What to do when a Bitcoin Exchange goes Bust.. the lessons of Mount Gox

A sad and lonely notice exists where once a massive exchange lived.

Lesson to Learn

Bitcoin is a distributed currency, the moment a website has trouble I take everything out of it, keep things locally on hardware wallets and safe.  When you put your coins into a central system you are saying you trust it and if it’s been hacked once it will be hacked again. The government will not bail out a Bitcoin establishment (although here in the UK the did Bail out a bank!).

I hope that the creditors do get their money but I think it’s pretty unlikely smaller holders of coin will have any joy with it.

 

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