Mt. Gox bitcoin customers could be out of luck, experts warn

[LynneSin]

Mt. Gox bitcoin customers could be out of luck, experts warn

Reuters) - What can you do if you deposited bitcoins at Mt. Gox, which shuttered on Tuesday with little explanation? Probably not much.

Customers of the bitcoin exchange may have little chance of recovering their funds if they prove to be missing, legal and regulatory experts said.

Clients could file lawsuits, claiming negligence or breach of contract, but the virtual currency is subject to very little regulatory oversight and no government guarantees.

<<<<snip>>>>>

If Mt. Gox has no assets, however, individual claims would fail to recover any funds, said Daniel Friedberg, a lawyer with Riddell Williams in Seattle who specializes in financial regulatory matters.

"The practical reality is, even if you do get a judgment against Mt. Gox, do they have the ability to pay?" Friedberg said.

http://www.reuters.com/article/2014/02/27/us-bitcoin-legal-idUSBREA1Q07U20140227

Seriously everything I have read points to this all exploding. I know we all dream of getting rich quick somehow and bitcoins seemed like a great opportunity to do so. But with no federal regulations that means the only regulation is what the owners & designers of this system have created. Maybe they use snazzy impressive terms but they could change the system at will and who would hold them accountable.

[upaloopa]

1. So now you want regulations to get your money back?

[LynneSin]

2. Me or bitcoin users

Personally I'd rather invest my money in something safe - like lottery tickets

[Adrahil]

4. NO REGULATIONS!!!!

Unless I get screwed, then.... WHY Aren't you HELPING ME!!???

[MineralMan]

3. Back to the mines, guys.