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Half-a-billion dollars of bitcoins disappear (4th March, 2014)

The Reading / Listening - Level 3

Almost $500 million of bitcoins disappeared from a company in Japan. The company is called Mt. Gox and it was one of the world's biggest dealers in bitcoins. It shut down last week after it lost 850,000 bitcoins, worth $473 million. The company's CEO said hackers stole the digital currency. He apologised to investors on Thursday at Japan's Ministry of Justice. Thousands of investors are angry because they lost the money they invested in Mt. Gox. Bitcoin is a virtual currency – it only exists online for electronic payments. Anyone can buy and use bitcoins. There is no need to open a bank account. Many people believe that bitcoins will replace paper money, coins and credit cards.

The collapse of Mt. Gox did not surprise online finance experts. Many said it was an accident waiting to happen. They also said Bitcoin will recover from the Mt. Gox shock. There are no rules or laws to control Bitcoin so the collapse of Mt. Gox could mean a better system will come. Companies will now make their security tighter and governments might create laws to make Bitcoin safer. Barry Silbert, CEO of Bitcoin company SecondMarket, says the currency will bounce back. He told reporters: "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 has emerged stronger."

Try the same news story at these easier levels:

Level 0, Level 1 or Level 2

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 40 Lesson Activities on the PDF Handout

WARM-UPS

1. DIGITAL MONEY: Students walk around the class and talk to other students about digital money. Change partners often and share your findings.

2. CHAT: In pairs / groups, decide which of these topics or words from the article are most interesting and which are most boring.

bitcoins / disappeared / shut down / hackers / digital currency / electronic payments / online / experts / rules / system / safer / history / bubbles / thefts / stronger

Have a chat about the topics you liked. Change topics and partners frequently.

3. INVEST: What's best to invest in? Complete this table with your partner(s). Change partners often and share what you wrote.

Invest in…	Good things	Bad things
bitcoins
houses
art
a bank
an IT start-up
green energy

4. PAPERLESS: Students A strongly believe paper money and coins will soon disappear; Students B strongly believe we'll always have them. Change partners again and talk about your conversations.

MY e-BOOK

ESL resource book with copiable worksheets and handouts - 1,000 Ideas and Activities for Language Teachers / English teachers

See a sample

5. MONEY: Rank these with your partner. Put the safest at the top. Change partners often and share your rankings.

• bitcoins

• credit cards

• banknotes

• cheques / checks

• PayPal

• government bonds

• gold

• other _______

6. HACKER: Spend one minute writing down all of the different words you associate with the word "hacker". Share your words with your partner(s) and talk about them. Together, put the words into different categories.

BEFORE READING / LISTENING

1. TRUE / FALSE: Read the headline. Guess if a-h below are true (T) or false (F).

a.	Someone left almost $500 million of bitcoins on a train in Japan.	T / F
b.	The Bitcoin company Mt. Gox was the world's largest financial firm.	T / F
c.	The company CEO blamed the disappearance on hackers.	T / F
d.	The article said Bitcoins would replace cash before 2020.	T / F
e.	The collapse of Mt. Gox did not surprise many experts.	T / F
f.	There are no laws that control how people buy and sell Bitcoin.	T / F
g.	A company CEO said it would be impossible for Bitcoin to bounce back.	T / F
h.	Hacking and thefts have always made Bitcoin stronger.	T / F

2. SYNONYM MATCH: Match the following synonyms from the article.

1.	disappeared	a.	said sorry
2.	dealers	b.	get stronger
3.	apologised	c.	return
4.	angry	d.	fall
5.	replace	e.	went missing
6.	collapse	f.	furious
7.	recover	g.	tougher
8.	tighter	h.	traders
9.	bounce back	i.	happening
10.	event	j.	take over from

3. PHRASE MATCH: (Sometimes more than one choice is possible.)

1.	$500 million of bitcoins disappeared	a.	tighter
2.	It shut	b.	the digital currency
3.	The company's CEO said hackers stole	c.	money
4.	virtual	d.	down last week
5.	paper	e.	hacks and thefts
6.	Bitcoin will recover from	f.	from a company
7.	make their security	g.	has emerged stronger
8.	the currency will bounce	h.	the Mt. Gox shock
9.	a series of bubbles, busts,	i.	currency
10.	After every single event, Bitcoin	j.	back

