Half-a-billion dollars of bitcoins disappear

The Reading / Listening - Level 1

The collapse of Mt. Gox was not a surprise. There are no laws to control Bitcoin. Mt. Gox was an accident waiting to happen. People say Bitcoin will recover and be stronger. There will be a better system with tighter security. Countries might make laws to make Bitcoin safer. An expert said: "If you look at the short history of Bitcoin, there has been a series of bubbles, busts, hacks and thefts. After every single event, Bitcoin [was] stronger."

Try the same news story at these levels:

Level 0, Level 2 or Level 3

Sources

www.washingtonpost.com/business/technology/mt-gox-collapse-spurs-calls-to-regulate-bitcoin/2014/02/28/df44f5c6-a0b7-11e3-a050-dc3322a94fa7_story.html
http://online.wsj.com/news/articles/SB10001424052702303801304579410010379087576
http://en.wikipedia.org/wiki/Bitcoin

Make sure you try all of the online activities for this reading and listening - There are dictations, multiple choice, drag and drop activities, crosswords, hangman, flash cards, matching activities and a whole lot more. Please enjoy :-)

The Activities

MATCHING

PARAGRAPH ONE:

1.	A company in Japan	a.	biggest
2.	one of the world's	b.	are angry
3.	It said hackers	c.	money
4.	The CEO apologised	d.	lost $473 million
5.	Thousands of people	e.	currency
6.	Bitcoin is a virtual	f.	stole the money
7.	paper	g.	account
8.	You don't need a bank	h.	to investors

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PARAGRAPH TWO:

1.	The collapse of Mt. Gox was	a.	tighter security
2.	There are no laws to	b.	to happen
3.	an accident waiting	c.	hacks and thefts
4.	Bitcoin will recover	d.	Bitcoin safer.
5.	a better system with	e.	not a surprise
6.	make laws to make	f.	history of Bitcoin
7.	look at the short	g.	control Bitcoin
8.	a series of bubbles, busts,	h.	and be stronger

LISTEN AND FILL IN THE GAPS

A company in Japan (1) ___________________ bitcoins. The company is called Mt. Gox. It lost 850,000 bitcoins. Mt. Gox was (2) ___________________ biggest Bitcoin companies. It said (3) ___________________ money. The CEO apologised to investors. Thousands of (4) ___________________ because they lost their money. Bitcoin is (5) ___________________. It might replace paper money and coins. People only use it online. Anyone can buy and use bitcoins. (6) ___________________ bank account.

The collapse of Mt. Gox (7) ___________________. There are no laws to control Bitcoin. Mt. Gox (8) ___________________ to happen. People say Bitcoin will (9) ___________________. There will be a better system (10) ___________________. Countries might make laws to make Bitcoin safer. An expert said: "If you look at (11) ___________________ Bitcoin, there has been a series of bubbles, busts, (12) ___________________. After every single event, Bitcoin [was] stronger."

PUT A SLASH ( / )WHERE THE SPACES ARE

AcompanyinJapanlost$473millionofbitcoins.ThecompanyiscalledMt.G
ox.Itlost850,000bitcoins.Mt.Goxwasoneoftheworld'sbiggestBitcoinco
mpanies.Itsaidhackersstolethemoney.TheCEOapologisedtoinvestors.
Thousandsofpeopleareangrybecausetheylosttheirmoney.Bitcoinisavi
rtualcurrency.Itmightreplacepapermoneyandcoins.Peopleonlyuseito
nline.Anyonecanbuyandusebitcoins.Youdon'tneedabankaccount.The
collapseofMt.Goxwasnotasurprise.TherearenolawstocontrolBitcoin.M
t.Goxwasanaccidentwaitingtohappen.PeoplesayBitcoinwillrecoverand
bestronger.Therewillbeabettersystemwithtightersecurity.Countriesm
ightmakelawstomakeBitcoinsafer.Anexpertsaid:"Ifyoulookattheshort
historyofBitcoin,therehasbeenaseriesofbubbles,busts,hacksandthefts
.Aftereverysingleevent,Bitcoin[was]stronger."

WRITE QUESTIONS & ASK YOUR PARTNER(S)

Student A: Do not show these to your speaking partner(s).

a)	________________________________________________________
b)	________________________________________________________
c)	________________________________________________________
d)	________________________________________________________
e)	________________________________________________________
f)	________________________________________________________
g)	________________________________________________________
h)	________________________________________________________

-----------------------------------------------------------------------------

Student B: Do not show these to your speaking partner(s).

a)	________________________________________________________
b)	________________________________________________________
c)	________________________________________________________
d)	________________________________________________________
e)	________________________________________________________
f)	________________________________________________________
g)	________________________________________________________
h)	________________________________________________________

WRITING

Write about digital money for 10 minutes. Comment on your partner's paper.

_____________________________________________________________________________

Answers

(Please check your answers against the article above.

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