Monday, June 27, 2011

Mt. Gox Back Up, Market Stablizing

Bitcoin's largest currency exchange, Mt. Gox (https://mtgox.com) resumed trading yesterday (Sunday, June 27, 2011) after having been offline for a week due to a hacker who broke in to some accounts and (temporarily) crashed the market.

The post-hack transactions having been rolled back, trading resumed at a price of US$17.51/BTC, and quickly plunged to about $14 before rebounding to as high as $18 and then settling down at a price of around $17 per Bitcoin.

<begin opinion>Let this be a lesson to all those who said the Mt. Gox hack spelled the "end of Bitcoin" and that the price would crash and never recover.  No permanent harm was done by the attack, and the Bitcoin community will only be stronger and more secure for having been tested with these shenanigans.</end opinion>

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