“At its peak, GLBSE was responsible for around 10 percent of the mining power in the Bitcoin network and was doing a similar volume of trade to what MT Gox was at the time. ‘It started almost by accident,’ McCarthy told Wired.co.uk. ‘I found Bitcoin in late 2010 and thought it was cool, so started mining myself.’ It wasn’t until early 2011 that he set up GLBSE as a project on the side of his day job as a teacher in China. As momentum grew, McCarthy thought he should seek legal counsel. He went to a solicitor who spoke to regulators before coming back with a verdict: ‘His opinion was that I should shut it down as soon as possible.'”
http://www.wired.co.uk/news/archive/2013-10/24/bitcoin-exchange-collapse-glbse
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