Bitcoin exchange, Mt. Gox, files for bankruptcy

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Bitcoin exchange, Mt. Gox, files for bankruptcy
Topic Started: Mar 1 2014, 04:08 AM (76 Views)
Darcie	Mar 1 2014, 04:08 AM Post #1
Skeptic Posts: 31,154 Group: Member Member #714 Joined: March 30, 2010	Quote: The Mt. Gox bitcoin exchange in Tokyo filed for bankruptcy protection Friday and its chief executive said 850,000 bitcoins, worth several hundred million dollars, are unaccounted for. The exchange's CEO Mark Karpeles appeared before Japanese TV news cameras, bowing deeply. He said a weakness in the exchange's systems was behind a massive loss of the virtual currency involving 750,000 bitcoins from users and 100,000 of the company's own bitcoins. That would amount to about $473 million Cdn at recent prices. http://www.cbc.ca/news/world/bitcoin-exchange-mt-gox-files-for-bankruptcy-1.2554834?cmp=rss I don't at all understand why this happened, unless there was some money hanky panky. Can anyone explain this?



Trotsky	Mar 1 2014, 04:15 AM Post #2
Big City Boy Posts: 38,319 Group: Member Member #79 Joined: September 8, 2005	I wish someone could explain Bitcoins for me...they never covered them in finance class. :D



Durgan	Mar 1 2014, 06:57 AM Post #3
Veteran Member Posts: 13,273 Group: Gardening Guru Member #720 Joined: March 31, 2010	The way I see it is: Buy bitcoins at so much for the dollar. When I buy something I use bitcoins and the recipient places the value in his account. If he wants dollars he simply goes to a machine and takes the dollars. Or he can use the bitcoins for more simple trading.This appears like s straightforward transaction Now where the trouble come in is when bitcoins are traded on the stock market. Why and how can the value change when one bitcoin is equal to a dollar value? This is the part that confuses me. The pundits must do much more explaining to make the sheeple comprehend.



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