Bitcoin Failing or Just Transforming?

“The apparent collapse of Bitcoin’s best-known and once-dominant trading platform has provoked outrage among its users, but it has also stirred hopes that the way may now be clear for more established players to transform and rein in a largely unregulated market.

Hours after it stopped trading without warning Monday night, the secretive Bitcoin exchange Mt. Gox said that it would “close all transactions for the time being in order to protect the site and our users.” The action and brief statement left users wondering where their money went, amid accusations that as much as 6 percent of the Bitcoins in circulation were now missing — worth more than $300 million at current exchange rates.”

via Trading Site Failure Stirs Ire and Hope for Bitcoin – NYTimes.com.

Thanks to NYTimes.com