The Mt. Gox Bitcoin Math That Doesn’t Add Up

The Mt. Gox bitcoin drama got a little more dramatic this week.

As a quick refresher, Mt. Gox is the now-defunct bitcoin exchange that shuttered in February 2014 after a mysterious “glitch” caused $500 million worth of bitcoin to go missing. Those bitcoin – or at least most of them — have remained missing ever since. As for the exchange itself, it eventually went bankrupt, its owner is waiting in Japan for his criminal trial and a whole slew of legal issues has come cascading down around him – and it.

As you can imagine, those whose bitcoins have gone missing aren’t too happy. A trustee was appointed to track down the missing bitcoin and to try to recover what he could. But, sort of like the game of gossip when the story at the end often becomes a bit embellished along the way, so too has the value of the missing Mt. Gox bitcoin. The owners of that lost bitcoin say that what’s at stake is missing bitcoin that’s now worth $2.4 trillion.

A rather implausible amount, since, at the moment, experts believe that there are only $7 billion bitcoins in circulation.

But whatever the claim, $500 million or the more ludicrous

Read more ... source: TheBitcoinNews