There's been a lot of talk about regulation, but I read something earlier today that I found rather surprising: "Unlike stocks, futures or options, currency tr

There's been a lot of talk about regulation, but I read something earlier today that I found rather surprising: "Unlike stocks, futures or options, currency trading does not take place on a regulated exchange. It is not controlled by any central governing body, there are no clearing houses to guarantee the trades and there is no arbitration panel to adjudicate disputes. All members trade with each other based on credit agreements. Essentially, business in the largest, most liquid market in the world depends on nothing more than a metaphorical handshake." - 1 So basically, the method of bitcoin exchange isn't all that different from ForEx. What's happened here is that the trading house has taken a fall, but doesn't appear prepared to take it on the chin. I don't know much about Mt. Gox. Any guesses as to whether or not they're insured? If this turns out to be a case of Mt. Gox's systems being hacked, are they liable? What's most interesting for me is the irony on display. Bitcoin, Mt. Gox, and the whole ecosystem were established on principles like lack of regulation, anonymity, and un-traceability, yet here they are, hoist by their own petard. [1] http://www.investopedia.com/articles/forex/06/SevenFXFAQs.asp?partner=aol-d http://www.investopedia.com/articles/forex/06/SevenFXFAQs.as...