Bitcoin

How fat is your Bitcoin wallet? What’s that?  You still don’t “get” Bitcoin? You’re not alone. And you may just want to stay away from it at this point.

Just weeks ago, Mt. Gox, the web’s biggest Bitcoin exchange, was essentially wiped off the internet. At the time, it was learned that 850,000 Bitcoins were missing, adding up to over 450 million real dollars. This weekend, the blog of Mt. Gox CEO Mark Karpeles was hacked, revealing account information from the Mt. Gox database. In a show of Bitcoin user solidarity, the hacker(s) wrote on Karpeles’ blog, “no user database dumps have been included … Lots of people, including us, lost money and coins.”

The message on the hacked blog opens with, “First and foremost, this is not Mark Karpeles. Fuck that bitch-titted motherfucker.”  Yep, people who lost money are angry.

The CEO of another Bitcoin exchange was found dead two weeks ago. If you believe the internet, it was suicide. If you trust official sources, the death was “unnatural,” and “no foul play” is suspected.

And then there’s Dorian Satoshi Nakamoto. Newsweek just outed him as the alleged creator of Bitcoin. He denies it. The Washington Post says that if he is the guy, he has good reason for denial.

The way I look at Bitcoin is this: imagine you meet someone that seems really attractive. The person is open, accessible–someone you think might have potential. The problem is, you’re not sure about the person’s parents, or where that person came from. And the person’s been linked to sketchy behavior and people.

The person may not be marriage material, and you know your friends will never understand. And that leaves you with a nagging concern, a voice inside your head that says, “maybe this isn’t for me.”

That’s Bitcoin. The promise never outweighs the evidence, or that gut feeling.

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