Katchum's  Instablog

Send Message
Albert Sung is the author of the Katchum Macro-Economic Blog, monitoring breaking economic news from a day to day basis. He started investing in 2008 because of the economic crisis and holds a masters degree in chemical engineering. Previously, he worked several years as a process engineer at... More
My blog:
Katchum's Macro-economic blog
  • Bitcoin Crashes 1 comment
    Feb 7, 2014 2:42 AM

    As predicted many times ago, bitcoin is a bubble. Finally, people are starting to realize this. Mt. Gox has now temporarily suspended withdrawals of money from their exchange. Everyone is now rushing to get their money selling their bitcoins. But the funny thing is, this will take more than a month to do so and it will also take 4 weeks to validate your bank account. So in total you won't have your money for probably several months and now they suspend your withdrawal.

    Do you really think people want to put their money in a virtual currency, knowing that their exchange could crash/go bankrupt at any time and their money disappear in a second?

    Needless to say, the bubble has popped and that is visible in the following graph and it's going to get worse.

    Peter Schiff was right... bitcoin is a bubble. You won't have these problems with gold, I can tell you that.

Back To Katchum's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (1)
Track new comments
  • The_Hammer
    , contributor
    Comments (5161) | Send Message
    7 Feb 2014, 07:18 AM Reply Like
Full index of posts »
Latest Followers


More »

Latest Comments

Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.