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Bitcoin Basics Explained
- Bitcoin is a decentralized, anonymous, and transparent digital currency not tied to any country.
- Transactions are processed by anyone who shares computing power, earning small bitcoin rewards.
Mt. Gox's Origin Story
- Jed McCaleb started Mt. Gox in 2010 after repurposing the domain from a card game exchange.
- Mt. Gox quickly became the dominant bitcoin exchange, handling 70% of all bitcoin transactions at its peak.
Early Major Bitcoin Theft
- Thieves stole the Mt. Gox hot wallet containing 80,000 bitcoins early after Mark Karpelès took ownership.
- The thief returned most bitcoins except 3,000, allegedly negotiating to avoid investigation.