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Anorak | Did Mt. Gox Go Bankrupt Or Do They Still Have The Bitcoins?

Did Mt. Gox Go Bankrupt Or Do They Still Have The Bitcoins?

by | 10th, March 2014

Dorian S. Nakamoto listens during an interview with the Associated Press, Thursday, March 6, 2014 in Los Angeles. Nakamoto, the man that Newsweek claims is the founder of Bitcoin, denies he had anything to do with it and says he had never even heard of the digital currency until his son told him he had been contacted by a reporter three weeks ago.

MATTERS at the Bitcoin exchange in Japan, Mt. Gox, are getting ever murkier: ever more fascinatingly interesting in fact.  For hackers have now broken into the exchange and gobbled up a lot of the internal documents. And, of course, printed them out on the internet. You can see part of it here .

To give you the background to the story. Bitcoin is the new supper must have shiny technology. It’s essentially a new form of money or, if you prefer, a new way of making payments. You really only need on piece of technical information to grasp the point of it all.

Imagine that we all used electronic money. Great, that’s easy enough: now, given how easy it is to copy something that is digital, a music track, a cat picture, how the hell do you make sure that people don’t just keep duplicating their money? How do you make sure that one Bitcoin only gets spent once? That’s what the whole system is set up to do, make sure

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Posted: 10th, March 2014 | In: Money, News Comment | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink