How will the closure of Mt. Gox impact BitCoin?


Mt. Gox, which was the largest trading platform in the world for BitCoins, has apparently closed down. Its website is a blank page, and the CEO has resigned from the board of the BitCoin Foundation. I’ve seen numbers thrown around claiming that $367 million worth of BitCoins may have been lost. Could this threaten BitCoin’s survival as a digital currency?

Topic: Business
Answer this Question


2 total
Vote Up (3)

Bitcoin seems to be a bit of a mess right now, I wouldn't put any money into it.

Investing in Bitcoin has a dangerous flip side

"● It’s a high-risk commodity because of the volatility in its price.

● It’s not backed by any central banks worldwide and has no tangible value.

● It’s an experimental concept.

●It’s unregulated and does not provide protection for consumers.

● Consumer disclosure rules and regulations are limited or nonexistent."

Vote Up (2)

While it may have some short term impact...the exchange rate for BitCoin did drop somewhat after new of the Mt. Gox breach...I doubt it will have lasting impact. There has been increasing criticism of Mt. Gox over the past year or so, as the site experienced repeated trouble, some minor and some significant. There is some thought in the BitCoin community that the disappearance of Mt. Gox is a good thing, since it was one of the weakest links in the system anyway. It also makes it clear how exchanges should NOT operate, and should actually result in a more secure BitCoin environment for the future. 


There are always failures in any system. Banks have collapsed in the past, and that clearly did not result in the demise of the dollar. Of course, deposits at banks are generally insured against loss, which was not the case at Mt. Gox, but I have to believe that most of the people using Mt. Gox were aware that they were not making a zero risk investment with BitCoin.

Ask a question

Join Now or Sign In to ask a question.
In happier news, next week your PS4 will be able to play 3D Blu-rays, and why that matters.
Be sure to show your sysadmin how much you appreciate him or her today - but keep it sane
Customer experience experts share their tips on how businesses can keep customers happy and coming back for more.
We asked the SEO community to bring us up to date on the current state of link building, content marketing, social media and more.
Ecommerce, Web analytics and design experts share their tips on how to tell if your Web or ecommerce site needs fixing and how to improve it.
Forced into an arranged marriage of sorts, the CIO and CMO are trying their best to make things work. Still, disagreements arise. One out of four CIOs believe CMOs lack the vision to anticipate new digital channels, while many CMOs say CIOs lack the urgency needed to respond to shifting market conditions.
Those Normal 3D printed earbuds we looked at a few weeks ago have some competition, and OwnPhones are wireless (and of course, more expensive).
The cable giant’s attachment to its subscribers is getting downright creepy
Only six weeks after its release, Apple’s new programming language appears to already be on its way to replacing Objective-C
The recent release of Ubuntu 14.04 Long Term Support/LTS (Trusty Tahr) proves to us once again that it doesn't matter if you're Oracle, Microsoft, or Canonical: Bringing a fleet of products into new release revision synch is tough.
Join us: