The virtual currency Bitcoin, underlying an economy valued currently at above $12 billion, has been exposed as a hoax by a Youtube user.
In what appears to be an improvised video recording, the user, who the Coinion could only identify by the pet name jsnip4, pointed out severe flaws in the Bitcoin system.
“It is a digital currency. On the internet. Imagine if the power goes out somewhere,”
The Youtube member spoke into a shaking hand-held camera for 13 minutes, apparently under duress, as at times his evidence was difficult to comprehend.
jsnip4 pointed out that he would like to have bought in when the Bitcoin was still cheap, only to “cash out” at the current Bitcoin value, but “missed the boat”.
He also made an observation many Bitcoin pundits to day have failed to make:
“Should Bitcoin fail, you wouldn’t even have a pile of worthless coins, because you can’t really pile up digital stuff.”
Youtube is the world’s largest video sharing platform. It hosts content from similar news outlets such as Fox News and Russia Today.