Bitcoin News: Mt Gox Files For Bankruptcy After $473 Million In Bitcoins "Disappeared" Honey Pot For NSA (Video Report)

Bitcoin, the digital currency which many have speculated was conceived by the NSA nearly two decades ago and was used as a honeypot to trap the gullible. Well they need look no further.  Mt.Gox which after halting withdrawals for the second (and final time) has finally done the honorable thing, and filed for bankruptcy.

As the WSJ reports, “Bitcoin exchange Mt. Gox said Friday it was filing for bankruptcy protection after losing almost 750,000 of its customers’ bitcoins, marking the collapse of a marketplace that once dominated trading in the virtual currency.

The company said it also lost around 100,000 of its own bitcoins. Together, the lost bitcoins would be worth approximately $473 million at market prices charted by the CoinDesk bitcoin index, although the price of Mt. Gox bitcoin had fallen well below that index after it stopped bitcoin withdrawals in early February.”

The punchline: speaking to reporters at Tokyo District Court Friday after the bankruptcy filing, Mt. Gox owner Mark Karpelès said technical issues had opened the way for fraudulent withdrawals, and he apologized to customers.  

“There was some weakness in the system, and the bitcoins have disappeared. I apologize for causing trouble”

So $473 million Bitcoins disappear just like that? But you heard the man – he is sorry. So all is well – and why not: it works for the TBTF banks every day.

Did you get caught up in the hype on the bitcoin? Just like the US Dollar, the Bitcoin was backed by nothing but an empty promise. The people just can’t grasp that digital currency, and paper money do not hold any value. Gold and Silver are hard assets, it will always hold value. Precious metals are a way to secure your wealth, not grow your wealth. In these unstable times, everyone should own some gold and silver while they can still find it.