The recent spike in the price of Bitcoin may have been aided by the rise of a Russian Ponzi scheme in China. If so, it should be a reminder to those who believe a currency decentralization revolution is in the offing that Bitcoin largely remains a medium for illicit exchanges and that the revolution is nowhere in sight.
On Wednesday, Bitcoin reached $441, its record for a year. It was down to $389 on Thursday, but still up 63 percent since the beginning of October. For more than two years, most of the trading in the cryptocurrency has taken place in Chinese exchanges, in renminbi.
http://bitcoinwarrior.net/2015/11/russian-huckster-mines-for-bitcoin-gold/
