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Bitcoin Bonanza: Cyprus Crisis Boosts Digital Dollars

Stashed in: Money!, Bitcoin

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Bitcoin demand explodes in Cyprus.

So there can never be more bitcoins, right? Won't that create a problem soon?

I don't think so. There's a schedule for release of bitcoins, but they can be traded on the open market.  It's mainly used for porn access and identity theft/credit card fraud purchases, but there's a chance it might become super popularized and be a better investment than gold...if it's liquid as you don't want to be the person holding the last bitcoin.

It's all about the velocity and liquidity of money.  Right now the EU in Cyprus has the velocity artificially slowed to a crawl.

Also useful for buying drugs on Silk Road:

And for hiring assassins and hitmen:

And for making money through arbitrage mining of bitcoins:

Bitcoin price now at $145. That's 4x what it was a month ago:

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