The world's largest Bitcoin trading post, Mt. Gox, has shut down and deleted its Twitter feed after "unusual activity" was detected on its systems. Several days ago, the organization said a technical glitch forced bitcoin exchanges to be suspended temporarily, and following the trading halt, the CEO of Tokyo-based Mt. Gox Mark Karpeles resigned from advocacy and regulatory group the Bitcoin Foundation. According to a Bitcoin blogger who leaked a potentially authentic document detailing crisis management of Mt. Gox, the exchange is now insolvent due to the loss of 744,408 bitcoins -- roughly worth $350 million -- due to a year-long hacking campaign that went unnoticed. Bitcoin companies Coinbase, Blockchain.info, Circle, Kraken, Bitstamp, and BTC China quickly issued a joint statement regarding Mt. Gox, saying: "This tragic violation of the trust of users of Mt.Gox was the result of one company’s abhorrent actions and does not reflect the resilience or value of bitcoin and … [Read more...] about Bitcoin exchange Mt. Gox shuts down amid insolvency claims
Trusted bitcoin exchange
The most famous twins in social media and cryptocurrency want to launch a regulated Bitcoin exchange—named Gemini, of course.Cameron and Tyler Winklevoss want their “next-generation exchange,” to be based in New York, to be fully regulated and in compliance with financial laws, a stance that goes against the anonymous, anti-establishment philosophy under which Bitcoin was born six years ago.As major investors in Bitcoin, the brothers see the exchange as a way to secure the digital currency’s future amid continued price declines, hacking incidents and criminal cases. To bolster confidence, they said they have formed a relationship with a chartered bank in the state of New York.“This means that your money will never leave the country,” the twins wrote in a blog post. “It also means that U.S. dollars on Gemini will be eligible for FDIC insurance and held by a U.S.-regulated bank,” they wrote, referring to the U.S. Federal Deposit Insurance … [Read more...] about Winklevoss twins plan regulated Bitcoin exchange
Where is the Mt. Gox CEO, Mark Karpeles? More importantly, what happened to all of the Bitcoin? Seemingly overnight the much ballyhooed new currency took a major punch right in the coin purse. Mt. Gox was gone.From Reuters:Mt. Gox, once the world's biggest bitcoin exchange, looked to have essentially disappeared on Tuesday, with its website down, its founder unaccounted for and a Tokyo office empty bar a handful of protesters saying they had lost money investing in the virtual currency. The digital marketplace operator, which began as a venue for trading cards, had surged to the top of the bitcoin world, but critics - from rival exchanges to burned investors - said Mt. Gox had long been lax over its security.And just like that, they were gone.So, people put their faith in an unregulated currency and dealt with an exchange that was built to handle...trading cards? Yeah, I can see why this was a good idea. I've never been a huge fan of Bitcoin. I like the idea but, the … [Read more...] about Bitcoin exchange Mt. Gox steals away in the night
Libertarians and Millennials are going crazy over Bitcoin. So what are these Bitcoins, what do they do, what’s the big deal, and why do young people love them so much? The simplest answer is the freedom offered by a currency largely unregulated by government. Get the Free Tracker App to find a Luvabella in Stock Bitcoin is a private currency that is not backed by any government, central bank or organization. It’s completely decentralized. This video offers more details on how this works. We have seen the cost of Bitcoins in dollars rise from a few cents to values of $1,200. Much of the reason for the rise is that people trust Bitcoin more than many government-backed currencies.Bitcoins are being used all over the world. Anyone can send Bitcoins to anyone, anywhere with one of the lowest transactions costs on the planet compared to government backed currency. These low transactions costs make doing business with Bitcoins more affordable, convenient … [Read more...] about Libertarians And Millennials Are Going Crazy Over Bitcoin: What Are They?
