The collapse of Mt. Gox might appear sudden, but bitcoin insiders say its downfall began nearly a year ago as the virtual currency exchange tangled with regulators, split from former business partners and grappled with cyber attacks. Mt. Goxs fall lays bare the difficulties the bitcoin community faces as it tries to square its freewheeling, libertarian ideals with the rigorous regulation required in financial services and customers needs for reliable service. To be sure, Mt. Gox may return. Its Tokyo-based chief executive, Mark Karpeles, has said he is working hard to solve the problems that forced the exchange to halt trading this week after suspending withdrawals on February 7.
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