Timing is everything, as the saying goes. On Tuesday,
February 25, exactly one week after I ran my blog about the risks of Bitcoins, Mt. Gox, one of the larger worldwide exchanges, turned off the lights on its
website exchange. For those who kept their electronic accounts with Mt. Gox, this
is equivalent to me wandering over to my local Wells Fargo Office ATM and
discovering it and the bank were no longer there and there is no FDIC insuring
my savings.
Here’s an article from Reuters with a bit more information, but by the time you read this, it may be out of
date.
This may be a
temporary situation done to protect the website from hackers. Or it may be
something worse. I have not a clue. Regardless of the final outcome, my conclusion
from the earlier article stands: “While I’m waiting to see
how that turns out, I won’t be holding bitcoins. Too much risk.”
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