What Happens to Bitcoin After You Die, Who is Satoshi Nakamoto (again) and More…Weekly News Update

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Mt. Gox To Be Liquidated

It looks like Mt. Gox will not be given a chance to reorganize and emerge from bankruptcy. Japanese courts rejected the company’s application for rehabilitation. Instead, Mt. Gox will be liquidated with the proceeds being given to people who held their money in the exchange. Mt. Gox lost some $425 million dollars worth of Bitcoins. Initially the loss was believed to be even higher, however, but an unused wallet with some 200,000 Bitcoins in it was discovered.

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China getting Bitcoin ATM

Chinese authorities have been cracking down on Bitcoin in recent months but that isn’t stopping BTC China from installing a Bitcoin ATM and launching an app to allow users to trade Bitcoins. Apparently, these steps will help local traders skirt regulations on Bitcoin. The Chinese government’s crack down on Bitcoin has been pointed to as one of the key reasons for why Bitcoin prices have declined in recent months.

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University Study Claims Nick Szabo Is Creator of Bitcoin

No other mystery has held the attention of the Bitcoin community as that of the identify Bitcoin creator “Satoshi Nakamoto”. A few months ago a report circulated pointing to a California electrical engineer as the creator of Bitcoin. That has now largely been disproved. A new study released by Aston University in Birmingham (UK), however, argues that Mr. Szabo, a well-known Bitcoin authority, is in fact the creator of Bitcoin. The study points to similarities in Mr. Szabo’s writing and the original report that outlined how to create and maintain Bitcoin. Researchers are very confident that Mr. Szabo wrote the paper, at the very least.

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Heartbleed Could Cause Bitcoin Problems

Heartbleed has been rocking the intrawebs as of late as a lot of websites were found vulnerable. Basically, a major flaw was found in SSL protocols, the cyptographic language underpinning most web transactions. This means that your Bitcoin passwords and other security features may have been undermined, so you should consider switching out all of your security features on Bitcoin related apps, as well as any other website you use. It’s unknown if the heart bleed vulnerability has already been used in attacks but Bitcoin community members are looking into it. Also, many websites have already been updating their security software, though your information may have already been hacked.

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Bitcoin After Death?

Have you ever wondered what happens to your Bitcoins after you die? A law society has been urging people to make sure that they leave proper instructions in their will. Usually, after a person dies gaining access to their financial is no major issue as heirs and financial managers can work with a  bank to gain access. With Bitcoin, there’s no authority to turn to, so make sure in your estate planning that you set up the proper procedures and provider passwords and login information.

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Brian Booker

An international financial analyst and writer. He has consulted for the Malaysian government, various MNC's, and other organisations. He focuses on currencies, commodities, and emerging South East Asian markets.

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