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Bitcoin believers unfazed by losses in Mt. Gox collapse

Published on Mar 7, 2014 11:31 AM
A photo illustration of coins from a Bitcoin collection. -- FILE PHOTO: REUTERS 

TOKYO (REUTERS) - Like other bitcoin evangelists, Mr Ken Shishido is ready to write off the money he lost in the bankruptcy of Tokyo-based virtual currency exchange Mt. Gox as the price of revolutionising global finance.

"In the early days of the automobile, there were traffic accidents because you didn't have traffic lights or pedestrian crossings," he said hours after Mt. Gox said on Friday it had lost up to half a billion dollars of investor funds. "But we didn't ban automobiles."

Mr Shishido, who lives in Tokyo, was one of about 1,000 investors in Japan who became creditors in Mt. Gox's bankruptcy when the company capped a tumultuous period of weeks by filing for bankruptcy on Friday.

He lost about a tenth of his investment in bitcoin in Mt. Cox and expected none of that money to come back.

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