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Bitconned
March 14, 2014 Editor 0
JUST over a week ago, Schumpeter wrote about the collapse of Mt Gox, the once-dominant Bitcoin exchange that disappeared in late February along with almost half a billion dollars of customers’ cryptocurrency (and $65 million of its own)—all presumed stolen. Schumpeter’s reward for his article was open warfare in the comments section. A large minority of commenters pilloried Schumpeter for daring to criticise their belief in the almighty Bitcoin. The remainder questioned the sanity of anyone believing in what one commenter described as “the currency equivalent of unicorns.”
Mt Gox subsequently filed for bankruptcy, after which the formerly elusive Mark Karpeles, Mt Gox’s chief executive, stated that “There was some weakness in the system, and the Bitcoins have disappeared. I apologise for causing trouble.” Given the scale of Mt Gox’s apparent incompetence and the cyberheist itself, this may qualify as understatement of the year.
In the wake of Mt Gox’s implosion,…Continue reading
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