Bitcoin virtual currency is on verge of collapse – latimes.com February 26, 2014Posted by sandyclaus in Money and Virtual Currency.
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It was supposed to revolutionize the global monetary system. Instead, the bitcoin virtual currency that has captured the imagination of investors and financiers is on the verge of collapse.
In a stunning blow to a novel way to buy products and services, the world’s largest exchange for trading bitcoin currency shut down Tuesday, triggering a massive sell-off and sending many prospective investors away — perhaps for good.
“This is extremely destructive,” said Mark Williams, a risk-management expert and former Federal Reserve Bank examiner. “What we’re seeing is a lot of the flaws. It’s not only fragile, it’s fragile as eggshells.”