Confidence in BitCoin hasn't gone at all. There is still an enormous amount of positivity about it. New services are being set up daily. Some huge retailers are taking it.

Anyone that was paying attention knew MtGox was going to blow. Anyone with any idea what they are doing doesn't give BitCoin, Gold, Cash, or whatever to random internet strangers to hold.

The market can be irrational for long periods of time. It takes time for consumers to know what they should be demanding.

And that's the basic problem. Fools keep giving their bitcoins to anonymous internet people to hold then act all shocked when those anonymous people disappear.

It's like giving a bundle of bank notes to a random stranger to hold for you. Anyone can see that's not going to end well.

That's not exactly what happened. MtGox claimed to have had massive amount of BitCoins in cold storage until one day they announce they don't. The blockchain shows that a massive number of coins known to be owned by MtGox never got spent. It looks like the idiot Mark Karpeles lost the private keys. Either that or he stole them to spend later.

That and the cop is more likely to use violence.

I already posted so I can't mod, but I just have to say that's a wonderful quote.

On the whole BitCoin fans don't think that. Maybe some naive kids who got a lot of coins by being in the right place at the right time think that. If they do it will cost them dearly. There are perfectly rational people in the BitCoin scene, people who do research and don't throw money at companies that look shady as hell like MtGox did before it blew.

It's been said many times and it deserves to be said many more - MtGox had only been paying out cash with months of delays for about a year before they went insolvent. Their death was widely predicted about a year before it happened. MtGox also has a history of very serious security issues like the time they leaked their entire user database. Hashed passwords, Usernames, Email addresses, the lot.

Why on earth would you do that?

You know you can use Linux legally for nothing don't you?

Google it.

Are you suggesting MS fanboys are into perverse porn? Maybe it's because they like to be dominated and abused.

BitCoin didn't break. MtGox failed. It was obvious to anyone that did any research in the last year they they were going to fail. For around a year they took months to make bank transfers to their customers. How much more of a clue do people seriously want?

Do I still trust BitCoin? Yes! A hell of a lot more than the conventional banking system actually. What I don't trust is scumball companies who pay their customers 6 months late.

MtGox was a parasite on the backside of BitCoin. Removing it might hurt like hell but it has to go. If that kills the price so be it, it will recover.

The customer's coins are most likely not in MtGox anymore. They leaked away all the coins they were trusted with because they had no understanding of how the technology they relied on actually worked.

Cryptocurrency is absolutely secure. What the MtGox users did was gave their cash-stuffed-mattress to lying scumbags. Sure enough they got robbed.

There were clear warning signs about mtgox for about a year. They were not paying people back. You don't give your cash to people that have a history of not paying cash back. You just don't.

The feeling on reddit and bitcointalk is that it was due to unbelievable incompetence by MtGox and not an inside job. They wrote their withdrawal code to throw money away over and over and they didn't audit their accounts for years. They also lied to cover up their losses for maybe a couple of years.

They simply had no understanding of the technology they were using.

Yep. Gone. Poof. The people that lost out though were the ones who didn't do their research. MtGox had been delaying payments for months for about a year, you stay the hell away from companies like that.