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News Of The Death Of Bitcoin Has Been Greatly Exaggerated

Here we go again, another new reason to begin planning the funeral of Bitcoin.  I am not sure why Bitcoin has so many antagonists, but they just thrive on bad news about the digital currency.  Each time there is a negative news item, or a drop in the price of Bitcoin, they just can't wait to begin their 'I told you so commentaries.'  Within mere minutes they begin to bask in the glow of their Bitcoin is dead pronouncement and then the digital currency makes yet another comeback.  So, here we go again... and it is very fun to watch.  Their loud rants go quiet very quickly after a day or so when Bitcoin is still going strong. They simply scratch their head and go back into their hole waiting for another flurry of negative Bitcoin news to draw them back to the surface.


Bitcoindead2The Problem? One Bitcoin Exchange Has An Accounting Flaw

MtGox, a Bitcoin exchange, announced late last week that it was suspending the withdrawal of Bitcoins from its customer accounts.  The reason given was an accounting flaw in the MtGox system that makes it possible for a customer to initiate a withdrawal of Bitcoins and later claim that the transaction had not completed.  I have done exhaustive reading on the issue and am convinced that this problem is in no way a flaw in Bitcoin itself, but an issue isolated to MtGox's own system and accounting procedures.

Bitcoin has dropped about $350 in reaction to the tidal wave of negative publicity surrounding the MtGox accounting issue. What is interesting to note is that MtGox customers are still allowed to withdraw their Bitcoin value in a number of currencies, including the U.S. Dollar. The temporary freeze only applies to the movement of Bitcoins from a MtGox account to a third party wallet.  It should also be noted that Bitcoin can be bought and sold on plenty of other platforms other than MtGox. 

Bitcoindead3What does this mean for the future of Bitcoin?

In my view, it is just another blip on the screen.  Whether it is a Bitcoin price drop, the arrest of a criminal using Bitcoin, a government hearing about Bitcoin, a country banning the use of the digital currency, there have been and will be many more bumps in the road along this journey. I am encouraged and excited to watch the resiliency of Bitcoin.  It is a concept so big and revolutionary that no amount of negative media, or even government heavy handedness seems to be able stamp it out. That, to me, is reason to step in and just buy more at this fantastic price level. 


Helping you make the most of God's money!

James L. Paris 
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