I have not been following the development of the Bit Coin,   
    simply because I see it as a fad. Now I'm wondering if it isn't   
    more a fraud.   
      
    Paul Krugman wrote up a bit on the tech behind it, and a writer   
    for a popular magazine wrote up an assignment to do all her   
    Christmas shopping with one Bit Coin.   
      
    It appears one Bit Coin is worth more than $800 dollars.   
      
    The Bit Coin does not exist in the real world, it is a tech   
    fiction, Fiat Money writ large.   
      
    The only way a Bit Coin gains value is by people being willing   
    to pay more for it, yet you get nothing for having a Bit Coin in   
    itself.   
      
    According to the magazine writer, she took three friends to an   
    expensive restaurant that happened to take payment in Bit Coin.   
    Well, happened to because the owner is one of the developers of   
    the Bit Coin.   
      
    When it came time to pay the bill it took about 20 minutes to   
    process it. Seems slicing one Bit Coin into small amounts is a   
    complex process.   
      
    Then I read a drug dealer was caught, and all his money is in   
    Bit Coins, which makes them unfindable and untouchable without   
    the pass word.   
      
    Now if that dealer gets killed in prison, and hasn't given   
    anyone else the pass word, what happens to all that money?   
      
    The magazine writer said the value of a Bit Coin jumped 9000   
    percent in one year. That's only by people coming into the   
    system wanting to buy some.   
      
    So, tell me, is the Bit Coin a money laundering scheme, a Ponzi   
    Scheme, or both?   
      
      
      
   BOB KLAHN bob.klahn@bex.net   http://home.toltbbs.com/bobklahn   
      
   ... But I have been able to inflict 40 winks at 50 paces.   
   --- Via Silver Xpress V4.5/P [Reg]   
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