April Ruciglliano
Okay, first off I will start by promising to halt any more Bitcoin related news until next week. Before I do though, here are the last pieces to this week’s cryptic crypto-currency puzzle. Moments of optimism were met with faulty exchanges, and what’s more disturbing are the other platforms that are popping up. We’ll get to that momentarily but for now let’s look at the events following Bitcoin hearing, what happened to one particular exchange, and then we’ll finish off with the newest controversial Bitcoin outlet.
(photo credit to: RT.com)
Bitcoin: The Good
In the latest round of Bitcoin news and headlines, November 18, 2013 marked an all time high for the Bitcoin price. Following the hearing, Bitcoin prices topped out at $700. To give you an idea of the hearing’s purpose, government agencies are not well-versed in virtual currency, especially Bitcoin. Be that as it may, Chairman Bernanke did comment that there could be long term possibilities for the virtual currency, but feels that more needs to be known.
Bitcoin: The Bad
Because of the recent awareness brought on by Bitcoin news and headlines the demand for the anonymous virtual currency was at an all time high. One exchange that suffered at the hands of such demand was the widely used platform Coinbase. They became so backlogged that they posted a message explaining the lack of supply, and that Bitcoins can still be purchased at whatever rate it comes to on Friday. Now, while this is only one particular exchange, there is nothing preventing this type of problem occurring throughout other exchanges as well. Just imagine what could happen if MT GOX fell under the same problem.
Bitcoin: The Ugly
It seems that we are not done about the controversial side of Bitcoin news. With the Silk Road shutdown during the summer many were hopeful that the anonymous currency would stay out of the dark corners of the web. Unfortunately as the smoke cleared, another disturbing Bitcoin platform has emerged. Rather than being a website offering a plethora of illegal substances, services, and weapons, this platform allows anonymous individuals to bid on the death of political leaders. Known as the Assassination Market, this exchange offers a bounty on various officials including the likes of President Obama and Chairman Bernanke. Currently, Bernanke has the largest stake on his head, at a total of 124.14 Bitcoin (which is roughly $71,000 at the current rates. As the founder has been vocal to ending the constraints of government enforcement, many are wondering if this outlet will last.
What’s to Come for Bitcoin?
With Bitcoin hitting the headlines almost every other day, some Bitcoin followers are hopeful for a regulation fate, while others merely want it to become a cog of those looking for illegal services. As more Bitcoin news emerges, more information on each of the developments is also likely to follow. What do you think will happen to the anonymous peer-to-peer virtual currency? Will it wind up going down the path of regulation or will it remain in the hands of those who have darker intentions?
What do you think will happen with Bitcoin?
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