The Mt.Gox Arrest Is The End Of The First Age Of Bitcoin

“Mt.Gox was emblematic of the first age of bitcoin. It was a lawless, wild and often ridiculous age full of odd characters and even odder behavior and I’m glad it’s gone.”

TechCrunch

The former head of bitcoin exchange Mt.Gox, Mark Karpeles, screwed a lot of early adopters. It is unclear at this point how much Karpeles allegedly lost or took, but the Japanese police are claiming he lost about $387 million while Mt.Gox was in business.

While his inept management was inexcusable – according to Japan Times Karpeles apparently added millions in bitcoin to a live server in order to “test” some software – Mt.Gox was emblematic of the first age of bitcoin. It was a lawless, wild and often ridiculous age full of odd characters and even odder behavior and I’m glad it’s gone.

In Nate Popper’s Digital Gold you won’t find anything like the traditional Silicon Valley success story. There are no garages — only IRC rooms and forums — and the only thing linking the early tech pioneers and folks like Karpeles and his ilk was server social anxiety…

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