03 May '13, 3pm

$75 million lawsuit could destroy bitcoin’s largest exchange—but might help the currency go mainstream

$75 million lawsuit could destroy bitcoin’s largest exchange—but might help the currency go mainstream

Coinlab, one of the best-funded bitcoin startups in the US, is suing Mt.Gox, the world’s largest exchange for bitcoin, for $75 million . According to estimates, that’s several times more than Mt. Gox’s entire annual revenue, which The Verge pegs at about $22 million a year . (My own calculations, based on periodic reports issued by Mt.Gox itself, suggest this is a reasonable estimate.) Bitcoin, in case you haven’t been following, is a type of secure digital currency, known as a “crypto currency,” which some believe will become the world’s first stateless, fixed-supply, untraceable means of exchange. Considering that Mt.Gox, which is based in Tokyo, Japan, currently handles 66% of all exchanges of bitcoin for more conventional currencies, a court finding in favor of Coinlab would probably shut down the primary venue for turning bitcoin into hard currency. That’s not necessa...

Full article: http://qz.com/81167/bitcoin-75-million-coinlab-lawsuit-ag...

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A Bitcoin exchange partnership designed to smooth the trading process and show the security of the virtual currency has ap...

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Bitcoin companies engage in multi-million lawsuit

Bitcoin companies engage in multi-million lawsuit

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