Bitcoin News

Bitcoin Money blog (@BitcoinMoney) gives a monthly wrapup on Bitcoin for the month of July, 2012. Excerpts:

“The July BTC/USD closing price of $9.35 means a bitcoin cost two and a half dollars more than when 2Q2012 ended.”
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“For 2012, where the price opened at a $4.72 level, the price rise from January 1st now exceeds 98%.”
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“The 238,650 bitcoins issued which Bitcoin miners took in during the month is valued at $1.93 million using the average daily valuation for the month of $8.12. Along with the rising exchange rate, mining profitability has been rising as well.”
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“The trading volume at the exchanges with customers from Europe continued at a record pace in July.”
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“Once bitcoins are acquired, financial transactions no longer need to go through the banking system.This property has now been discovered by high yield investment program (HYIP) operators and the pace of participation only appears to be accelerating.”
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“Bitcoin.org lead developer, Gavin Andresen (@GavinAndresen), commented that HYIPs are ‘(almost?) always dressed-up Ponzi schemes’ and he makes a plea to participants to ‘please lick your wounds quietly when they implode’. Andresen showed prescience back at a time when bitcoins were selling for under a quarter dollar each when he remarked that ‘we are in the Wild West days of open-source currency. I expect people will get burned by scams, imitators, ponzi schemes and price bubbles.’

- http://www.bitcoinmoney.com/post/28473024447

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