Office Hours

Bitcoin is trending up, and trending down, depending on your source

Bitcoin is dead. Or not. No one seems to have a clue, except for the ranters who sometimes prowl Spokesman.com who think they're way above-average in such matters.

The headlines related to Bitcoin this week leave most of us still uncertain, confused, unsure what to make of the digital currency that seems to have captured the hearts of free-thinkers and assorted libertarians, among others.

This week we saw a story about an entrepreneur who donated $10,000 worth of Bitcoin to the University of Puget Sound.

Also this week, the value of Bitcoins fell suddenly based on a variety of factors including recent issues disrupting one or two major digital currencies (including Mt. Gox).

A pennystock "expert" named Peter Leeds said Bitcoin appears ready to crash and burn. One thing caught our eye: he compared the new currency to "the Paris Hilton of the currency world."

"Much like non-profitable gold mines shut down production if the value of gold decreases, large portions of the Bitcoin network will disappear when profits are hard to come by," Leeds was quoted saying.

He went further and said the high cost of "mining" Bitcoins is tending toward a circumstance where miners will reduce their efforts, leading to no processing of transactions, "no security of the network or verification of Bitcoin ownership."

Finally, despite the negative trends, a Las Vegas company announced it's setting up Seattle's first Bitcoin ATM. Don't know where, but the company says there will be several.

 




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The Spokesman-Review business team follows economic development in Spokane and the Inland Northwest.





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