![]() ![]() This process, called “mining,” offers an incentive to users willing to give computing power to the Bitcoin network. The Bitcoin network relies on a volunteer network of computers to facilitate transactions. If true, it suggests that the very foundation on which Bitcoin was built and is supposedly secure has inherent flaws. If true, roughly 6% of all Bitcoins in circulation are missing, a digital heist worth over $400 million at today’s Bitcoin values. The document, which has been cited by the New York Times, suggests that a massive theft of Bitcoins occurred over several years through the MtGox exchange and that the company is now insolvent. However a widely cited Bitcoin blogger published a document believed to be an internal MtGox memo that paints a dark picture. The website went offline soon after.ĭetails surrounding the demise of MtGox remain hazy. The next day, February 24, MtGox suspended Bitcoin trading. On February 23 the CEO of MtGox resigned from the board of the Bitcoin foundation – a non-profit organization seeking to protect and advance Bitcoin – and all posts from the MtGox Twitter (NYSE: TWTR) account were deleted the same day. MtGox, once the world’s largest Bitcoin exchange, stunned the market by shutting its doors earlier this week. I wrote about Bitcoin a couple weeks ago, explaining the structure of the virtual currency and also laying out reasons to avoid investing in Bitcoin.Įven in those short weeks, the Bitcoin market has changed dramatically. With market confidence waning and an uncertain future for the digital currency, many are wondering if a Bitcoin collapse is imminent. The Bitcoin market is in a frenzy, and for good reason.
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