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MtGox Shuts Down, CEO Resigns From BTC Foundation

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."
 
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  • (Score: 3, Insightful) by unitron on Wednesday February 26 2014, @02:58PM

    by unitron (70) on Wednesday February 26 2014, @02:58PM (#7319) Journal

    But that's only going to hold true until there's no longer a government of the United States to enforce that law (or stand behind the face value of the coin, for that matter).

    In our bleak, distant, post-apocalyptic future, the intrinsic value of the coin will remain whatever you can sell it for as a melted chunk of metal.

    The only law that enforces intrinsic value is the law of supply and demand.

    Which means that the basis of the intrinsic value remains unchanged, but what you can get for it can vary over time.

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