Bitcoin’s buckets of media attention — way out of proportion to its roughly $6.9 billion in value (assuming there are 12.34 million minted Bitcoins trading at $556 a piece) – leads me to conclude that the force is strong with the argument that it’s a cult.
After all, this week Tokyo-based Mt. Gox, Bitcoin’s once-dominant mechanism for exchanging real money for the virtual currency, appeared to have collapsed — in the wake of a reported theft of740,408 Bitcoins worth about $414 million — which represents about 6% of all Bitcoins.
With Mt. Gox ceasing to process transactions, anyone with an account there is probably out of luck — after all Tokyo financial regulators are declining to help Mt. Gox customers, saying that since Bitcoins are a product rather than a currency, the regulators have no authority over it.
READ MORE: http://www.forbes.com/sites/petercohan/2014/02/26/is-bitcoin-an-investment-or-a-cult/