GAP FILL

Almost $500 million of bitcoins (1) ____________ from a company in Japan. The company is called Mt. Gox and it was one of the world's biggest (2) ____________ in bitcoins. It shut down last week after it lost 850,000 bitcoins, worth $473 million. The company's CEO said (3) ____________ stole the digital currency. He (4) ____________ to investors on Thursday at Japan's Ministry of Justice. Thousands of investors are angry because they lost the money they (5) ____________ in Mt. Gox. Bitcoin is a virtual currency – it only (6) ____________ online for electronic payments. Anyone can buy and use bitcoins. There is no need to (7) ____________ a bank account. Many people believe that bitcoins will (8) ____________ paper money, coins and credit cards.

apologised
dealers
exists
replace
disappeared
open
hackers
invested

The collapse of Mt. Gox did not (9) ____________ online finance experts. Many said it was an accident waiting to (10) ____________. They also said Bitcoin will recover from the Mt. Gox shock. There are no rules or laws to (11) ____________ Bitcoin so the collapse of Mt. Gox could mean a better system will come. Companies will now make their security (12) ____________ and governments might create laws to make Bitcoin safer. Barry Silbert, CEO of Bitcoin company SecondMarket, says the currency will (13) ____________ back. He told reporters: "If you look at the short (14) ____________ of Bitcoin, there has been a series of bubbles, busts, hacks and thefts. After every (15) ____________ event, Bitcoin has emerged (16) ____________."

history
control
stronger
bounce
surprise
single
happen
tighter

LISTENING - Guess the answers. Listen to check.

1)	The company is called Mt. Gox and it was one of the world's biggest ______
	a. dealer sin bitcoins b. dealer's in bitcoins c. deal assassin bitcoins d. dealers in bitcoins
2)	The company's CEO said hackers stole ______
	a. the digital currency b. the digital currently c. the digital currants see d. the digital currents sea
3)	Thousands of investors are angry because they lost the ______
	a. money they investment b. money they invest it c. money they invested d. money they invests it
4)	There is no need to open ______
	a. a bank account b. a bank accounts c. a bank accountant d. a bank accounting
5)	Many people believe that bitcoins will replace paper money, ______
	a. coin and credit card b. coins and credit card c. coin and credit card d. coins and credit cards
6)	The collapse of Mt. Gox did not surprise ______
	a. online financial experts b. online fine ants experts c. online fire ants experts d. online finance experts
7)	Many said it was an accident ______
	a. wanting to happen b. waiting to happen c. wailing to happen d. wait in to happen
8)	Barry Silbert, CEO of Bitcoin company SecondMarket, says the currency ______
	a. will bounce back b. will pounce back c. will flounce back d. will trounce back
9)	there has been a series of bubbles, busts, ______
	a. hacks and thieves b. hacks and thefts c. hacks and debts d. hacks and thrifts
10)	After every single event, Bitcoin has ______
	a. e-merged stronger b. imaged stronger c. immersed stronger d. emerged stronger

LISTENING – Listen and fill in the gaps

Almost $500 million of bitcoins disappeared from a company in Japan. The company is called Mt. Gox (1) ___________________ the world's biggest dealers in bitcoins. It (2) ___________________ after it lost 850,000 bitcoins, worth $473 million. The company's CEO said hackers stole the digital currency. He (3) ___________________ on Thursday at Japan's Ministry of Justice. Thousands of investors (4) ___________________ they lost the money they invested in Mt. Gox. Bitcoin is a virtual currency – it (5) ___________________ electronic payments. Anyone can buy and use bitcoins. There is (6) ___________________ bank account. Many people believe that bitcoins will replace paper money, coins and credit cards.

