Mt. Gox was a bitcoin exchange based in Shibuya, Tokyo, Japan. Launched in July 2010, by 2013 and into 2014 it was handling over 70% of all bitcoin (BTC) transactions worldwide, as the largest bitcoin intermediary and the world’s leading bitcoin exchange.
Gox announced that approximately 850,000 bitcoins belonging to
customers and the company were missing and likely stolen, an amount
valued at more than $450 million at the time.
Although 200,000 bitcoins have since been “found”, the reasons for the
disappearance—theft, fraud, mismanagement, or a combination of
these—were initially unclear. New evidence presented in April 2015 by
Tokyo security company WizSec led them to conclude that “most or all of
the missing bitcoins were stolen straight out of the Mt. Gox hot cryptocurrency wallet over time, beginning in late 2011.
The Fed is quietly taking control of more and more of the financial system and the economy. From Charles Hugh Smith atdailyreckoning.com:
For the past 22 years, every time the stock market whimpered, wheezed or whined, the Federal Reserve rushed to soothe the spoiled crybaby. There are two consequential results of theFed as savior:
1. The Fed has perfectedmoral hazard: everyone from the money manager betting billions to the punters gambling their stimmy money is absolutely confident I can’t lose because the Fed will always push the market higher…
2. Organic (i.e. non-manipulated) market forces have been extinguished. There is now only one consequential force, the Fed. All markets are now 100% dependent on the Fed responding to every bleat from every punter who’s recklessly risky bet is about to go bad.
The Fed is now the perfect union of quasi-religious savior andHelicopter Parent: oh dear, our little darling got high and crashed the Porsche? Quick, let’s save our precious market from any consequences!
On Wednesday, the Senate Banking Committee will haul each of the CEOs of the largest U.S. banks on Wall Street to a hearing. Three of those banks have been charged with, and admitted to, egregious felonies. But we will be shocked if any Senator dares to inquire about these unprecedented felony counts.
Authored by Charles Hugh Smith via OfTwoMinds blog, The Fed sees itself as trapped by the incompetence and greed of the other players and by its own policy extremes that were little more than expedient “saves” of a system that is…
Comment by tonytran2015: The US dollars are already having a short half-live of about 14 years relative to gold. Higher inflation, meaning even shorter half-live, may turn away its acceptance and the inflation may amplify itself (Inflation is vicious to fiat money users).
“We’re On An Economic Cliff!” Via SchiffGold.com, By and large, the mainstream is bullish on the economy. According to conventional wisdom, we are in the midst of a robust recovery. In fact, many people out there believe the Fed is going to have to tighten monetary policy sooner rather than later. But there are a […]