In a shock to the "bitcoin community"(but not to us) , Mt Gox, the first and biggest bitcoin exchange went offline yesterday. In recent days, Mt Gox had halted withdrawals and acknowledged it was facing a number of security issues that would soon be resolved. Internet rumours have it that Mt Gox would have lost $350 million in bitcoins stolen due to a technical flaw in the bitcoin trading process. Other bitcoin companies and the bitcoin foundation which promotes bitcoin as an investment are scrambling to restore confidence in the so-called cryptocurrency. Bitcoin investors were taking to the internet and the streets of Tokyo to express their anger as bitcoin dropped another 20% to $400 and change. My comment : this is how Ponzi schemes and bubbles end . For the "investors" it's too bad there were few warnings of this in the media.