The collapse of Mt. Gox did not surprise (7) ___________________. Many said it was (8) ___________________ to happen. They also said Bitcoin will recover from the Mt. Gox shock. There are no rules or laws to control Bitcoin (9) ___________________ Mt. Gox could mean a better system will come. Companies will now make (10) ___________________ and governments might create laws to make Bitcoin safer. Barry Silbert, CEO of Bitcoin company SecondMarket, says the currency (11) ___________________. He told reporters: "If you look at the short history of Bitcoin, there has been a series of bubbles, busts, (12) ___________________. After every single event, Bitcoin has emerged stronger."

COMPREHENSION QUESTIONS

1.	In which country did the disappearance take place?
2.	How many bitcoins did the company lose?
3.	Who did the company CEO apologise to?
4.	Why are investors angry?
5.	What might bitcoins replace besides coins and credit cards?
6.	Who was not surprised by the collapse of Mt. Gox?
7.	What kind of rules are there for Bitcoin?
8.	What will companies do to their security?
9.	What did Barry Silbert say about Bitcoin?
10.	What has happened to Bitcoin after every problem it has had?

MULTIPLE CHOICE - QUIZ

1.	In which country did the disappearance take place?	6.	Who was not surprised by the collapse of Mt. Gox?
	a) USA b) Russia c) Japan d) South Africa		a) bank managers b) finance experts c) workers in the nearby sandwich shop d) the boss of Mt. Gox
2.	How many bitcoins did the company lose?	7.	What kind of rules are there for Bitcoin?
	a) 850,000 b) 85,000 c) 85 million d) 8.5 billion		a) the same as for credit cards b) each country has different rules c) very strict rules d) none
3.	Who did the company CEO apologise to?	8.	What will companies do to their security?
	a) bank managers b) his family c) Internet bosses d) investors		a) ask Apple to design it b) tighten it c) nothing d) make a special security patch
4.	Why are investors angry?	9.	What did Barry Silbert say about Bitcoin?
	a) they thought bitcoins were paper money b) they lost money c) they have to pay more money d) they lost jobs		a) it will bounce back b) no one will trust it again c) it's a great investment d) it's easy to hack
5.	What might bitcoins replace besides coins and credit cards?	10.	What has happened to Bitcoin after every problem it has had?
	a) government bonds b) banks c) paper money d) gold		a) it doubled in value b) more hackers have attacked it c) it has become more popular d) it has become stronger

ROLE PLAY

Role A – Bitcoin

You think Bitcoin is the best form of money. Tell the others three reasons why. Tell them things that are wrong with their things. Also, tell the others which is the worst of these (and why): credit cards, cash or gold.

Role B – Credit cards

You think credit cards are the best form of money. Tell the others three reasons why. Tell them things that are wrong with their things. Also, tell the others which is the worst of these (and why): Bitcoin, cash or gold.

Role C – Cash

You think cash is the best form of money. Tell the others three reasons why. Tell them things that are wrong with their things. Also, tell the others which is the worst of these (and why): credit cards, Bitcoin or gold.

Role D – Gold

You think gold is the best form of money. Tell the others three reasons why. Tell them things that are wrong with their things. Also, tell the others which is the worst of these (and why): credit cards, cash or Bitcoin.

AFTER READING / LISTENING

1. WORD SEARCH: Look in your dictionary / computer to find collocates, other meanings, information, synonyms … for the words 'paper' and 'money'.

paper

money

Share your findings with your partners.

Make questions using the words you found.
Ask your partner / group your questions.

2. ARTICLE QUESTIONS: Look back at the article and write down some questions you would like to ask the class about the text.

Share your questions with other classmates / groups.
Ask your partner / group your questions.

3. GAP FILL: In pairs / groups, compare your answers to this exercise. Check your answers. Talk about the words from the activity. Were they new, interesting, worth learning…?

4. VOCABULARY: Circle any words you do not understand. In groups, pool unknown words and use dictionaries to find their meanings.

5. TEST EACH OTHER: Look at the words below. With your partner, try to recall how they were used in the text:

biggest
down
Thursday
virtual
buy
credit

surprise
shock
system
safer
history
single

DIGITAL MONEY SURVEY

Write five GOOD questions about digital money in the table. Do this in pairs. Each student must write the questions on his / her own paper.

