Friday, February 13, 2015 <\/p>\n
Bitcoin is a new currency with a lot of uncertainties and asymmetrical information. Its relative value inevitably fluctuates against all other goods more than anything else and is therefore loved by adventurous speculators. <\/p>\n
MyCoin Exchange styles itself as a bitcoin exchange, but in essence is a scam. Its operator disappeared along with nearly HK$3 billion. <\/p>\n
The so-called exchange has nothing to do with bitcoin. Rather, it is only a casino for people to gamble against each other on the price movement of bitcoin. <\/p>\n
When the stakes on the table are high, there is also an irresistible incentive for the house to grab all the stakes and leave. <\/p>\n
Politicians, who are conditioned to respond to any question by asking for more laws, say the government should regulate bitcoin. <\/p>\n
The culprits, however, are the unregulated financial exchanges. <\/p>\n
Believers in crypto-currencies prefer to be governed by mathematics, rather than the ephemeral whims of politicians. On the contrary, those who prefer crypto-currencies to fiat currencies always find politically driven central banks untrustworthy. <\/p>\n
Bitcoin is only one crypto-currency and there are literally hundreds more out there. In theory, there is no limit on the kinds of crypto-currencies that are offered globally. Bitcoin has become the de facto standard thanks to the network effect. <\/p>\n
But banning bitco <\/p>\n
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\nBitcoin value will rise with transparency<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"