Virtual currency in real-life strife as Bitcoin suffers bankruptcy blow

[tokeweed]

LOOOOOL.  Someone email this guy and tell him how stupid he is.

by TOM PULLAR-STRECKER
https://mobile.twitter.com/pullarstrecker

The world's most popular virtual currency, Bitcoins, has suffered a blow with an organisation set up to promote the currency among non-profits suffering financial difficulties.

But one non-profit, Kiwi cyber safety organisation Netsafe, is not shedding any tears.

Bloomberg reported the World Bitcoin Association had filed for bankruptcy protection in New York.

The organisation was founded in Zurich in June with the goal of uniting non-profit Bitcoin organisations around the world and increasing the adoption of Bitcoins and other "crypto currencies".

The value of a Bitcoin peaked at more than US$1200 (NZ$1623) late in 2013 but the virtual currency has now fallen to less than US$400.

Last year, the currency gained notoriety as the favoured currency for internet criminals who install "ransomware" to scramble files on people's computers and then demand payment to unlock them.

Martin Cocker, chief executive of cyber-safety organisation Netsafe, said that was because Bitcoin transactions were hard to trace.

Cocker said he personally would not be sad to see the demise of the virtual currency. "Netsafe sees a lot of complaints here about Bitcoins being used as a payment mechanism for scams and I think whilst there are benefits in terms of innovation in the financial community, something which is as untraceable and uncontrolled as Bitcoins is not necessary the ideal solution.

"It is something we have only seen associated with negative activities. That's the nature of Netsafe's work, but that is what we have seen," he said.

http://www.stuff.co.nz/business/67427877/virtual-currency-in-reallife-strife-as-bitcoin-suffers-bankruptcy-blow

[zetaray]

Who is this World Bitcoin Association? They filed for bankruptcy means nothing. Bitcoin is not only associated with illegal activities. Are Overstock, Microsoft and Dell engaging in illegal trades? Netsafe should file for bankruptcy, its chief executive knows nothing about bitcoin and pretends he does.

[NUFCrichard]

Cocker said he personally would not be sad to see the demise of the virtual currency. "Netsafe sees a lot of complaints here about Bitcoins being used as a payment mechanism for scams and I think whilst there are benefits in terms of innovation in the financial community, something which is as untraceable and uncontrolled as Bitcoins is not necessary the ideal solution.

"It is something we have only seen associated with negative activities. That's the nature of Netsafe's work, but that is what we have seen," he said.

Someone stole my bank card and used it to steal money from me, I personally wouldn't be sad to see the end of the global banking system because of this...
Bitcoin is used by a lot of scammers, but it is essentially like internet cash and cash is used for a hell of a lot more bad stuff than bitcoins are.

Still a shame though

[galdur]

Never heard of this World Bitcoin Association before. Its going belly up will have zero effect on bitcoin I reckon.

Good luck, g

[krigger]

As he said, he "saw" it that way.
Many people see bad things in inovations. Many people fear about new and unknown to their knowledge.
Let them see by the time. Can't help it other way.

[pooya87]

maybe i don't know somethings but isn't the World Bitcoin Association a not-profit organization which only accepts donations. i do not understand how it can go bankrupt!

[asuryan180]

"It is something we have only seen associated with negative activities. That's the nature of Netsafe's work, but that is what we have seen," he said.

Well yeh that is what i see a lot of as well but we see the same thing with the dollar may i add any other currency and to a much higher level of negativity this is a new currency and negatives with positives are bound.

I have heard story's of hackers hacking police computers and locking important files until a demand in bitcoin is paid, ooops they actually have to pay it if they want their files unencrypted. 

The cocker we would not be sad to see the demise of your beloved fiat.

[ronald98]

maybe i don't know somethings but isn't the World Bitcoin Association a not-profit organization which only accepts donations. i do not understand how it can go bankrupt!

Neither do I but Bloomberg says the organization listed less than $300,000 in liabilities in a filing Monday in U.S. Bankruptcy Court.

http://www.bloomberg.com/news/articles/2015-03-17/world-bitcoin-association-files-for-bankruptcy-in-new-york

[duckydonald]

hmmm seems that they wanted to compete with the bitcoin foundation and listed them as the bitcoin association, maybe the gov made this so they can get it on the media?   

Seems like they are really trying hard to hurt bitcoin

[Miracal]

It is really ironic! The organizations's goal is to unite all non-profit bitcoin organization and increase the adoption of crypto currencies! But it end up being against bitcoin! They are happy with the demise of the organization!

[Ron~Popeil]

Yeah clearly the game is up.

if you are going to do journalism take the time to research what you write instead of cherry picking one irrelevent event to call a "blow" to bitcoin. This is a perfect example of confirmation bias.

[ajareselde]

Never heard of Martin Cocker,  World Bitcoin Association or netsafe, like most of others here, and its obvious why.
Its a trash article by a trash writer on a trash site that doesnt even know what they are talking about.
Yes, they filed for bankruptcy, but they have no real associations to bitcoin network, and they sure dont mean anything to bitcoin comunity but did that stop author from saying that bitcoin suffered bankruptcy blow..
It would be nice if bitcoin association had enough legal representation to file lawsuits against article publishers like that for defamation

The law of defamation protects the individual when faced with the above scenario, simply protecting the individual’s reputation nothing more.  If words can be construed to reduce the reputation of the individual in the minds of the general public then an action of defamation can be brought.

cheers

[pawel7777]

maybe i don't know somethings but isn't the World Bitcoin Association a not-profit organization which only accepts donations. i do not understand how it can go bankrupt!

It's the first time I ever heard about WBA and I've no idea about their structure and legal status. But every form of operations comes with some related costs.

If the donations they've received were smaller than their costs (staff salaries, phone/electric bills, office rent etc) then they become insolvent and filed for bankruptcy.

[Q7]

If the so-called non-profit organization suffers bankruptcy then just let it be. I still don't understand after so many years, there are still a lot of people who don't understand what bitcoin is all about and what it aims to achieve. Bitcoin is not supposed to be controlled by anybody nor is it aligned to anybody and that's a fact.

[keyscore44]

We need to send an urgent message to the CEO of Bitcoin!!!1!

Shoddy article really, at least he didn't mention darknets, silkroad etc

"Cocker said he personally would not be sad to see the demise of the virtual currency", I'd much prefer to see the demise of worthless pieces of paper (fiat).

[Snail2]

Never heard of this World Bitcoin Association before. Its going belly up will have zero effect on bitcoin I reckon.

Good luck, g

That was my first question too . WTF is World Bitcoin Association?

[freedomno1]

Never heard of this World Bitcoin Association before. Its going belly up will have zero effect on bitcoin I reckon.

Good luck, g

That was my first question too . WTF is World Bitcoin Association?

That is the number one reason the World Bitcoin Association went bankrupt
No advertising lol
Also if it was a non profit kind of expected to generate at 0.

[croato]

Worthless article written by wannabie writter about non profit organisation noone from whole Bitcoin community has ever hear about before. It is funny and sad in same time.

[RodeoX]

Oh God NOOOOOO!!!! The World Bitcoin Association is in bankruptcy, what a blow!

Also WTF is the world bitcoin association?

[Snipe85]

Oh God NOOOOOO!!!! The World Bitcoin Association is in bankruptcy, what a blow!

Also WTF is the world bitcoin association?

We are all asking the same thing. They named themselves to look professional and important and nobody cared. Suddenly this Tom Pullar-Strecker found some random info in google and thought it must be something big if the world bitcoin association is in trouble! Time to write an article, duh...