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Submission + - Apparent Theft at Mt. Gox Shakes Bitcoin World (nytimes.com)

mendax writes: The New York Times is reporting that Mt. Gox, the most prominent Bitcoin exchange, 'appeared to be on the verge of collapse late Monday, raising questions about the future of a volatile marketplace.'

'On Monday night, a number of leading Bitcoin companies jointly announced that Mt. Gox, the largest exchange for most of Bitcoin’s existence, was planning to file for bankruptcy after months of technological problems and what appeared to have been a major theft. A document circulating widely in the Bitcoin world said the company had lost 744,000 Bitcoins in a theft that had gone unnoticed for years. That would be about 6 percent of the 12.4 million Bitcoins in circulation.'

Maybe the U.S. Dollar isn't so bad after all.

Comment Re:Gold has value in a working economy (Score 1) 249

Petrol may well be more valuable than gold in a Mad Max scenario, but don't think for a moment that any collection of humans will not want a way to disintermediate their labor and have a means of trade.

Within their society they'd use reputation-based credit, and with outsiders they'd use petrol. It's not clear why they'd need gold at all in your example.

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