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Bitcoin. This is a chart of a bubble that burst

Credit: bitcoincharts.com

Credit: bitcoincharts.com

The Chinese government has ordered bitcoin exchange deposits halted. The National Australia Bank will close accounts for customers dealing in bitcoin, saying they are too risky. Look at the chart. This is a price going back from whence it came, to below $100.

A pseudocurrency that gyrates insanely in price cannot be relied upon for serious business transactions. Even worse, security on bitcoin exchanges appears to be lax at best, leading to large numbers of thefts, with no recourse for customers, since bitcoin transactions are deliberately anonymous, hidden, with no audit trail.

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