When you have finished, interview other students. Write down their answers.

	STUDENT 1 _____________	STUDENT 2 _____________	STUDENT 3 _____________
Q.1.
Q.2.
Q.3.
Q.4.
Q.5.

Now return to your original partner and share and talk about what you found out. Change partners often.

Make mini-presentations to other groups on your findings.

DIGITAL MONEY DISCUSSION

STUDENT A's QUESTIONS (Do not show these to student B)

a)	What did you think when you read the headline?
b)	What springs to mind when you hear the word 'money'?
c)	What do you know about bitcoins?
d)	How can half-a-billion dollars just disappear?
e)	Should the CEO of the Bitcoin company go to jail?
f)	Do you worry about using money online for shopping?
g)	Is your money safer in your pocket, in a bank, or online?
h)	Have you ever lost any money?
i)	Have you ever invested in something?
j)	Would you be sad if a digital currency replaced paper money?

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

STUDENT B's QUESTIONS (Do not show these to student A)

a)	Did you like reading this article? Why/not?
b)	Are you surprised a Bitcoin company lost a lot of money?
c)	What things are safe to invest in?
d)	Who will, or who should, make the rules for Bitcoin?
e)	Are you happy with security on the Internet?
f)	Is digital money more convenient that paper money and coins?
g)	Is it better for Bitcoin to replace all the world's currencies?
h)	What would you like to know about Bitcoin?
i)	What problems are there with money?
j)	What would you like to ask the boss of a Bitcoin company?

DISCUSSION (Write your own questions)

STUDENT A's QUESTIONS (Do not show these to student B)
1.	________________________________________________________
2.	________________________________________________________
3.	________________________________________________________
4.	________________________________________________________
5.	________________________________________________________
6.	________________________________________________________

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

STUDENT B's QUESTIONS (Do not show these to student A)
1.	________________________________________________________
2.	________________________________________________________
3.	________________________________________________________
4.	________________________________________________________
5.	________________________________________________________
6.	________________________________________________________

LANGUAGE - CLOZE

Almost $500 million of bitcoins (1) ____ from a company in Japan. The company is called Mt. Gox and it was one of the world's biggest (2) ____ in bitcoins. It shut down last week after it lost 850,000 bitcoins, worth $473 million. The company's CEO said hackers (3) ____ the digital currency. He apologised to investors on Thursday at Japan's Ministry of Justice. Thousands of investors are angry because they (4) ____ the money they invested in Mt. Gox. Bitcoin is a virtual currency – it only exists online for electronic payments. Anyone can buy and use bitcoins. There is no (5) ____ to open a bank account. Many people believe that bitcoins will replace (6) ____ money, coins and credit cards.

The collapse of Mt. Gox did not surprise online finance (7) ____. Many said it was an accident waiting to happen. They also said Bitcoin will recover from the Mt. Gox shock. There are no (8) ____ or laws to control Bitcoin so the collapse of Mt. Gox could mean a better system will come. Companies will now make their security (9) ____ and governments might create laws to make Bitcoin safer. Barry Silbert, CEO of Bitcoin company SecondMarket, says the currency will (10) ____ back. He told reporters: "If you look at the short (11) ____ of Bitcoin, there has been a series of bubbles, busts, hacks and thefts. After every (12) ____ event, Bitcoin has emerged stronger."

Put the correct words from the table below in the above article.

1.	(a)	reappeared	(b)	disappear	(c)	disappearance	(d)	disappeared
2.	(a)	owners	(b)	merchants	(c)	artists	(d)	dealers
3.	(a)	borrowed	(b)	stole	(c)	lent	(d)	burgled
4.	(a)	disappeared	(b)	dropped	(c)	lost	(d)	mislaid
5.	(a)	necessary	(b)	needy	(c)	need	(d)	needless
6.	(a)	paperless	(b)	papered	(c)	papers	(d)	papering
7.	(a)	expats	(b)	experts	(c)	expects	(d)	expels
8.	(a)	rules	(b)	rails	(c)	rallies	(d)	reels
9.	(a)	tightening	(b)	tighter	(c)	tightens	(d)	tights
10.	(a)	bouncy	(b)	bounced	(c)	bounce	(d)	bouncing
11.	(a)	historian	(b)	historical	(c)	history	(d)	hysteria
12.	(a)	alone	(b)	lone	(c)	lonely	(d)	single

