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  • Things might've just gotten real for virtual currencyand it's not a good thing. Bitcoin's

  • largest exchange has disappeared from the Internetand its CEO is MIA.

  • "Mt. Gox has gone totally dark. If you try to load their website, you will not find anything.

  • Mark Karpeles, CEO of Mt. Gox ... He cannot be found.

  • He has resigned from the parent Bitcoin Foundation." (Via Bloomberg)

  • "Folks say they don't expect to get their money back. The six other leading bitcoin

  • exchanges are trying to distance themselves from Mt. Gox." (Via Fox Business)

  • According to the New York Times, the company lost almost 750,000 bitcoins to hackers, but

  • the theft went unnoticed for years. That's equal to about $350 million worth of bitcoins

  • and about 6 percent of the 12.4 million coins in circulation.

  • No one knows exactly how the coins were stolen and the company has yet to respond to requests for comment.

  • However, Wired believes it might have found a document with some answers.

  • The document is said to be an internal memo from Gox. It shows Gox knew it was subject

  • to theft but believed it could resolve it internally. Gox admits

  • 744,408 bitcoins have gone missing and it went unnoticed for several years.

  • The document goes on to outline a four-part strategy:

  • - Immediately reduce liabilities with partners

  • - Shut down Mt. Gox for one month while it is restructured & rebranded

  • - Change communications strategies to a more open format with constant updates

  • - Announce a new team of trusted business people and talented developers.

  • The document says the coins were stolen through a leak in the hot wallet, which is connected

  • to the web, that allowed hackers to exploit Gox's cold storage. In theory, this should

  • have been impossible because cold storageby definitionis disconnected from

  • the Internet. Though some believe the leak could have been caused by the hot storage

  • automatically refilling itself from the cold storage.

  • If the document is real, we may see Mt. Gox return at some pointalthough some see

  • the currency itself as fatally flawed.

  • Om Malik, founder of Gigaom, says he's not surprised it's getting ugly. He points to

  • the similar ambitions of virtual currencies Flooz and Beenz in the early 2000s.

  • They each had similar ambitions to Bitcoin only to flop when Flooz was investigated by

  • the FBI and Beenz fell apart following the burst of the dot com bubble.

  • The CEOs of several other Bitcoin exchanges released a statement saying the actions of

  • one company do not reflect the value of Bitcoin and the digital currency industry. In the

  • statement, they pledge to work together to re-establish trust in Bitcoin exchanges.

  • It remains unclear how many Bitcoins customers of Mt. Gox will be able to retrieve or when

  • they will be able to retrieve them.

Things might've just gotten real for virtual currencyand it's not a good thing. Bitcoin's

Subtitles and vocabulary

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B1 bitcoins document storage currency ceo unnoticed

Bitcoin Exchange Mt. Gox Disappears, Along With CEO 全球最大比特幣交易所的Mt. Gox傳破產 執行長行蹤不明

  • 15 1
    Solomon Wolf posted on 2014/02/27
Video vocabulary

Keywords

company

US /ˈkʌmpəni/

UK /'kʌmpənɪ/

  • noun
  • Good feeling from being with someone else
  • A business that sells things or provides services
  • A group of people gathered together.
  • A group of people gathered together.
  • Guests, especially in your home
  • A military unit, typically consisting of around 100 soldiers.
  • A unit of soldiers.
  • A group of actors who perform together.
  • Being with another person rather than alone
statement

US / ˈstetmənt/

UK /ˈsteɪtmənt/

  • noun
  • Record of activity in a bank account over time
  • Act or process of saying something formally
flaw

US /flɔ/

UK /flɔ:/

  • noun
  • Quality that makes something imperfect
  • A weakness or undesirable quality.
  • A mark, fault, or other imperfection that mars a substance or object
  • A slight crack or break in something
  • A slight fault, defect, crack, or imperfection.
  • other
  • To impair, damage, or spoil.
similar

US /ˈsɪməlɚ/

UK /ˈsɪmələ(r)/

  • adjective
  • Nearly the same; alike
currency

US /ˈkɚrənsi, ˈkʌr-/

UK /'kʌrənsɪ/

  • noun
  • Widespread acceptance
  • Money system that a country uses
  • other
  • The state of being commonly known or accepted
  • A system of money in digital form
  • The money used in a particular country
  • other
  • The state of being commonly known or accepted
  • The quality of being up-to-date
  • The money that is used in a particular country or area
document

US /ˈdɑkjəmənt/

UK /'dɒkjʊmənt/

  • noun
  • Official (printed) record that gives information
  • A piece of written, printed, or electronic matter that provides information or evidence.
  • verb
  • To support an opinion with recorded evidence
  • other
  • To record something in detail.
virtual

US /ˈvɚtʃuəl/

UK /ˈvɜ:tʃuəl/

  • adjective
  • Existing only on the internet or on a computer
  • Almost or nearly as described, but not completely so.
  • Existing or occurring on computers or on the Internet.
  • Existing only in a digital world
  • Almost being; nearly complete
  • Existing or occurring on computers or on the Internet.
digital

US /ˈdɪdʒɪtl/

UK /ˈdɪdʒɪtl/

  • adjective
  • Using electronic signals or computers
steal

US /stil/

UK /sti:l/

  • noun
  • A bargain; something bought very cheaply
  • Act of taking the ball or a base from another
  • verb
  • To move quietly or secretly to or from a place
  • To secretly take something that belongs to another
Internet

US /ˋɪntɚ͵nɛt/

UK /ˈɪn.tə.net/

  • noun
  • Worldwide computer network system
  • other
  • The ability to connect to the Internet.
  • The use of the Internet for business and commerce.
  • A global computer network providing a variety of information and communication facilities, consisting of interconnected networks using standardized communication protocols.
  • The content and resources available online.
  • The underlying technology and infrastructure of the Internet.