Japanese Police Arrest Mount Gox CEO Mark Karpeles

Posted by timothy on Saturday August 1, 2015 @03:19AM from the well-he-looks-guilty dept.

McGruber writes with the news as carried (paywalled) by the Wall Street Journal that Mark Karpeles, who headed bitcoin exchange Mt. Gox, has been arrested by Japanese police: In February 2014, Mount Gox filed for bankruptcy, saying it had lost 750,000 of its customers' bitcoins as well as 100,000 of its own, worth some $500 million at the time. A police spokesman said Mr. Karpelès is suspected of manipulating his own account at the company by making it appear that $1 million was added to it. The BBC reports the arrest as well, and notes that the coins missing from Mt. Gox represent 7% of all Bitcoins in circulation.

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I'm ashamed that I never get sick of these stories by Brannon · 2015-08-01 03:53 · Score: 0, Flamebait

I take no small amount of delight that bitcoin zealots are painfully repeating the lessons that the rest of the world learned over several centuries; but this time compressed into a couple decades and punctuated by the laughter of everyone else.
I guess it turns out that there are some advantages to government backed [inflationary] currencies with strong banking regulations & government backed insurance on individual accounts. But yeah, no, please continue "sticking it to the establishment" with your 133t cyber currency.