A Mountain Disappears? Mt.Gox Vanishes, Bitcoin Future In Doubt

Kids, make sure you do your homework before you invest in anything

Bitcoin has proven to be one of the most volatile currencies on the market and some are starting to view the digital currency as a commodity and not a currency at all ( see Forbes and Bloomberg )
The most recent development in the Bitcoin saga is the disappearance of Mt.Gox, which was a Bitcoin-trading website. What does this mean? Well if you haven’t invested in Bitcoin then it means nothing for you, but for those who took a gamble and invested millions it means quite a lot. When the news broke on Monday the price of the stock dropped a whole 3% down to $490, which is its lowest price since November-the highest price the stock reached was $1095.20, which was also back in November…see the kind of volatility I’m talking about?

Mt.Gox CEO, Mark Karpeles, resigned from the Bitcoin Foundation-thecurrency’s largest advocacy group. Meanwhile Mt.Gox has not responded to requests for comments regarding the shutdown and the exchange has deleted all of its tweets. An unverified document claims that the shutdown has lost 744,708 Bitcoins, which amounts to nearly $367 million.

It’s too early to say exactly what’s going to happen here, but this is certainly food for thought. Will an online currency ever be seriously considered and if so would it be stable enough to avoid grave complications?

Story Source: CNN.com

Featured Image Source: Bloomberg.com

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