Bitcoin 'Pirate' scandal: SEC steps in amid allegations that the whole thing was a Ponzi scheme

A digital pirate has captured Bitcoin investors' money A suspected Ponzi scheme involving the online currency Bitcoin has unravelled , and I can reveal that it has drawn the attention of the American Securities Exchange Commission (SEC). Bitcoin is a libertarian's dream – and a government's nightmare. An online, virtual currency created in 2008 , it is unpoliced by any central authority, almost immune to money-laundering rules, and incredibly hard to track. It's a huge boon to those suspicious of governments or big banks, and has a legion of vocal advocates online, who love both the idea of an Austrian-economics inspired currency immune to meddling politicians, and the open-source spirit of the cryptography software required to "mine" the currency. While those who set it up, and many current users, have honourable intentions, it's become the currency of choice for those lo...

Full article: http://blogs.telegraph.co.uk/technology/willardfoxton2/10...

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