MtGox Found Bitcoin: 670,000 More According to Insider

markkarpelesOn the more obvious level of what it might mean for us in the Bitcoin space today… I think it’s very, very price-positive if true. If it comes along with a detailed explanation that shows that Karpeles is guilty of mismanagement and not fraud, even better. This discovery would mark complete solvency for MtGox, and likely would also mark a return to functioning for the exchange. It would also turn into a colosso-massive news story. No one has ever ‘found’ a half-billion dollars before. Thanks to the miracle that is trustless, decentralized, public ledgers, though, we did. We did.

The story could easily develop in two very different directions:

MtGox is incompetent but not thieves, the money goes back to its owners, people are happier
MtGox was thieving but the nature of the blockchain prevented them from doing so.

That latter option is what I find really exciting. That’s the sort of news story that can really help out Bitcoin’s standing in the world.

Another first for Bitcoin, and hopefully one that can toss us back into a positive news and price cycle. Congratulations to MtGox for finding this virtual cryptographic treasure trove. Now it can be returned to its rightful owners, and the world can go back to the way it was before all of this drama happened.

Well, except still without MtGox. Never forget: failure and incompetence persist. They do not disappear. Simply because this situation may have turned out well does not mean it will always work out that way.