[thackney]

It is an anonymous, counter-party-less medium of exchange.

For instance, you might think you have a 100K account at Charles Schwabb.

As with all mediums of exchange, you only have value if someone else thinks you have value. FlexCoin bit coin holders likely will have trouble today convincing anyone else they have value.

It would be far easier taking Charles Schwabb to court to recover losses than FlexCoin. They still own the "commodity", but the commodity now has no value.

[djf]

Current Bitcoin quote is $664

That’s hardly “no value”.

Part of the reason for the recent spate of raids is the escalation of price.

These kinds of things will be dealt with.