Mt.Gox the largest Bitcoin exchanged filed for bankruptcy protection overnight claiming it has outstanding debt of about $63.6 million.
The company disclosed that it had lost 850,000 units of Bitcoin, including 750,000 belonging to customers worth about $477 million, based on current exchange rates.
Mt. Gox, at one point handled more than 80% of trades in the virtual currency.
Bitcoin is a fad – just like the Internet
Pick your fads wisely
I thought in Japan it was customary to fall on your own sword before filing bankruptcy. I will be waiting for the pictures.
Donny
I think that was old school, now they just file bankruptcy like everyone else and start the next gig
So much for the “invisible hand” & just letting “the market decide”. Digital currencies will become the norm in the future, abeit w/some measure of regulation. Otherwise just another case of “Treasure of the Sierra Madre”, or, ahem, Wall Street and “toxic assets” offloaded into clients’ portfolios/coffers. When “humans” mine the gold, silver or Bitcoins (either w/shovels, machines or algos), without supervision/accountability, you can expect resources to go missing.
actually placing exchanges in the process undermines the objective of any crypto-currency, specially the case of bitcoin.
there are at least 140 crypto-currencies, and i think at least ripple includes an exchange mechanism in the protocol itself.
pump…pump…pump…pop!
When you see the local news stations talk about Bitcoin you know there is a MASSIVE bubble.
MB, Did you ever sell that one Bitcoin of yours?
Still have my one coin
Michael –
put that coin on the xmas tree next year