CCN Week in Review: Mt. Gox, Banning BTC in the U.S., Litecoin Donations, and More

CCN Week in Review: Mt. Gox, Banning BTC in the U.S., Litecoin Donations, and MoreThis week on CCN, we learned that Mt. Gox is practically bankrupt, that Senator Joe Manchin wants Bitcoin banned in the United States (and Chairwoman Janet Yellen’s response), that the Litecoin community raised over 120 LTC for a Vietnamese orphanage, and more. Here are some of our top stories this week (23 February – 2 March) in cased you missed them in article and video form.


Gox is Dead

Karpeles bowing in apology

By this week, everyone was just about sure that Mt. Gox was insolvent. A leaked document from “Two Bit Idiot” described a contingency plan for Mt. Gox in the face of its crisis. Lated, an IRC chat with Mt. Gox CEO Mark Karpeles confirmed the leaked document’s authenticity. Finally, within two days Karpeles publicly apologised on Japanese television and stated that almost all the 850,000 BTC in Mt. Gox’s reserves are all gone. Mt. Gox also filed for bankruptcy protection, hinting at a (very slim) chance of recovery. Two days later, Mt. Gox announced civil rehabilitation proceedings, a plan to try and get a liquidation value and reimburse creditors. It seems rather ambitious considering how deep in debt the company is. Mt. Gox may be dead, but the aftermath has only just begun.

Banning Bitcoin in the U.S.

manchin on Bitcoin
Senator Manchin has revealed just how little he knows about Bitcoin. Photo from AP

In response to the Mt. Gox disaster, a seriously misinformed U.S. Senator, Joe Manchin, called for the U.S. Treasury and other regulatory bodies to ban Bitcoin in the States. Manchin made several illogical claims, such as the claim that Bitcoin can be used by criminals, ignoring the fact that basically any new invention can be used by criminals. Furthermore, Federal Reserve Chairwoman Janet Yellen declared that the Fed “doesn’t have authority to supervise or regulate Bitcoin in anyway,” shutting down Manchin’s argument.

Litecoin Community Raises Over $1000 for a Vietnamese Orphanage

Orphans at Go Vap

Here’s a touching story. The Litecoin community at helped raise over 120 LTC in support of the “Gò Vấp” orphanage in Vietnam. The Vietnam Volunteer Network will be assisting in transferring funds to the government-owned orphanage. Many of the children have been injured by landmines or have Agent Orange-related illnesses. Donations are still being accepted to LTC address: LbTjD1GPT5v7cHMU97CS8JuDf2GGM2pdYA

New Mining Hardware

MAT preorders
MAT is offering the TITANIUM, the EXCALIBUR, and the PLATINUM miners

Netherlands-based ASIC manufacturer Mining ASICs Technologies (MAT) announced an insanely fast 6TH/s ASIC Bitcoin miner this week. The miner, known as “TITANIUM” costs €6,999, consumes over 6000W of power, and is available for preorder on MAT’s website. The company has also announced Scrypt ASICs capable of at least 10 MH/s.

That’s it for this week. Every Sunday we feature our top stories on CCN Week in Review.