Australian businesses continue accepting Bitcoin despite Mt. Gox collapse

Fancy a game of mini-golf? A game at Glowgolf Docklands will set you back at 0.02 BTC.

Several Australian businesses are still trading with Bitcoin weeks after exchange company Mt. Gox went bankrupt.

Two Melbourne businesses who accept Bitcoin payments say they are unfazed by the scandal which has resulted in the loss of $446 million worth of the online currency. 

Imbiss25 owners Scott Rigg and Simon Hawkins insist Bitcoin is still reliable.

Imbiss25 café owners Scott Rigg and Simon Hawkins say Bitcoin is still reliable and will continue to be accepted in their St. Kilda shop.

Yeah of course, it’ll be interesting to see what we have to do on our tax return. It’s just a small hiccup and something we have to learn, but it’s fine. We’ll continue using it for sure.

Glowgolf Docklands owner Michael Blyth says he still trusts Bitcoin payments despite its volatile nature.

We’ll always promote it. They’ve been hacked before and recovered. It’ll have no virtual impact (on us), it’s just what people will spend.

The peer-to-peer payment system was introduced in 2009 as a currency acquired through Bitcoin miningThis is done by using computers to solve a number of algorithms, creating the virtual currency in the process. Critics claim its decentralised nature and unregulated process make it a volatile form of currency.

 

Japanese-based Bitcoin exchange Mt. Gox collapsed earlier this month after 750,000 Bitcoins went missing. The troubled company saw its Bitcoin price plummet $250 before the collapse while other exchanges steadied at around $640. CEO Mark Karpelès blamed its flawed website which allowed criminals to make false withdrawals resulting in the theft of almost $500 million.

Both Imbliss and Glowgolf will to continue to accept Bitcoin and Dogecoin payments

Image via atlasobscura‚Äč

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17 Comments

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I love FIAT currency and have no issue with banks paying their employees huge bonuses for losing money through greed. I'm also not that bothered about exchange rates and surcharges.

When I go abroad on holiday, I'm quite happy that my spending money takes a cut when I change currency and then back again when I return home.

PLEASE keep the government in control of my money, I trust them completely!

The coins are incredibly resilient. They're here to stay, no matter what happens. Gox was just another example of "weeding out the weak links". Move along now.

Izlude said,
The coins are incredibly resilient. They're here to stay, no matter what happens. Gox was just another example of "weeding out the weak links". Move along now.

It's a pyramid scheme created by criminals and hackers and whoever thinks its a great idea doesn't have a clue about

A) technology and how it really works
B) economy and finances in general

Bitcoin will be dead in the next year or two.

People confuse the idea of legitimate crypto-currency and it's uses and this scam called Bitcoin.

I really hope you don't put any money into Bitcoin as I would hate to see anyone from Neowin end up like those idiots at MT.Gox and other exchanges.

It's only a matter of time before Bitstamp goes caput.

Izlude said,
Gox was just another example of "weeding out the weak links". Move along now.

the "weak links", to the tune of millions, have been gotten "weeding out" since inception under mt "goat's" nose up till it's closure. move along? yeah right. tell that to the idiots who are mt goat's customers.

Not surprising. I'm in Australia on holiday at the moment and it feels like I've stepped back in time. I expect they will stop accepting bitcoins in a few year's time.

Not to be insulting, but if you think BitCoin is going anywhere then you just really don't understand what you're talking about. It's like saying the internet is going to go away. The cat is out of the bag, there is no going back at this point.

There are just too many advantages to having a currency that can't be tracked by the governments of the world. That's why it's being banned in some countries now. They can't tax something they can't track and that pisses them off and scares the #### out of them.

But they can track it. They even caught the Silkroad owner trough bitcoins.. Nothing is untraceable. Internet going away is far more plausible then something being untraceable.

Stokkolm said,
Not to be insulting, but if you think BitCoin is going anywhere then you just really don't understand what you're talking about.

Yeah. We all remember having heard the same thing about floppy disks, VHS tapes, typewriters, landline phones, etc.

