06 Nov '13, 11am

The Rise and Fall of the World's Largest Bitcoin Exchange

The Rise and Fall of the World's Largest Bitcoin Exchange

Mark Karpeles, the man behind Mt. Gox. Screenshot: Reuters TOKYO, Japan — Mark Karpeles is the man who built the world’s largest bitcoin exchange. But now that the digital currency is reaching the mainstream, his success may slip through his fingers. In 2011, Karpeles bought a fledgling website called Mt. Gox. Founded a few years earlier by an unemployed software hacker named Jed McCaleb, the site was originally an online marketplace where people could buy and sell cards for Magic: The Gathering , a weirdly addictive trading card game. Mt. Gox was short for “Magic: The Gathering Online Exchange.” But then McCaleb turned it into a website where people could exchange cash for bitcoins, a digital currency that had only just found its way onto the internet, and just as the exchange started to take off, he sold it to Karpeles. Under Karpeles, Mt. Gox evolved into a reliable mar...

Full article: http://www.wired.com/wiredenterprise/2013/11/mtgox/

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