Mt. Gox Gone? Apparent Theft Shakes Bitcoin World

mendax was one of many readers to write with news about the apparent shutdown of Bitcoin exchange Mt. Gox, in the wake of massive theft. "The New York Times is reporting that Mt. Gox, the most prominent Bitcoin exchange, 'appeared to be on the verge of collapse late Monday, raising questions about the future of a volatile marketplace.' 'On Monday night, a number of leading Bitcoin companies jointly announced that Mt. Gox, the largest exchange for most of Bitcoin's existence, was planning to file for bankruptcy after months of technological problems and what appeared to have been a major theft. A document circulating widely in the Bitcoin world said the company had lost 744,000 Bitcoins in a theft that had gone unnoticed for years. That would be about 6 percent of the 12.4 million Bitcoins in circulation.' Maybe the U.S. Dollar isn't so bad after all." Forbes goes further, and says flatly that Mt. Gox has shut down; Wired calls it an implosion. Reader electron gunner links to the alleged leaked document which outlines the exchange's crisis strategy. Watch this story for updates, since there are bound to be new developments.

Re:Vive le Galt!

[arisvega]

MONEY ALLTOGETHER is not a good idea. Think for yourself, instead of waiting for some authority to think for you.

Re:Vive le Galt!

[Sockatume]

For maximum irony, the strategy doc states that they're toying with "we're too big to fail" as a PR angle, going cap-in-hand to other bitcoin exchanges to get bailed out.

Pyramid collapasing?

[NotDrWho]

I've never personally been part of a Ponzi scheme collapsing before. But as the proud owner of a fraction of a Bitcoin, I guess this may be my big chance.

Re:Vive le Galt!

[Joce640k]

It's as if a million bitcoin owners suddenly cried out in terror and were suddenly silenced.

Re:Vive le Galt!

[Anonymous Coward]

Yeah, I suppose you'd rather have a fiat currency. Well whatever the economist say, a currency based on nothing except shitty Italian cars is worthless and personally I only accept canned food as any form of payment because I know the big crash is coming.

Re:Not Dead Yet.

[Anonymous Coward]

...but if enough people covet something it will hold value.

Except Slashdot Beta, no value to be found with that one.

Re:Vive le Galt!

[Mitchell314]

No, the next digital and final system: LOLcat picture trading.

Re:Where's the bailout?

[JaredOfEuropa]

The bankruptcy of MtGox would hardly lead to the demise of Bitcoin, at worst it will temporarily shake confidence in the cryptocurrency. Expect a drop, rebound and gradual increase in price.

If anyone is interested

[DrXym]

I'm setting up a new exchange. It used be a Pez dispenser trading site but I'm sure it can be adapted to securely manage millions of dollars worth of financial transactions.

keep your perversions to yourself

[Thud457]

I have a goat

nobody likes a braggart.

Re:Vive le Galt!

[Arancaytar]

Waiting for angry libertarians to demand that the government pass regulations to stop this from happening again.

Re:Vive le Galt!

[Arancaytar]

https://xkcd.com/512/ [xkcd.com]

Re:Credit

[Bengie]

I've been told not to count those.

Re:Vive le Galt!

[arisvega]

So, I assume you propose a barter system then?

I do: volunteer 7 hours per week of your expert knowledge (or your strength and vigor, if you have no expert knowledge) to your community.

Be less ridiculous.

You first.

Re:Mt.Gox has a long history of problems, Bitcoin

[Sockatume]

Something something cloud something network something something wizards.