There was word these coins were protected. Simply wow!
Anyone who invests in bitcoin from here on out needs their head examined.
Digital money. Digial thievery.
Creating money out of thin air means its worth about the same.
Someone enlighten me. The bitcoins stolen are encrypted and should be worthless to the hackers if they cannot trade them. Have the hackers just stolen bitcoins that are worth millions to the rightful owners, but not to them. But if they can trade them, isn’t there any audit trail or history referencing the previous owners.
It also said there was a discrepancy of 2.8 billion yen ($27.4 million) in its bank accounts when it checked on Monday. Junko Suetomi, a lawyer with Baker & MacKenzie, said she could not comment on the balances of foreign bank accounts held by the company.
Much better article here: Mt. Gox Files for Bankruptcy, Claims $63.6m Debt
Click to be Added / Removed.
I have just two words for you: Bernard Madoff
Investing in new technologies aren't the only way to lose money...
If you give your money to an exchange to hold in an account you are ultimately trusting they will keep that money safe.
Are you familiar the collapse of MF Global? They dipped into customer accounts to continue making failing prop trades on European debt. They lost 1.6 BILLION dollars, but Jon Corzine collected enough money for Obama that an 18 month investigation by the FBI found he committed no crime, despite his own employees saying he ordered the transfer of funds from customer accounts.
Did that individual firms mis-mangement and collapse lead to an indictment of the dollar as a failed medium of exchange, or to soybean futures contracts being a crazy thing for a farmer to have an account to purchase?
As I read comments on bitcoin it is obvious many of the detractors haven't honestly taken the time to explore what they deride.
The spreading of fear, uncertainty, and doubt from a position of ignorance is not something I expect or enjoy seeing on a site like Free Republic.