Welcome to the world of bitcoin, the Wild West of finance, a place where hackers and scandals and insane price fluctuations are just part of doing business. Mt. Gox, a digital currency pioneer that was once the world’s largest bitcoin exchange, is imploding before our very eyes. Investors who have accounts with the exchange are selling their bitcoins, even though they may have trouble getting hold of the proceeds. That’s because they suspect — not unreasonably — that if the company does go bankrupt, it will be be easier to retrieve their stranded funds as U.S. dollars rather than as bitcoins. The result: bargain bitcoin prices at Mt. Gox, for anyone daring enough to take advantage of them.
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Why? Because some investors think Mt. Gox is about to go bankrupt.
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