SPELLING

Paragraph 1
1.	bitcoins aidepdpsera from a company in Japan
2.	Thousands of tossvneir are angry
3.	Bitcoin is a virtual nyucrcer
4.	tcreeolinc payments
5.	There is no need to open a bank cnatuoc
6.	bitcoins will calepre paper money
Paragraph 2
7.	surprise online iefnacn experts
8.	an naidtcce waiting to happen
9.	a better mystes will come
10.	make their itysrcue tighter
11.	rectea laws to make Bitcoin safer
12.	a essrei of bubbles, busts, hacks and thefts

PUT THE TEXT BACK TOGETHER

Number these lines in the correct order.

( )	busts, hacks and thefts. After every single event, Bitcoin has emerged stronger."
( )	currency – it only exists online for electronic payments. Anyone can buy and use bitcoins. There is no
( )	laws to control Bitcoin so the collapse of Mt. Gox could mean a better system will
( )	back. He told reporters: "If you look at the short history of Bitcoin, there has been a series of bubbles,
( )	The collapse of Mt. Gox did not surprise online finance experts. Many said it was an accident waiting
( )	week after it lost 850,000 bitcoins, worth $473 million. The company's CEO said hackers
( )	come. Companies will now make their security tighter and governments might create laws to
( )	need to open a bank account. Many people believe that bitcoins will replace paper money, coins and credit cards.
( )	stole the digital currency. He apologised to investors on Thursday at Japan's Ministry of Justice. Thousands
( )	called Mt. Gox and it was one of the world's biggest dealers in bitcoins. It shut down last
( )	make Bitcoin safer. Barry Silbert, CEO of Bitcoin company SecondMarket, says the currency will bounce
( 1 )	Almost $500 million of bitcoins disappeared from a company in Japan. The company is
( )	of investors are angry because they lost the money they invested in Mt. Gox. Bitcoin is a virtual
( )	to happen. They also said Bitcoin will recover from the Mt. Gox shock. There are no rules or

PUT THE WORDS IN THE RIGHT ORDER

1.	$500 Almost disappeared bitcoins of million.
2.	of in the bitcoins world's biggest One dealers.
3.	angry money because they Investors lost are the.
4.	bank There need a no open account is to.
5.	money people bitcoins paper Many that replace believe will.
6.	happen said an to Many was waiting it accident.
7.	Bitcoin are or control There rules to no laws.
8.	their make now will Companies tighter security.
9.	, busts , hacks and thefts A series of bubbles.
10.	Bitcoin stronger every , emerged After event has single.

CIRCLE THE CORRECT WORD (20 PAIRS)

Almost $500 million of bitcoins disappearance / disappeared from a company in Japan. The company is called Mt. Gox and it was one of the world's biggest deals / dealers in bitcoins. It shut up / down last week after it lost 850,000 bitcoins, worth / valued $473 million. The company's CEO said hackers stole / steals the digital currency. He apologised / apologies to investors on Thursday at Japan's Ministry of Justice. Thousands of investors be / are angry because they lost the money they invested in Mt. Gox. Bitcoin is a virtual / vitally currency – it only exists online for electronic payments. Anyone can buy and abuse / use bitcoins. There is no need to open a bank account. Many people believe that bitcoins will replace paperless / paper money, coins and credit cards.

The collapse of Mt. Gox did not surprising / surprise online finance experts. Many said it was an accident waiting to / for happen. They also said Bitcoin will recover / recovery from the Mt. Gox shock. There are no rulers / rules or laws to control Bitcoin so / for the collapse of Mt. Gox could mean a better system / systems will come. Companies will now make their security tighter / tightens and governments might create laws to make Bitcoin safer. Barry Silbert, CEO of Bitcoin company SecondMarket, says the currency will bounce down / back. He told reporters: "If you look at the short history of Bitcoin, there has been a series / serious of bubbles, busts, hacks and thefts. After every single / double event, Bitcoin has emerged stronger."

