Monday, February 17, 2014

The Terrible Position of Bitcoin Holders Who Hold Bitcoins With Mt. Gox

From FT:
Mt Gox remains among the largest of Bitcoin exchanges by trading volume, recently claiming to have attracted its millionth customer

“So many things do not make sense. It’s hard to find an innocent explanation,” said Kolin Burges, a Glasgow-born programmer who flew in from London last week in the hope of putting pressure on Mt Gox to return “hundreds” of coins kept in a trading account.

Aaron, a Tokyo-based systems architect who declined to give his surname, said he has about 460 Bitcoins in storage at Mt Gox – worth $300,000, according to the CoinDesk index – along with a still-pending request to withdraw Y9.5m in cash, made on January 17.

“I’ll start to feel a little less sick to my stomach if I can get the cash,” he said. “For now, what scares me is that the only thing I have to prove ownership [of Bitcoin] is a screenshot, or a CSV file. I can just imagine myself in a Japanese court, asking them if I can have my virtual Pokemon cards back.”

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