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What's a bitcoin? A look at the digital currency

London: Early Tuesday, the world's most established exchange for bitcoin disappeared from the Internet, sending the price of the virtual currency tumbling and prompting fears that the world's biggest experiment in electronic cash could soon

India TV News Desk India TV News Desk Updated on: February 26, 2014 19:04 IST


Q: What about Mt. Gox's customers?

A: If the draft strategy document is correct, Mt. Gox has lost some $370 million worth of bitcoins and has liabilities of $55 million against only $33 million in assets - more than $5 million of which has already been frozen by the U.S. government. That's a catastrophic balance sheet as far as Mt. Gox's customers are concerned.

One of them, Kolin Burges, has been picketing the exchange's office building since Feb. 14 in the hope of getting back $320,000 worth of bitcoins he invested there.

"I may have lost all of my money," said Burges. "It hasn't shaken my trust in bitcoin, but it has shaken my trust in bitcoin exchanges."
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