Stories
Slash Boxes
Comments

SoylentNews is people

posted by Dopefish on Tuesday February 25 2014, @06:00PM   Printer-friendly
from the that-didn't-end-well dept.
lennier writes "Has Magic the Gathering Online Exchange tapped all its mana? MtGox, the first and best known Bitcoin exchange, has abruptly shut down, and CEO Mark Karpeles has resigned from the Bitcoin Foundation after rumors of ongoing theft related to the transaction malleability issue reported several weeks ago. According to the latest news reports, Bitcoin has hit a three-month low of $465 USD per coin."
 
This discussion has been archived. No new comments can be posted.
Display Options Threshold/Breakthrough Mark All as Read Mark All as Unread
The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
  • (Score: 5, Insightful) by mmcmonster on Tuesday February 25 2014, @08:26PM

    by mmcmonster (401) on Tuesday February 25 2014, @08:26PM (#6903)

    The concern isn't directly about the currency Bitcoin.

    The concern is that MtGOX was considered a relatively safe place to place your Bitcoins. Many people on /. would defend them when the jabs about how it start out as a card trading site were common.

    If you can't trust MtGOX and don't trust yourself (how many people lost information due to incomplete backups at the time of a computer crash?), who do you trust?

    At least for US Dollars and other country-based currencies you can keep them in a bank and have FDIC insurance for the first $200K or so. Who would insure an account at a bank in Bitcoins?

    Starting Score:    1  point
    Moderation   +4  
       Insightful=3, Interesting=1, Total=4
    Extra 'Insightful' Modifier   0  

    Total Score:   5  
  • (Score: 2) by VLM on Tuesday February 25 2014, @09:01PM

    by VLM (445) Subscriber Badge on Tuesday February 25 2014, @09:01PM (#6937)

    "The concern is that MtGOX was considered a relatively safe place to place your Bitcoins"

    What? You mean, like, roughly pre-2011?

  • (Score: 1) by basecase on Wednesday February 26 2014, @02:16AM

    by basecase (1952) on Wednesday February 26 2014, @02:16AM (#7058)

    Bitcoin insurance. I'll be a millionaire!