Implosion of Bitcoin Exchange Spawns Mutant Digital Currency
As Mt. Gox was imploding, a website sprang up, bitcoinbuilder.com, which let steel-stomached speculators buy the rights to assets locked inside the troubled exchange. And now, there’s a new effort to turn the whole sordid mess of IOUs into a brand new digital currency.
See, because when the big banks goosed the market with AAA-rated derivatives of BBB-rated mortgages, and failed, it was because of all the gubmint regulation. It’s not like they weren’t also professionals who were too smart for their own good.