Bitcoin Exchange Mt. Gox Implodes Amid Allegations of $350 Million Hack

[STE\/E]

http://www.wired.com/wiredenterprise/2014/02/bitcoins-mt-gox-implodes/

[John P. Myers]

I noticed a few days ago Mt. Gox had gone to crap on the exchange market, but everyone else was holding their ground. Now that the truth is out as to why Mt. Gox went down, Bitcoin has lost a third of it's value (~$200) since yesterday. Mt. Gox was so terrible it has already been removed from some of the valuation algorithms used by the major traders. Once this blows over, it'll bounce back...maybe.

[DrPop]

Wow this is incredible. I wonder two things.
A. It was an "inside" job.
B. It was the Government (or some underling) sent in to wipe out a potential threat to "their" currency. :p

Clearly, a little "hacking" action on this scale is nothing for several military / NSA agencies of the world govs at this point. Bummer for everyone that Mt. Gox they didn't find it a LOT sooner than they did.

[John P. Myers]

Mt. Gox was investigated not long ago and it was found their hardware was either not suited to the task or too old to do what needed to be done quickly and securely. It was demanded they upgrade immediately, but then it was found they didn't have the money to do it, or to even begin. $350mil though....geez. Wish i worked for TigerDirect. I'd wait by the phones for someone to place an obscenely large order that pays with Bitcoins. :D

All the exchanges seem to be trying to rally back though. After being down $200 from yesterday, they've gained about $75 of it back so far. If i remember correctly, Trigggl subtly urged me to stay away from Mt. Gox months ago when i wouldn't've known any better otherwise. Their popularity was really nothing more than the hype machine at work, getting their name in the press often enough that the press began referencing them automatically. Kinda like that movie you heard so much about that completely sucked when you finally saw it :)

[trigggl]

... If i remember correctly, Trigggl subtly urged me to stay away from Mt. Gox months ago when i wouldn't've known any better otherwise....

It was either someone else or unintentional. I knew nothing about any of this. To me Mt. Gox was just a good place to look at a quote.

[Fire$torm]

Wow this is incredible. I wonder two things.
A. It was an "inside" job.
B. It was the Government (or some underling) sent in to wipe out a potential threat to "their" currency. :p

Clearly, a little "hacking" action on this scale is nothing for several military / NSA agencies of the world govs at this point. Bummer for everyone that Mt. Gox they didn't find it a LOT sooner than they did.

Not necessarily a government job. All it takes is money to recruit willing talent. me thinks World bank(s) would be the more likely protagonist(s).