Talk about the connection between each pair of words in italics, and why the correct word is correct.

INSERT THE VOWELS (a, e, i, o, u)

_lm_st $500 m_ll__n _f b_tc__ns d_s_pp__r_d fr_m _ c_mp_ny _n J_p_n. Th_ c_mp_ny _s c_ll_d Mt. G_x _nd _t w_s _n_ _f th_ w_rld's b_gg_st d__l_rs _n b_tc__ns. _t sh_t d_wn l_st w__k _ft_r _t l_st 850,000 b_tc__ns, w_rth $473 m_ll__n. Th_ c_mp_ny's C__ s__d h_ck_rs st_l_ th_ d_g_t_l c_rr_ncy. H_ _p_l_g_s_d t_ _nv_st_rs _n Th_rsd_y _t J_p_n's M_n_stry _f J_st_c_. Th__s_nds _f _nv_st_rs _r_ _ngry b_c__s_ th_y l_st th_ m_n_y th_y _nv_st_d _n Mt. G_x. B_tc__n _s _ v_rt__l c_rr_ncy – _t _nly _x_sts _nl_n_ f_r _l_ctr_n_c p_ym_nts. _ny_n_ c_n b_y _nd _s_ b_tc__ns. Th_r_ _s n_ n__d t_ _p_n _ b_nk _cc__nt. M_ny p__pl_ b_l__v_ th_t b_tc__ns w_ll r_pl_c_ p_p_r m_n_y, c__ns _nd cr_d_t c_rds.

Th_ c_ll_ps_ _f Mt. G_x d_d n_t s_rpr_s_ _nl_n_ f_n_nc_ _xp_rts. M_ny s__d _t w_s _n _cc_d_nt w__t_ng t_ h_pp_n. Th_y _ls_ s__d B_tc__n w_ll r_c_v_r fr_m th_ Mt. G_x sh_ck. Th_r_ _r_ n_ r_l_s _r l_ws t_ c_ntr_l B_tc__n s_ th_ c_ll_ps_ _f Mt. G_x c__ld m__n _ b_tt_r syst_m w_ll c_m_. C_mp_n__s w_ll n_w m_k_ th__r s_c_r_ty t_ght_r _nd g_v_rnm_nts m_ght cr__t_ l_ws t_ m_k_ B_tc__n s_f_r. B_rry S_lb_rt, C__ _f B_tc__n c_mp_ny S_c_ndM_rk_t, s_ys th_ c_rr_ncy w_ll b__nc_ b_ck. H_ t_ld r_p_rt_rs: "_f y__ l__k _t th_ sh_rt h_st_ry _f B_tc__n, th_r_ h_s b__n _ s_r__s _f b_bbl_s, b_sts, h_cks _nd th_fts. _ft_r _v_ry s_ngl_ _v_nt, B_tc__n h_s _m_rg_d str_ng_r."

PUNCTUATE THE TEXT AND ADD CAPITALS

almost $500 million of bitcoins disappeared from a company in japan the company is called mt gox and it was one of the world's biggest dealers in bitcoins it shut down last week after it lost 850000 bitcoins worth $473 million the company's ceo said hackers stole the digital currency he apologised to investors on thursday at japan's ministry of justice thousands of investors are angry because they lost the money they invested in mt gox bitcoin is a virtual currency – it only exists online for electronic payments anyone can buy and use bitcoins there is no need to open a bank account many people believe that bitcoins will replace paper money coins and credit cards

the collapse of mt gox did not surprise online finance experts many said it was an accident waiting to happen they also said bitcoin will recover from the mt gox shock there are no rules or laws to control bitcoin so the collapse of mt gox could mean a better system will come companies will now make their security tighter and governments might create laws to make bitcoin safer barry silbert ceo of bitcoin company secondmarket says the currency will bounce back he told reporters "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 has emerged stronger"

