MT.Gox bitcoins exchange a learning experience?

Tokyo – February 28, 2014 MT.Gox files for bankruptcy after losing $425 Millions in Bitcoins ouch! This is a total of

850,000 bitcoins, involving 750,000 from their customers and 100,000 company’s own bitcoins. The $425 Millions is an estimate, the current exchange rates according to Blockchain.info market today is close to $550. So, if they loss a total 850,000 Bitcoins this is close to at least $467 Millions value.

The 850,000 bitcoins is only $1.7M if you will use MT.Gox market exchange value early part of February it is only under BTC$200 (TeleBit.com). Right now, there is no establish regulation to monitor the Bitcoins and no one recognizes them as real currency.

If you’re one of many customers of MT.Gox market exchange, you can only go to Japan’s Consumer Affair Agency which deals with product safety but there is no clear understanding on how they will assist you. Remember, bitcoins are not recognize as real currency.

Sources:

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• Huffing Post – http://www.huffingtonpost.com/2014/02/28/mt-gox-bankrupt_n_4872130.html
• CNN – http://edition.cnn.com/2014/02/28/business/only-invest-what-you-can-afford-to-lose-bitcoin-executive/index.html
• Telebit.com – http://www.telebit.com/2014/02/bitcoins-charts-from-199-to-588.html