The Mt. Gox Travesty

[Vincent Troilo]

OK, I have not made millions in Bitcoin, but, I have made money! I joined the Bitcoin movement in March 2013 and since then walked away with a few hundred USD. I initially used Mt. Gox as my BTC exchange service, but by June, 2013, I "smelled something bad". I tried to sell and transfer funds to Bank of America and was told it would take 6-8 weeks! I immediatly transfered my BTC to Coinbase!

I think I lost about $200 USD by doing that, but, in the long run, I could have lost more.

 

SHAME on Mt. Gox! Today they are bankcrupt and facing a multi-million dollar law suit in the USA alone!

 

The Bitcoin economy took a hit, but it is weathering the storm. Another lesson learned!

 

VJT

[Darren Olander]

I don't even own any bitcoin but I have been keeping an eye on it. Unfortunately there will be some bad companies.. Mt. Gox is just the first.. not trusting any third party with your bitcoins is probably the wisest decision.

 

I'm glad to hear that you saved yourself from too much loss.

[Matt Koshko]

Consider your timing smart. The loss experienced by thousands of other bitcoin holders is, obviously, heavy. Millions of dollars in value that will never be returned. Like anything, investing in something that doesn't have a long-standing history certainly has high risk attached.

 

Thankfully you escaped without losing everything!

[Vic Bilson]

I've only recently joined the bitcoin bandwagon and am not real comfortable "investing" much in it.  It does seem to me to be a good alternative world wide payment system that doesn't have the limitations of PayPal.

 

Instead of buying bitcoin, I like the ability to "earn" bitcoin, so whatever happens... I can't really lose anything.