There are just too many advantages to having a currency that can't be tracked by the governments of the world.

Obivously, there's. And cash offers all those advantages. Bitcoin on the other side is the best trackable currency of all times.

That's why it's being banned in some countries now.

It's being banned because there's practically no legitimate use for it, but can be used to scam people.

They can't tax something they can't track and that pisses them off and scares the #### out of them.

As already said: Bitcoin is the most trackable currency in human history. Ever. Cash on the other side is not so much trackable, and can still be used to avoid taxation. So can be offshore companies and other business practices that fit in the existing money system. So Bitcoin clearly has no usability in this either.

felrefordit said,

Yeah. We all remember having heard the same thing about floppy disks, VHS tapes, typewriters, landline phones, etc.

You're comparing technology that was superseded by newer technology. Your argument makes more sense for why bitcoin will replace paper money.

felrefordit said,

Obivously, there's. And cash offers all those advantages. Bitcoin on the other side is the best trackable currency of all times.

There are ways to make bitcoins anonymous. If you don't take any steps to protect yourself, then that's on you. It is just as anonymous as the US dollar in the sense that they can both be traced based on amounts sent from here to there, however bitcoins are much less susceptible to outside (ie. government) influence. It's like a precious metal, you buy gold or silver to protect yourself from inflation and you can do the same thing with bitcoins. Bitcoins have the added benefit -- and this is big -- of being easily divided, so it is much easier to use it for everyday transactions than you could gold or silver.

felrefordit said,

It's being banned because there's practically no legitimate use for it, but can be used to scam people.

There are just as many legitimate uses for bitcoins as their are for cash. Should we ban cash because it can't be easily traced back to a specific person and they could use it to pay for sex trafficking, slave trading, or illegal weapons or drugs?

felrefordit said,

As already said: Bitcoin is the most trackable currency in human history. Ever. Cash on the other side is not so much trackable, and can still be used to avoid taxation. So can be offshore companies and other business practices that fit in the existing money system. So Bitcoin clearly has no usability in this either.

As I said above, you can take steps to anonymize your bitcoins, just do a little research. It can be traced in much the same way that electronic cash transactions are traced, but beyond that it's just as safe.

I guess people don't realize that you don't have to use a bitcoin exchange to have bitcoins. If you have your money in a bitcoin exchange like Mt.Gox then you are an idiot. These organizations have NO history or reputation of reliability; and obviously, at least some of them, don't have the security infrastructure to protect your bitcoins.

jakem1 said,
Not surprising. I'm in Australia on holiday at the moment and it feels like I've stepped back in time..

So glad your enjoying our country. I was going to post sooner but it took 24 hours for my dial up modem to connect and this page to load...

You wouldn't scrap the dollar if one of your banks got robbed of half a billion dollars. Why the surprise that Bitcoin currency itself hasn't been scrapped just because one of it's "banks" got robbed? Bitcoin itself wasn't the cause of this robbery, it was the shoddy software running Mt. Gox.

Absolutely. I noticed a lot of people saying the MTGox implode would be the end of BTC. I guess those people need to look up "Decentralised" in the dictionary.

Poor Analogy. The dollar is backed by the government. If your bank got robbed, and was insured by the FDIC (like all banks are) your money is fine. With the Bitcoin robbery people lost their money totally and there's no agency or group that they can go to for a refund.

Without regulation, using Bitcoins is a major risk. You could lose it all in an instant with no insurance or guarantee of ever seeing your money again.

MikeChipshop said,
Absolutely. I noticed a lot of people saying the MTGox implode would be the end of BTC. I guess those people need to look up "Decentralised" in the dictionary.

And the people who lost thousands of dollars due to buying into an unbacked, uninsured currency can look up "#### out of luck" in the dictionary.

Edited by zhangm, Mar 9 2014, 10:26pm :

Lord Method Man said,

And the people who lost thousands of dollars due to buying into an unbacked, uninsured currency can look up "sh*t out of luck" in the dictionary.

Investments are always a risk. I'm hoping the people who invested money in BTC through MGTox had done a little research. I know it's not always the case.