re: Mt. Gox has filed for bankruptcy protection; $63mm in debt

As much fun as we make of the Bitcoinistas, the concept of Bitcoins is pretty good. It is in essence an accounting system for Bitcoins. Like all accounting systems it is only as good as the people using it. One aspect that people have not yet comprehended is that every transaction recorded on the blockchain can be analyzed and information extracted regarding the parties involved. To derive any value from the Bitcoins stolen from MtGOX the thieves will have to have entered transactions recorded on the blockchain. They have left behind identifying information. It is only a matter of time and effort before that identifying information is matched to real people.

How do you hide hundreds of million dollars of cash from the sale of Bitcoins? It's not likely you could avoid using a bank, or even several banks, to stash the proceeds. You have to be perfect in covering your tracks. All it takes is one false step, and your identity will be discovered.

The only issue is if anyone is willing to invest the time and effort to identify the thieves. How would the thieves be held accountable if identified? Criminal prosecution may not be enough motivation given the likelihood of foreign persons being involved, and requirement for international cooperation.