Hi there,

A while ago I came across Bitcoin and didn't really understand it. After some recent articles on the web I decided to have another look and seen a much more vibrant market so I decided to get involved.

The main reason I got involved was the fact that there was no central control. Finally, free from government meddling. However after reading about the handling of the recent hack and the theft of Bitcoins I'm now not seeing any difference between Bitcoins and tangible goods.

I'm not concerned about the hack and I'm not concerned about the theft both of those can be handled, There will always be weak points in security and even experienced IT people get hacked. Where money is involved it makes it more attractive. People should lose trust in the people who were hacked because they clearly were not looking after the system correctly.

The part that concerns me is the rollbacks and the adjustment of the Bitcoin value. This was purely to regain trust in their system and make them look good. This is no different from Government meddling in my book. Adjusting the price of Bitcoins, This means they could drop the price, buy Bitcoins then make it artificially high and sell them. This sound like control to me and I don't remember reading about this feature in the specifications. In addition did this rollback rollback other transactions not related to the theft?

I though Bitcoin was a way to avoid control and meddling. I'm not convinced it can work now which is a pity.

Or do I have the wrong take on the handling of this 'bank job'?