Bitcoin is having another rough day today after Mt. Gox, the biggest exchange for the digital currency, announced an indefinite extension on the withdrawal ban that it originally announced last Friday. Not surprisingly, the currency as measured in U.S. dollars has been struggling lately as shown in the Blockchain chart below and lower prices are likely ahead.
A Reuters report noted the price dipped as low as $500 earlier today and that a Mt. Gox spokesman blamed “a bug in the bitcoin software” that left transaction details vulnerable.
I don’t have any strong feelings about Bitcoin, but I”m starting to favor the view of former Rep. Ron Paul (R-TX) who doesn’t think much of any money that you can’t put in your pocket. In this item at the LA Times, Michael Hiltzik thinks even less of the digital currency noting that the current problems at Mt. Gox are symptoms of much bigger problems.
