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Thread: End of Mt. Gox

  1. #1 End of Mt. Gox 
    Forum Professor river_rat's Avatar
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    Still trying to piece together the story but it appears that around $350m worth of bitcoin has disappeared from the exchange, which has since shutdown entirely. I guess a bank failure is the last step in the road to making a currency legitimate but without any depositor insurance this could be a catastrophic setback for cryto-currencies in general.

    http://www.nytimes.com/2014/02/25/bu...orld.html?_r=0
    The Coinbase Blog

    The XBT-USD exchange rate hasn't crashed yet so the markets are still behaving normally. Will be a very interesting day today!

    Does this show the need once again for legislation in finance and some sort of lender of last resort to keep exchanges and finance houses liquid during times of stress


    As is often the case with technical subjects we are presented with an unfortunate choice: an explanation that is accurate but incomprehensible, or comprehensible but wrong.
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  3. #2  
    Forum Professor river_rat's Avatar
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    For anyone interested in watching falling pianos: Bitcoin Ticker - Tick by tick - Real time updates


    As is often the case with technical subjects we are presented with an unfortunate choice: an explanation that is accurate but incomprehensible, or comprehensible but wrong.
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  4. #3  
    Forum Professor river_rat's Avatar
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    Some more information -


    Emin GŁn Sirer delves into the transaction malleability claim and how it doesn't actually hold water (which I agree with, a $400m social engineering exercise seems to big to be true) while Alphaville discusses the fundamental problem with a regulation free unit of exchange and banking system and how these systems all converge to the same solution in the end (be it bitcoin or gold backed dollars)
    Last edited by river_rat; March 3rd, 2014 at 11:59 PM.
    As is often the case with technical subjects we are presented with an unfortunate choice: an explanation that is accurate but incomprehensible, or comprehensible but wrong.
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