The Bitcoin crash

The Bitcoin community faced another crisis on Sunday afternoon as the price of the currency on the most popular exchange, Mt.Gox, fell from $17 to pennies in a matter of minutes. Trading was quickly suspended and visitors to the home page were redirected to a statement blaming the crash on a compromised user account. Mt.Gox’s Mark Karpeles said that the exchange would be taken offline to give administrators time to roll back the suspect transactions.

The article is here, a video is here, more articles here, with general background on Bitcoin volatility here.  The pointer comes from Ken Haskell.

File under Prophets of the Marginal Revolution.


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