Thursday, February 27, 2014

MT. GOX BITCOIN EXCHANGE COLLAPSE - 740,000 MISSING BITCOINS




MT. GOX BITCOIN EXCHANGE COLLAPSE - Mt. Gox Closes & 740,000 MISSING BITCOINS

Bitcoin exchange Mt. Gox has received a subpoena from federal prosecutors in New York, the Wall Street Journal reported, citing a person familiar with the matter.

Mt. Gox, once the world's biggest bitcoin exchange, abruptly stopped trading on Tuesday and its chief executive said the business was at "a turning point," sparking concerns about the future of the unregulated virtual currency.

The subpoena was sent this month and asked Mt. Gox to preserve certain documents among other things, the Journal said.

Mt. Gox, once the world's biggest bitcoin exchange, abruptly stopped trading on Tuesday and its chief executive said the business was at "a turning point," sparking concerns about the future of the unregulated virtual currency.

Several other digital currency exchanges and prominent early-stage investors in bitcoin responded with forceful statements in an attempt to reassure investors of both bitcoin's viability and their own security protocols.

The website of Mt. Gox suddenly went dark on Tuesday with no explanation, and the company's Tokyo office was empty - the only activity was outside, where a handful of protesters said they had lost money investing in the virtual currency.

Hours later, Mt. Gox CEO Mark Karpeles told Reuters in an email: "We should have an official announcement ready soon-ish. We are currently at a turning point for the business. I can't tell much more for now as this also involves other parties." He did not elaborate on the details or give his location.

Bitcoin has gained increasing acceptance as a method of payment and has attracted a number of large venture capital investors. At a current price of about $517, the total bitcoins in circulation are worth approximately $6.4 billion.

Investors deposit their bitcoins in digital wallets at specific exchanges, so the Mt. Gox shutdown is similar to a bank closing its doors - people cannot retrieve their funds.

Imagine a world in which you can buy anything in secret. No banks. No fees. No worries inflation will make today's money worth less tomorrow.

The digital currency Bitcoin promises all these things. And while it's far from achieving any of them — its value is unstable and it's rarely used — some have high hopes.

"There will be alternatives to the dollar, and this might be one of them," said former U.S. congressman Ron Paul. If people start using bitcoins en masse, "it'll go down in history as the destroyer of the dollar," Paul added.

It's unlikely that Bitcoin would replace the dollar or other government-controlled currencies. But it could serve as a kind of universal alternative currency that is accepted everywhere around the globe. Concerned about the dollar's inflation? Just move your cash to bitcoins and use them to pay your bills instead. Tired of hefty credit card fees? Bitcoin allows transactions that bypass banks.

Russian authorities have issued warnings against using Bitcoin, saying the virtual currency could be used for money laundering or financing terrorism and that treating it as a parallel currency is illegal.

Reddit, Virgin Galactic, and Overstock.com now accept Bitcoin.
So do dating site OKCupid and travel site CheapAir.com. Game giant Zynga is now in the testing phase.

Two big Las Vegas hotels accept Bitcoin.

Congressman Steve Stockman (R-Texas) accepts Bitcoin for 2014 campaign contributions. As does a law firm in Australia.

Just in case one was wondering for a reason not to take "Magic: The Gathering Online Exchange" too seriously, here is the latest news that has largely slammed the coffin shut on what was once the largest Bitcoin exchange. From MtGox:

"I'm very angry," said Kolin Burges, a self-styled "crypto-currency trader" and former software engineer who came from London for answers after Mt. Gox did not tell him what happened to his bitcoins, which at one point were worth $300,000.
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2 comments:

  1. AnonymousFebruary 27, 2014 at 11:32 AM

    Told ya so, the Bit Con game gravatas on that...

    ReplyDelete
  2. AnonymousFebruary 27, 2014 at 3:15 PM

    BItcoin and all the cryto's are a conn job.

    Currency backed by nothing, but the integrity of anonymous, faceless men and women. No recourse, no court of appeal, no laws are broken.

    How stupid can you be....

    ReplyDelete

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