Bitcoin trading at $370 I am thinking on getting into this thing purely for experimental purposes.

Foreword

The progress of mankind is marked by the rise of new technologies and the
human ingenuity they unlock.

In distributed ledger technology, we may be witnessing one of those potential
explosions of creative potential that catalyse exceptional levels of innovation.

The technology could prove to have the capacity to deliver a new kind of trust to
a wide range of services. As we have seen open data revolutionise the citizen’s
relationship with the state, so may the visibility in these technologies reform our
financial markets, supply chains, consumer and business-to-business services,
and publicly-held registers.

We know there will be challenges as Distributed Ledgers mature and disrupt
how we think about and store data. The UK is in a unique position to explore
those challenges and help maximise the benefits to our public services and our
economy. We already have world-class digital capability, innovative financial
services, a strong research community and growing private sector expertise.

It is vital that our key assets – including the Alan Turing Institute, Open Data
Institute and the Digital Catapult – work together with the private sector and with
international partners to unlock the full potential of this technology.

We are both, therefore, delighted to be jointly leading efforts in this area, and look
forward to working with other departments on seizing the opportunity as well as
understanding how its use can be implemented for the benefit of UK citizens and
the economy.

THE RT HON MATTHEW HANCOCK MP
Minister for the Cabinet Office and Paymaster General

THE RT HON ED VAIZEY MP
Minister of State for Culture and The Digital Economy

Trading clubs

The Business Daily attended one of the Bitcon traders’ meeting in Nairobi, which has about 1,000 members.

Each member pays a minimum of Sh70,000 for membership and a starter trading deposit, which translates to a conservative minimum of about Sh70 million invested in the little-understood digital currency.

The initial joining fee of Sh70,000 covers membership fee and one share, from which the new member starts earning a slice of the mining income of BitClub Network, which has 150,000 members drawn from 90 countries.

Those bringing in new members also earn a commission. In Kenya, the idea of a referral for commission raises comparisons with multi-level marketing or pyramid schemes, the latter having caused untold pain to the public.

Someone hacked something and stole some coins, and the coin graph in on the downward trajectory.
I personally think Bitcoin is a product that most people are dealing in and not a currency since very few would be willing to be paid in bitcoins,and now that Kenyan mining club is being setup like a pyramid scheme with referrals, but question is how long will it take to recoup the 70k, who does it go to?