Well today is the vote on Trump’s tax plan and I thought that it might be a good time to talk about Bitcoins, maybe you will be able to pay your taxes with them.
From the Bitcoin site, “Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.” With no one controlling Bitcoin and with the fact that no one owns or controls the system how can anyone really believe that this is a safe form of currency?
North Korea has been stealing from people their Bitcoins via a very clever computer hack, they created “a document with the fake job description in November. It was meant to circulate by email among people in the bitcoin world. If someone clicked on it, a prompt would explain that it was created by a later version of Microsoft Word and that the user needed to “enable editing” and “enable content.” Doing so would install a piece of malicious code. While many digitally savvy people would presumably know better, such attacks can pay off if they hit just a few distracted recipients.” In this way the people would find that their Bitcoins would have been siphoned off to a secret North Korean account, clever yes and it shows how unsafe this currency is.
Per CNN Money, “The Securities and Exchange Commission suspended trading Tuesday of The Crypto Company until January 3, citing “concerns regarding the accuracy and adequacy of information” about compensation paid to promote the firm and plans for insider sales.
The Crytpo Company describes itself as a business that “offers a portfolio of digital assets, technologies, and consulting services to the blockchain and cryptocurrency markets” with plans for a “rollout of a full scale, high frequency cryptocurrency trading floor.”” Is this the beginning of the end for Bitcoin? Or can this cryptocurrency survive all the crazy hacks and pie in the sky scams?
In my own opinion the Bitcoin bubble will soon burst and go bust. Without some real backing how can a currency actually represent any real worth? Many financial experts have expressed the thought that Bitcoin can not survive without going bust. So I think those who have them better get out before you lose everything.
That is my opinion- Jumpin Jersey Mike
