re: #155 Justanotherhuman

This seems even more risky than the stock market, IMHO.

European Union Warns on Bitcoin

dealbook.nytimes.com

“The E.U.’s banking authority said consumers needed to be aware that they were not protected through regulation when paying with Bitcoins. The digital currency is vulnerable to hackers, might lose its value and any misuse could prompt law enforcement agencies to close Bitcoin exchange platforms and keep consumers from accessing their investment, the European regulator said.

“Currently, no specific protection exists in the E.U. that would protect consumers from financial losses if a platform that exchanges or holds virtual currencies fails or goes out of business,” the European Banking Authority said, adding that it was looking into whether such currencies can and should be regulated.

“The warning comes after China last week restricted its banks from using Bitcoin as currency because of concerns about money laundering and a threat to financial stability. Germany said earlier this year that it would not recognize Bitcoin as a foreign currency and that gains from buying and selling Bitcoins would be taxable. Norway has been considering a similar stance.”

I’ve been sort of following this. Mostly on Business Insider’s Facebook page. The anarchists, sorry, libertarians are loving Bitcoin. Because it’s free of government interference. Some believe it’s a new gold standard.

I point out that private currencies have major problems and then comes the being shouted at by the true believers: The Fed!!! Gold!!!! You don’t understand!!!! Commie!!!!!!!!!

The similarity between ‘libertarians’ and Marxists couldn’t be more plain.