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This section was produced by the editorial department. The client was not given the opportunity to put restrictions on the content or review it prior to publication. February 25, 6: Gox, a Tokyo-based bitcoin exchange, went dark Tuesday. Burges, one of six protesters outside the Mt. Gox, are you solvent? Burges said he had bitcoins with Mt. Bitcoins are lines of computer code that are digitally signed each time they travel from one owner to the next. They are the basic unit of a new online economy which runs independently of any company, bank, or government.
Because bitcoins allow people to trade money without a third party getting involved, they have become popular with libertarians as well as technophiles, speculators — and criminals. Bitcoin was launched in by a person or group of people operating under the name Satoshi Nakamoto and then adopted by a small clutch of enthusiasts. How do you get bitcoins?
Bitcoins are found by solving complex mathematical equations. However, the more bitcoins that are found, the harder the mathematical problems become. Another way is to buy bitcoins through an exchange.
Like any other currency, bitcoins are only worth as much as you and your counterpart want them to be. In its early days, boosters swapped bitcoins back and forth for minor favours or just as a game. One website even gave them away for free. As the market matured, the value of each bitcoin grew.
Is the currency widely used? On the one hand, leading bitcoin payment processor BitPay works with more than 20, businesses — roughly five times more than it did last year.
On the other, the total number of bitcoin transactions has stayed roughly constant at between 60, and 70, per day over the same period, according to bitcoin wallet site blockchain.
Is bitcoin particularly vulnerable to counterfeiting? A network of tech-savvy users called miners keep the system honest by pouring their computing power into a blockchain, a global running tally of every bitcoin transaction. The blockchain prevents rogues from spending the same bitcoin twice, and the miners are rewarded for their efforts by being gifted with the occasional bitcoin.
A lot of the mischief surrounding bitcoin occurs at the places where people store their digital cash or exchange it for traditional currencies, like dollars or euros. Is that what happened to Mt. It suffered a crippling theft in , and several experts have since accused the exchange of ignoring warnings about a software glitch which could enable hackers to silently drain the business of its bitcoins. The glitch was recently fixed, but not before Mt. Gox imposed a ban on bitcoin withdrawals, feeding speculation that the exchange was out of money.
Gox bitcoins could spell the end for the digital currency, rendering the stolen , bitcoins worthless. Since its creation in , the virtual currency has become popular among tech enthusiasts, libertarians and adventurous investors because it allows them to make one-to-one transactions, buy goods and services, and exchange money across borders without involving banks, credit card issuers or other third parties.
Criminals like bitcoin for the same reasons. Gox can go bankrupt at any moment, and certainly deserves to as a company. The document, which outlined plans for leadership changes, re-branding and a possible move to Singapore, was posted by blogger Ryan Galt.
A person briefed on the situation at Mt. Gox, who asked to remain anonymous because the document was private, said he believed it was authentic. Gox said this month it identified a bug that enabled people to withdraw the same bitcoins more than once, leaving it vulnerable to hackers. Central banks across the globe have been hesitant to recognize bitcoins as a legitimate form of money. Last October, the Federal Bureau of Investigation shut down Silk Road, an underground website that trafficked in illegal drugs and traded in bitcoins.
But in December Sheep Marketplace also closed, saying hackers had stolen 5, bitcoins. Nicholas Weaver, a researcher at the Berkeley, Calif. Gox are still confused, with Mr. Joseph David, chief executive of the Canadian Virtual Exchange, a Calgary-based bitcoin exchange, said he was skeptical about the theft from Mt.
He said each bitcoin was tracked — a blockchain — so it could be determined where they went. Gox had the supposed missing bitcoins, which could be established by showing the blockchain, or it was not willing to show its hand, Mr. We have no idea, no one knows. Mystery of the missing bitcoins: Gox went offline and its website was returning a blank page.
The internal document said , bitcoins from the exchange had been stolen. This is not the first major bitcoin heist. Premier John Horgan's pension. David McKay says Canada is at risk of getting left behind by the U. Find Financial Post on Facebook.