TechSpot

Bitcoin exchange Mt. Gox goes offline amid serious trouble

By Scorpus
Feb 25, 2014
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  1. Major Bitcoin exchange Mt. Gox has been troubled in recent times, today going completely offline amid rumors of a possible acquisition or insolvency. Heading to their website at mtgox.com currently shows a blank page, and all tweets have been deleted...

    Read more
     
  2. ikesmasher

    ikesmasher TS Evangelist Posts: 1,943   +380

    Huh, how did I miss this news. The crash of the biggest bitcoin exchange is sort of a big deal.
     
  3. Skidmarksdeluxe

    Skidmarksdeluxe TS Evangelist Posts: 3,174   +761

    This is great, maybe AMD Radeon cards will become available and start selling at sane prices again.
     
  4. Well, the source on the size says:

    <!-- put announce for mtgox acq here -->

    An acquisition perhaps? A decoy more likely?
     
  5. *site, not size
     
  6. You clever, clever shrew(family guy)
     
  7. Sniped_Ash

    Sniped_Ash TS Enthusiast Posts: 127   +36

    This is what happens when one of the foundations of your revolutionary digital currency is the MAGIC: THE GATHERING ONLINE EXCHANGE.
     
    Brodo Laggins and davislane1 like this.
  8. Eddo22

    Eddo22 TS Enthusiast Posts: 156   +6

    It's my understanding that Asic cards are the way to go for mining Bitcoins... so unfortunately it probably won't affect the price since other currency such as Litecoin currently run only on standard computer hardware and Asic can't currently be used for Litecoining.
     
  9. Brodo Laggins

    Brodo Laggins TS Rookie

    LOL I thought you were kidding but... http://en.wikipedia.org/wiki/MtGox#History

    What Eddo said.
     
  10. Real currency is backed by an Army and nuclear weapons.
     
  11. Perhaps if there was some kind of, oh I dunno... Government Regulation in place to prevent this kind of thing, you nerds would still have your money. Real Money for the win!
     
     
  12. Brodo Laggins

    Brodo Laggins TS Rookie

    Soooo basically what you're saying is...

    [​IMG]
     
  13. RzmmDX

    RzmmDX TS Enthusiast Posts: 194   +27

    If it was a legitimate exchange, it would have been announced before they started freezing everything... unless their management is incompetent.
     
  14. RzmmDX

    RzmmDX TS Enthusiast Posts: 194   +27

    Lol, that update.
     
  15. Nothing makes me happier than being one of the hundreds of thousands of users who was ripped off by that **** show of an exchange.
     
  16. davislane1

    davislane1 TS Evangelist Posts: 1,401   +540

    I can't help but respect a man who chooses to feel ironically about his own misfortune. #LowBlow
     
  17. davislane1

    davislane1 TS Evangelist Posts: 1,401   +540

    Yup. Just like they've regulated education into a massive success, and regulated financial institutions into sound lending practices, and legislated healthcare into perfection, and regulated business such that they can't cook their books. Gov't Regulation FTW!

    /sarcasm
     
    cliffordcooley and Matthew like this.
  18. BitCoin is not the only crypto-currency to go down in value. As far as I can see, all of them have gone down by about the same percent.
     
  19. captaincranky

    captaincranky TechSpot Addict Posts: 10,814   +921

    Oh but there is Mon Cherie.
    It's under Title 18 USC Chapter 25,(Criminal statutes), "counterfeiting".

    http://www.law.cornell.edu/uscode/text/18/part-I/chapter-25
     
  20. Camikazi

    Camikazi TS Enthusiast Posts: 356   +57

    Because if the main ones reputation is tarnished it tarnishes all of them since most people see all crypto-currency as the same basic thing. The stock market is kind of the same way, usually if the biggest in one field has a huge problem others in the same field will feel the hit as well.
     
  21. captaincranky

    captaincranky TechSpot Addict Posts: 10,814   +921

    Even the stock market has tangible property backing it up.GE has factories. Exxon Mobile has oil wells and refineries. In the case of commodities, it's usually speculative as to what crops are to be planted, and what will their value be at harvest

    SO
    , Bitcoin is nothing like the stock market, it's pure bull s***, smoke and mirrors.
     
  22. SchrödingersCat

    SchrödingersCat TS Rookie

    Wait a minute. The stock market isn't smoke and mirrors?
     
  23. supertech

    supertech TS Member Posts: 83   +10

    What a disastrous idea. This is the first sign of a continued crash to this currency model.
     
  24. captaincranky

    captaincranky TechSpot Addict Posts: 10,814   +921

    No it isn't. It's more like the hysteria of a chicken running around with its head cut off, with a bunch of inbred, fat cats betting on it.

    Bitcoin is an update to an old adage. "Life sucks, and then somebody steals all your bitcoins".

    Where the heck did they go anyway? What did Gox do, reformat all its hard drives?

    Whoops,.....:oops: But these things are real money, I could swear to it.:p
     
    Last edited: Feb 25, 2014
  25. Some people believe that Mt.Gox might have done the defraud themselves.
     


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