by John Darer® CLU ChFC MSSC CeFT RSP CLTC
The recent New York Post headline Hackers stole $437M worth of bitcoins in 'tinker toy' currency mess portrays something in some ways worse than a Ponzi scheme in sheer speed of its collapse. The story, is that Mt. Gox — formerly known as Magic: The Gathering Online Exchange — made 750,000 bitcoins worth $473 million disappear, the company said Friday. The former trading-card exchange declared bankruptcy.
As the New York Post's Jonathon M. Trugman pointed out March 2, 2014, a bonafide currency has a homeland, and it is that country's specific approved form of money, with a seal and a traceable serial number, backed up by the gross domestic product, taxes and oversight.
Trugman opines that "anyone referring to bitcoin as a currency is slimy or just plain stupid".
Bitcoin Not a Starter Settlement Planning Solution for Injury Victims
If you are receiving a settlement or already have the proceeds of your settlement beware of speculative and risky investments. A gimmick is a gimmick. Instead start with a structured settlement, establish a core stream of income that is unaffected by the stock market, or the real estate market, before you start taking risks in the market, or starting a business, investing in someone else's business, or taking on a lot of debt.
Last updated August 17, 2023