Mt Gox: The story unravels.
The Mt Gox announcement on February 10th, of this year, that 'Hackers' had stolen some 850,000 bitcoins, simply does not add up. Of the 850,000 bitcoins that Mt Gox claims to have lost, some 750,000, or 88%, belonged to customers. On the day the bitcoins were announced to be missing, the price of an individual bitcoin was $827, therefore, the total value of the loss in fiat was estimated to be over $700 million. This is an incredible quantity of bitcoins to lose, however, luckily enough, Mt Gox had an explanation. The missing bitcoins had been taken by 'hackers' that had cynically....
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This is part 3 of The Downfall of Bitcoin: The Need For Responsible Mining, if you have not read part one and part two yet, do so here: Part 1, Part 2 before proceeding to read this part of the story. The following is a work of fiction, the events below have never happened. This article serves as a means to stress the importance of miningresponsibility on both the miner's end and the pool owners end and offers a situation in which the downfall of Bitcoin could occur. Any companies in the following article are fictional and this story does not pertain to any companies in existence today.....