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 The inside story behind the rise and fall of Mark Karpeles' Mt Gox bitcoin exchange

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RR Phantom

RR Phantom

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The inside story behind the rise and fall of Mark Karpeles' Mt Gox bitcoin exchange   Vide
PostSubject: The inside story behind the rise and fall of Mark Karpeles' Mt Gox bitcoin exchange    The inside story behind the rise and fall of Mark Karpeles' Mt Gox bitcoin exchange   Icon_minitimeMon Apr 21, 2014 9:57 pm

In June 2011, when customers of now-bankrupt bitcoin exchange Mt Gox agitated for proof that the Tokyo-based firm was still solvent after a hacking attack, chief executive officer Mark Karpeles turned to the comedy science fiction novel The Hitchhikers Guide to the Galaxy.

The inside story behind the rise and fall of Mark Karpeles' Mt Gox bitcoin exchange   1398121754082.jpg-620x349

During an online chat, Karpeles moved the equivalent of $US170 million in bitcoin at today's market rates - the virtual equivalent of a bank manager flashing a wad of cash in a wallet to establish credit. The gesture - with a sly wink to the "geek" culture Karpeles believed he shared with many of his 50,000 customers at the time, including an interest in coding, Japanese manga comics and science fiction - succeeded.

By moving 424,242 bitcoins, Karpeles, then 26, evoked the random number, 42, described as the "meaning of life" in Douglas Adams' sci-fi novel. "Don't come after me claiming we have no coins," Karpeles said, according to a transcript of that online discussion. "42 is the answer."

Read more: http://www.smh.com.au/technology/technology-news/the-inside-story-behind-the-rise-and-fall-of-mark-karpeles-mt-gox-bitcoin-exchange-20140421-36ztk.html#ixzz2zZn8mNTl
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The inside story behind the rise and fall of Mark Karpeles' Mt Gox bitcoin exchange

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