Major online bitcoin exchange Mt. Gox vanishes

Posted by Ravi Gulati | Posted in Economy & Markets, News of Interest, Uncategorized | Posted on 25-02-2014

The website of major bitcoin exchange Mt. Gox is offline Tuesday amid reports it suffered a debilitating theft, a new setback for efforts to gain legitimacy for the virtual currency.

The URL of Tokyo-based Mt. Gox was returning a blank page. The disappearance of the site follows the resignation Sunday of Mt. Gox CEO Mark Karpeles from the board of the Bitcoin Foundation, a group seeking legitimacy for the currency………….

Bitcoin had been inching toward broader acceptance despite wild swings in value in the past year. For most of the currency’s history, each digital coin had been worth less than $10.

New bitcoins are “mined” or generated by computers. They get harder to generate all the time, which means the inflow of fresh bitcoins keeps falling.

There are about 12.4 million bitcoins in circulation today, according to Blockchain, a public registry of bitcoin transactions. The maximum number of bitcoins that can be generated is 21 million and by 2032, 99 per cent of those will have been created.

Major online bitcoin exchange Mt. Gox vanishes | Toronto Star.