, Columnist
The SEC Shows Why Bitcoin Is Doomed
Any advantages the crypto-currency may have over normal means of exchange, like credit cards, may soon disappear.
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This week, a ruling by a federal judge in Texas was cause for optimism among a small group of technologically minded investors.
The case involved a man who had lured unwitting Bitcoin enthusiasts into what the Securities and Exchange Commission alleges was a rudimentary Ponzi scheme. The defendant (who referred to himself, inauspiciously, as a "pirate" in his online profile) argued that the SEC couldn't sue him because the Bitcoin investments he was offering didn't amount to actual, real-life securities.