The AUD isn't guaranteed either but deposits with regulated deposit taking institutions are. If you lost $1m from under the mattress or from dodgy-offshore-bank.vu the same would apply. Now that BTC has been recognised by Germany, regulated and insured deposit taking institutions may well follow. I expect that this would come with the loss of the anonymity currently enjoyed by holders of BTC.
+James Gemmell like to see there is a digital currency helping liquidation in international currency market and encouraging global trade. Travellers won't have to pay 1% fat margin currency exchange cost if they have to swap home money to U.S. dollars.
Still have high suspicious on BitCoin, unless several centrals banks could back it as SAME as legal currency standard. For now, I can see BitCoin has NO intrinsic value, except being a speculative vehicle.
James Gemmell - 2013-11-13 06:58:25+1100 - Updated: 2013-11-13 06:59:07+1100
Wow. Yet another bitcoin bank bites the dust. I'm wondering why people even think they need a bank when a usb stick would suffice? Is it a hangover from the current financial system? Agree about the speculation. Perhaps the best thing to come out of this will be a public awareness of exactly what money is.
Still have high suspicious on BitCoin, unless several centrals banks could back it as SAME as legal currency standard. For now, I can see BitCoin has NO intrinsic value, except being a speculative vehicle.
http://www.coindesk.com/4-1m-goes-missing-chinese-bitcoin-trading-platform-gbl-vanishes/
Oops ...