Well, I guess the “extraordinary” happened and Verto, the owner of Evolution Marketplace decided it’s time to walk away with $12 million USD worth of Bitcoins. You can read more about it in this wikipedia article.
Normally I would say it’s time to start buying Bitcoins again because obviously the demand should now rise since less Bitcoins are now in circulation? No. I believe you can do this only for so long because eventually people will simply lose faith in the crypto currency altogether when every major marketplace either gets seized by the feds or shut down by their own people. And because Bitcoin is used for so many illegal things then there can really be no other way. The feds will hunt down every big player and that alone is reason enough to run away with the money at some point rather than rot in jail, am I right?
How to save Bitcoin
I believe the only way to save Bitcoin from failing is to bring it out from the dark and into legit businesses. You can’t simply run away with all the coins when everyone is looking at you. (Well, MtGox did that, but that’s another story…).
If the majority of coins circulate on the surface, not the other way around, then maybe in time people will see Bitcoin as a trustworthy commodity like gold or silver. Remember Liberty Reserve? Despite what the mainstream media will tell you, Liberty Reserve was in fact a great way to earn a living as a freelancer on the web because back then PayPal simply wasn’t good enough for many of us living in 3rd world countries. Liberty Reserve only sucked because it wasn’t backed by anything- much like you beloved money by the way.
Bitcoin can be a lot better than Liberty Reserve so if you are a merchant start accepting Bitcoin if you haven’t already. Start paying for services with Bitcoins if you’re a customer. Sure, let the banks come to bully us if they want. We won’t go down without a fight!
This post was written by ynef