The Daily Dot - New exchange will put Bitcoin regulation in the hands of Wall Street bankers

The Daily Dot - New exchange will put Bitcoin regulation in the hands of Wall Street bankers

Reports of Bitcoin’s
demise, it would seem, have been greatly exaggerated. Amid accusations
of gross incompetence and the theft of an absurd figure, one of the
world’s largest exchanges was sundered this week. For the most part,
however, Bitcoin was able to recover its market cap, even though some in
the media remained hysterical, prophesying the end of times for the cryptocurrency.

Mere hours after the Japan-based Mt. Gox seemingly vanished
from the Internet, a new exchange was unexpectedly announced.
SecondMarket, an alternative online marketplace currently operating the
world’s largest Bitcoin investment vehicle, declared its intention to
introduce a fully regulated Bitcoin trading hub. The decision to
announce, according to founder and CEO Barry Silbert, was directly influenced by the turmoil surrounding Mt. Gox. 

Mt. Gox officially went offline Monday evening following the release of a purported internal document
titled “Crisis Strategy Draft.” The report claimed that 744,408
bitcoins (roughly $383 million based on the price at the time) was
missing due to a “malleability-related theft which went unnoticed for
several years.” CEO Mark Karpeles later confirmed to a FOX Business
reporter that the document was “more or less” legitimate—a draft of
proposals that required attention—but denied it was produced by Mt. Gox
itself.