The online currency Bitcoin hits a snag. Mt. Gox, a major alley of Bitcoin, announced hundreds of millions of dollars are missing in company money. It’s so much money Mt. Gox is filing for bankruptcy.
We learn this through a leaked document. Despite Bitcoin writing a letter claiming they feel ‘squandered’ by Mt. Gox, their net worth fell below $500 per share. Keep in mind a few months ago, that number was in the $900 range. Twenty four hours ago, it was $581 a share. Don’t try to go on Mt. Gox’s website or Twitter page: they both went blank. According to this same leaked document,? Mt. Gox lost over 744,000 Bitcoins due to theft.
So is this the end of Bitcoin? Let’s not go that far. This crisis can be overcome. I just wouldn’t deal with Mt. Gox anymore. I doubt they’ll even be a Mt. Gox after this fiasco. That’s one step. Another is be more honest with the countless investors of Bitcoin. It shouldn’t have to take a leaked document to let people know Bitcoin has been hit by a crisis. I’m glad people know now, but let people know what’s going on, and talk about solutions. I think this is a great lesson for Bitcoin. I think this is almost a trial by fire. Do you think Bitcoin will make it out of this one?