Tuesday, February 25, 2014

Mt. Gox Disappears Overnight: Glad I have Stocks and Bonds and Not Bitcoin in My Portfolio

This is kind of like the New York Stock Exchange or ICE disappearing overnight.

The website of Mt. Gox suddenly went dark on Tuesday with no explanation, and the only activity at the company's Tokyo office was outside, where a handful of protesters said they had lost money investing in the virtual currency.

Hours later, Mt. Gox CEO Mark Karpeles told Reuters in an email: "We should have an official announcement ready soon-ish. We are currently at a turning point for the business. I can't tell much more for now as this also involves other parties."

He did not give any other details.

The Tokyo-based Mt. Gox had halted withdrawals earlier this month after detecting "unusual activity," and on Sunday Karpeles resigned from the board of the Bitcoin Foundation, the digital currency's trade group.

Yup the NASDAQ closed all trading today and shut down their website and their CEO said "stocks are at a turning point; we'll have an announcement soonish." I am so glad I dodged this scam in the making. I guess this is the reason why stocks are backed by corporations and treasuries are backed by the full faith and credit of the US government. We might be trillions in debt but the bond market won't shut down with a "we'll have more information soonish" tacked on the door. 

No comments: