Skip to comments.Mt. Gox on verge of collapse, Bitcoin plunges: Is this the end for the virtual currency?
Posted on 02/25/2014 8:06:41 AM PST by SeekAndFind
Check out Mt. Gox, the site of what was the largest bitcoin exchange at one point, and you'll find a blank page. The site is now unavailable, and the exchange appears to be on the verge of collapse -- a number of Bitcoin companies announced Mt. Gox was planning to file for bankruptcy after technical problems and an apparent major theft. Customers have been unable to withdraw their money since Feb. 7.
An alleged Mt. Gox document circulating on the Internet that can't be confirmed said the company had lost more than 744,00 Bitcoins in a theft that had gone unnoticed for years.
Related: "Silicon Valley is the new Wall Street": Alex Payne
The news pushed the price of Bitcoin below $500 for the first time since November when the virtual currency began an ascent to above $1,100, according to CoinDesk.
A number of Bitcoin companies including digital walllet Coinbase issued a joint statement distancing themselves from Mt. Gox, writing: "This tragic violation of the trust of users of Mt.Gox was the result of one companys actions and does not reflect the resilience or value of bitcoin and the digital currency industry. There are hundreds of trustworthy and responsible companies involved in Bitcoin. These companies will continue to build the future of money by making Bitcoin more secure and easy to use for consumers and merchants. As with any new industry, there are certain bad actors that need to be weeded out, and that is what we are seeing today."
Related: Bitcoin ATMs roll out as cryptocurrency faces hackers, regulation and volatility
So is that really what we are seeing?
(Excerpt) Read more at finance.yahoo.com ...
I’ve been hoarding stacks of Monopoly money, waiting for the day it becomes acceptable currency. With the collapse of bitcoin, I might be in luck!!
A more complete fiasco than even “carbon credits”, which, no matter how flawed the reasoning for their creation, had at least tacit support from the Current Regime now squatting in the Oval Orifice.
The bitcoin bugs here on FR aren’t going to like this. I have been bashed several times by the bugs.
It won’t be the end, there’s always some sort of alternate currency out there. But it does show why they always remain within a given culture and don’t become a replacement. Turns out coining money for general use ain’t that easy.
I hope most nice people got out and the dealers and hackers got burned.......
No one could have possibly foreseen this
What’s that saying about ‘A fool and his money...
“Is this the end for the virtual currency?”
In a word, no.
< tinfoil >It is hard to imagine the big money interests or the gov’ts of the world would allow these types of currencies, i.e. not controlled by the gov’t and gov’t lobbyists. I would not be surprised to find they are behind efforts to take down such currencies. < /tinfoil >
“I hope most nice people got out and the dealers and hackers got burned.......”
Nobody who bought below $500 or so has been “burned” yet.
We’ll see if any of the retailers accepting it stop doing that. That might cause more downward price pressure.
I’m smarter, I bought a printing press and colored paper to make my own. Top that!!!
Gee, software code doesn’t work as money....who would have guessed it?
After taking a class on bitcoin, here is my take.
Cryptocurrency is a perfect way to transfer funds without being traced.
Governments can’t allow this for tax or security reasons.
Mt Gox got the message from someone.
Shut down or its prison time.
I agree. In fact, I believe it will pave the way for a cashless society and we will be - shall I say - Chipped on the arm or hand for transactions.
More like The appearance of support.
Now with the collapse of the first major bitcoin trader/repository I’m sure the government will be more than willing to jump in and regulate.
If you detected a bit of sinister sarcasm embedded in that statement, then we’re on the right wavelength.
“Gee, software code doesnt work as money....who would have guessed it?”
Apparently not the US government, who “prints” billions per month without actually printing anything.
Or do you think the QE payments are made with truckloads of $100 bills? lol
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