One of the bigger wallets on the Bitcoin blockchain is going to be emptied in the near future. Back in October, when the feds took down the online drug bazaar Silk Road, they seized the nearly 30,000 bitcoins in its coffers. On Thursday, the Manhattan U.S. Attorney’s office, which is prosecuting the Silk Road case, announced that a judge had signed off on a forfeiture order for those coins. That means they’re now free to get rid of the 29,655 bitcoins, worth about $25 million at Bitcoin’s current $850 value. Get the Free Tracker App to find a SNES Classic in Stock “We have not yet determined exactly how the Bitcoins will be converted and liquidated,” said Manhattan U.S. Attorney Office spokesperson Jim Margolin.There is no legally certified U.S. Bitcoin exchange, and I doubt the feds want to sell the coins via Mt. Gox, which got in legal trouble last year for operating in the U.S. without a license, or via BTC-e, the mysterious exchange based in … [Read more...] about The Feds Are Ready To Sell $25 Million Of Bitcoin Seized From The Silk Road
The level of fraud and injustice to the users is simply unthinkable. Already there were signs all over the place. Bitcoin and Mt. Gox had been partners in crime and the full-fledged scandal erupted recently. Get In Stock Alerts on Twitter for SNES Classic, Switch and More Mt. Gox along with all its accoutrements just left behind a blank in the place of their website. While not all those concerned are guilty of this bankruptcy of Mt. Gox, it does seem that some are guiltier than others. In a joint statement given by several companies, to clear their name, the point was reiterated. The lost credibility will hardly get mended in a short span of time. It will take a lot of amends to gather the sympathies of the people again. The fact that there are bad apples among the rest of the normal variety and they spoil the whole bunch cannot be emphasized enough. The inside story remains just that…information known to insiders. There has been talk of a major theft that took place at … [Read more...] about Bitcoin Exchange Mt. Gox Goes Offline, Joint Statement Issued
TOKYO (AP) — The website of major Bitcoin exchange Mt. Gox is offline amid reports it suffered a debilitating theft, a new setback for efforts to gain legitimacy for the virtual currency. Get the Free Tracker App to find a Nintendo Switch in Stock The URL of the Tokyo-based Mt. Gox was returning a blank page. The disappearance of the site follows the resignation Sunday of Mt. Gox from the board of the Bitcoin Foundation, a group seeking legitimacy for the currency.Separately, several Bitcoin exchanges released a joint statement saying that funds under their control are held securely.The Bitcoin operators said they are working to "re-establish the trust squandered" by the failings of Mt. Gox, which should not be considered a reflection of the value of Bitcoin or the digital currency industry.A "crisis strategy" report shared widely online that purports to be an internal Mt. Gox document says more than 740,000 Bitcoins are missing from the exchange, which froze withdrawals … [Read more...] about Website Of Bitcoin Exchange Mt. Gox Offline
Bitcoin technology was unleashed on the World Wide Web about five years ago, but 2013 marked a time of unprecedented growth for the digital currency. As the price of a bitcoin increased over 6000 percent in 2013, more developers, entrepreneurs, and investors flocked to the virtual currency market than ever before. However, Bitcoin is not a household name or widely used service. The majority of Americans don’t even know what Bitcoin is. Additionally, its reputation for facilitating illicit activities, price volatility, and security questions are all issues the Bitcoin community must explain before it can go mainstream. But those invested in the technology, like the people I met at the North American Bitcoin Conference, believe this is a disruptive technology that is just taking off with no end in sight. Bitcoin Is Nascent Technology In The US Get the Free Tracker App to find a Nintendo Switch in Stock Despite Bitcoin’s record growth, not very many people know how to … [Read more...] about Bitcoin Basics For Dummies
TOKYO (AP) — The sudden disappearance of one of the largest bitcoin exchanges only adds to the mystery and mistrust surrounding the virtual currency, which was just beginning to gain legitimacy beyond the technology enthusiasts and adventurous investors who created it. Get the Free Tracker App to find a Luvabella in Stock Prominent bitcoin supporters said the apparent collapse of the Tokyo-based Mt. Gox exchange was an isolated case of mismanagement that will weed out "bad actors." But the setback raised serious questions about bitcoin's tenuous status and even more tenuous future. At least one supporter said the blow could be fatal to bitcoin's quest for acceptance by the public.A coalition of virtual currency companies said Mt. Gox went under after secretly racking up catastrophic losses. The exchange had imposed a ban on withdrawals earlier this month.By Tuesday, its website returned only a blank page. The collapse followed the resignation Sunday of CEO Mark Karpeles … [Read more...] about Collapse Of Exchange Spells Trouble For Bitcoin
The bitcoin world, which has never been dull, is getting even more interesting with the growth of multi-signature approaches—called “multisig”—for authorizing transactions. This has the potential to help address one of the most significant challenges that bitcoin has raised: How can bitcoin users avoid losing their money if they authorize payment to a seller who fails to deliver, or if an exchange holding their private information gets penetrated by hackers? These concerns drew heightened attention after Tokyo-based bitcoin exchange Mt. Gox ceased operations and filed for bankruptcy in February, leaving the equivalent of hundreds of millions of dollars of customer deposits in limbo, and likely lost. Get In Stock Alerts on Twitter for SNES Classic, Switch and More Bitcoin, as many people now know, is a digital currency and an associated protocol that makes it possible to send payments to anywhere in the world almost instantly and with very little overhead. … [Read more...] about Could ‘Multisig’ Help Bring Consumer Protection To Bitcoin Transactions?