Apparently MtGox decided to implode during our weekly meeting. There's so much speculation swirling around I can't really point to any authoritative writing on this yet but here's a few interesting reads
* Leaked slides on MtGox Insolvency
* Joint Statement on Mt Gox from other exchanges
* Apparent theft at Mt Gox shakes bitcoin world
* Bitcoin crash as 'backrupt' Mt Gox leaks own acquisition
* Bitcoin's Mt Gox Goes Offline, Loses $409M Dollars -- Recovery Steps and Taking Your Tax Losses
* Schadenfreude- Dear MtGox Customers,
In the event of recent news reports and the potential repercussions on MtGox's operations and the market, a decision was taken to close all transactions for the time being in order to protect the site and our users. We will be closely monitoring the situation and will react accordingly.
Best regards, MtGox Team
I can't wait until Krugman weighs in. It will be interesting to see how the other exchanges try to regain confidence. I cannot see how bitcoin can become mainstream without hosted wallets. The anti-regulation argument is typically based upon the idea that customers will flock to the best provider. However, to the extent that any provider is a blackbox, customers simply cannot make an informed decision. A few months ago, it would be reasonable for a new user to use MtGox. They were the oldest and largest exchange. EDIT: Just saw this address with 782,558 BTC transacted via HN: https://blockchain.info/address/1Drt3c8pSdrkyjuBiwVcSSixZwQtMZ3Tew