Ever since May 2013, I've been warning against investing in the wannabe currency, Bitcoin. I called it nothing more than an "insidious currency scam."
Lo and behold, one of the most prominent Bitcoin exchanges, Mt. Gox, disappeared this week.
Like a thief in the night, it moved offices, shuttered its Twitter account and closed down its website - without any explanation.
And just like that, every sucker who owned any Bitcoins on the exchange lost everything.
Comment: What an astounding lack of empathy! A former Wall Street consultant and analyst blaming the victim? What a surprise.
Wall Street Species: One Out Of Every Ten Wall Street Employees Is A Psychopath, Say Researchers
Like Erik Voorhees, the man behind Bitcoin-sharing website, Coinapult.com. He had over 550 Bitcoins on Mt. Gox, worth almost $ 300,000. As he conceded, "I will never get any of that back."
No. You won't.
Comment: SOTT Talk Radio - Bitcoin, Gold and the Cashless Society