Wednesday, February 26, 2014

Now this is not good news...

Followers of OLS know that I've tried to stay in touch with things alternative money-ish (see here and here for two recent posts).  As much as I hope that some form of alternative money emerges to compete with government fiat dollars, I'm very skeptical that governments will allow that to happen.  And a news story today linked by Drudge Report raises serious questions as to the future of bitcoin and the forces behind stopping it.  From the article appearing at Reuters:
Prominent bitcoin exchange Mt. Gox posted an update on its website on Tuesday, saying a "decision was taken to close all transactions for the time being," citing "recent news reports and the potential repercussions on MtGox's operations."
The website went dark on Tuesday and its chief executive told Reuters that the business was "at a turning point." Mt. Gox halted withdrawals earlier this month after detecting what it called "unusual activity.
"We will be closely monitoring the situation and will react accordingly," the website said.
Absolutely nothing good can come out of that.  In a related vein, here are two more not-so-good stories, the first recent, the second I stumbled on today and wanted to share, though it's 7 months old. [ht: io9.com]