The Bitcoin lives up to it web’s Bad Boy reputation

The Bitcoin is one of the early 21st century’s major inventions. As a payment system via the Internet and virtual currency’s unit of account, the Bitcoin carries by itself the seeds of a revolution in trade and finance whose long-term consequences could be far greater than anybody can hardly imagine from now on. If the Bitcoin has managed to attract the attention from the public, media and banks, it is now most famous for the criminal activities that strengthened its bad reputation. The South China Morning Post revealed that the exchange platform MyCoin is suspected to be a Ponzi scheme having sucked up to $387 million from about 3,000 investors.

In March 2014, the Japanese platform Mt. Gox collapsed following an alleged hacking according to its founder. The Bitcoin is not by itself a vehicle for criminal activities that would differ from commonly observed ones: the practical and psychological mechanisms with a view to committing the crime remain the same. However, the exclusively online and therefore transnational existence of the Bitcoin greatly complicates criminal identification. Speculation and attractiveness to greedy investors proportionally amplify the attention from electronic criminals. Valued over $1,000 in late 2013, the Bitcoin now quoted $200.