Mt. Goxalypse Now! Bitcoin's Credibility Faces a Make-or-Break Moment

Bitcoin’s credibility faces a make-or-break moment

For the past few years, Dave Carlson has stored 1,100 Bitcoins in an online account with Mt. Gox, the Tokyo-based exchange that once led the world in trading the digital currency. By the end of 2013, with the Bitcoin price booming, the value of Carlson’s holdings had surpassed $1 million. Their value now: zero, most likely. “I’m disappointed in myself for not getting off the exchange when I saw the problems,” says Carlson, a Seattle-based entrepreneur who says he feared withdrawing his holdings would further destabilize the company. “This is Bitcoin, after all. It’s the Wild West.”

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