True Believers Cheer the Fall of Bitcoin Exchange Mt. Gox

Customers protesting outside Mt. Gox's headquarters in Tokyo Photograph by Kiyoshi Ota/Bloomberg

It turns out that if you’re hoping to run a worldwide revolution in finance, it’s best not to put too much faith in a company initially intended as a way to buy and sell Magic: The Gathering playing cards. Sure enough, Mt. Gox, the Japanese company that was once the world’s largest Bitcoin exchange, seems to have met its demise on Monday night after losing hundreds of millions of dollars of its customers’ Bitcoins. After being valued at more than $1,000 late last year, Bitcoins are trading around $500.

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