Small Bitcoin exchanges are shutting down, bank accounts closed

Comment on Zero Hedge

Comment on Zero Hedge

In yet another sign that Bitcoin is circling the drain, small exchanges like Bitfloor are shutting down, saying their bank accounts were closed. It’s unclear at this point if the bank accounts closings were voluntary. Primary Bitcoin exchange Mt. Gox is having severe problems and is currently down.

Bitcoin is over folks, stick a fork in it. Designed by libertarian geeks, they focused way too much on being decentralized, anonymous, and encrypted and mostly ignored real world concerns, like insuring exchanges would still be able to function efficiently if the price crashed. Instead, their exchanges couldn’t handle the load and attacks, crumbled under the pressure, and showed that Bitcoin was absolutely not ready for prime time.

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