We had an extensive discussion about BitCoin as it went over $200 in Monday's Member Chat and I even decided to make a special note on the subject, which I tried to publish on Seeking Alpha but it's still sitting in the "pending publication pile" with no explanation as to why it was rejected there (you can read it from my tweet here).
Interesting though as I had just warned people in comments on SA, before I left for vacation, that the arbitrary censorship of information on "free" sites like SA can make them very expensive for people who are hoping to trade with unbiased information.
The title of my proposed post was "Bitcoin – The Next Major Currency or Just another Ponzi Scheme" and, as I additionally noted that morning in Member Chat:
Oh yes, I forgot to link to "The Bitcoin Mining Guide" – Imagine if you were investing in a foreign currency and there was a guide for how you can print your own or, even worse, the Government in question was making money selling you "mining equipment" which, in fact, is nothing more than an algorithm you run on your computer! You would RUN from that currency and never think about it again, right? Not Bitcoin – it's going up and up and up.
Seriously, this is no different than when my daughter gets gold in WarCraft for completing quests. They have tons of "merchants" too who accept her gold and they give he cool potions and magical armor, etc, which in fact, you can get people on Ebay to buy for real US currency. I should write an article based on pitting Madeline and her friends using WarCraft and Ebay against some Bitcoin miners and see who makes more money over a weekend….
While we were debating the issue in Member Chat, I was looking pretty stupid as BitCoin went to $220, then $240 and, finally $260 – before crashing yesterday all the way to $110 in (as you can see from…