PUT A SLASH ( / ) WHERE THE SPACES ARE

Almost$500millionofbitcoinsdisappearedfromacompanyinJapan.Thec
ompanyiscalledMt.Goxanditwasoneoftheworld'sbiggestdealersinbitco
ins.Itshutdownlastweekafteritlost850,000bitcoins,worth$473million.
Thecompany'sCEOsaidhackersstolethedigitalcurrency.Heapologisedt
oinvestorsonThursdayatJapan'sMinistryofJustice.Thousandsofinvesto
rsareangrybecausetheylostthemoneytheyinvestedinMt.Gox.Bitcoinis
avirtualcurrency–itonlyexistsonlineforelectronicpayments.Anyon
ecanbuyandusebitcoins.Thereisnoneedtoopenabankaccount.Manype
oplebelievethatbitcoinswillreplacepapermoney,coinsandcreditcards.T
hecollapseofMt.Goxdidnotsurpriseonlinefinanceexperts.Manysaiditw
asanaccidentwaitingtohappen.TheyalsosaidBitcoinwillrecoverfromth
eMt.Goxshock.TherearenorulesorlawstocontrolBitcoinsothecollapseof
Mt.Goxcouldmeanabettersystemwillcome.Companieswillnowmaketh
eirsecuritytighterandgovernmentsmightcreatelawstomakeBitcoinsaf
er.BarrySilbert,CEOofBitcoincompanySecondMarket,saysthecurrenc
ywillbounceback.Hetoldreporters:"IfyoulookattheshorthistoryofBitcoi
n,therehasbeenaseriesofbubbles,busts,hacksandthefts.Aftereverysin
gleevent,Bitcoinhasemergedstronger."

FREE WRITING

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

_____________________________________________________________________________

ACADEMIC WRITING

Digital money is better than paper money and coins. Discuss.

_____________________________________________________________________________

HOMEWORK

1. VOCABULARY EXTENSION: Choose several of the words from the text. Use a dictionary or Google's search field (or another search engine) to build up more associations / collocations of each word.

2. INTERNET: Search the Internet and find out more about Bitcoin and other types of digital money. Share what you discover with your partner(s) in the next lesson.

3. DIGITAL MONEY: Make a poster about digital money. Show your work to your classmates in the next lesson. Did you all have similar things?

4. BITCOIN: Write a magazine article about Bitcoin. Include imaginary interviews with people who are for and against it.

Read what you wrote to your classmates in the next lesson. Write down any new words and expressions you hear from your partner(s).

5. WHAT HAPPENED NEXT? Write a newspaper article about the next stage in this news story. Read what you wrote to your classmates in the next lesson. Give each other feedback on your articles.

6. LETTER: Write a letter to an expert on digital money. Ask him/her three questions about digital money. Give him/her three of your ideas on how to make it safe. Read your letter to your partner(s) in your next lesson. Your partner(s) will answer your questions.

A Few Additional Activities for Students

Ask your students what they have read, seen or heard about this news in their own language. Students are likely to / may have have encountered this news in their L1 and therefore bring a background knowledge to the classroom.

Get students to role play different characters from this news story.

Ask students to keep track of this news and revisit it to discuss in your next class.

Ask students to male predictions of how this news might develop in the next few days or weeks, and then revisit and discuss in a future class.

Ask students to write a follow-up story to this news.

Students role play a journalist and someone who witnessed or was a part of this news. Perhaps they could make a video of the interview.

Ask students to keep a news journal in English and add this story to their thoughts.

Also...

Buy my 1,000 Ideas and Activities for Language Teachers eBook. It has hundreds of ideas, activity templates, reproducible activities for:

News
Warm ups
Pre-reading / Post-reading
Using headlines
Working with words
While-reading / While-listening
Moving from text to speech
Post-reading / Post-listening
Discussions
Using opinions
Plans
Language
Using lists
Using quotes
Task-based activities
Role plays
Using the central characters in the article
Using themes from the news
Homework

Buy my book

$US 9.99

ANSWERS

TRUE / FALSE (p.4)

a

F

b

F

c

T

d

F

e

T

f

T

g

F

h

T

SYNONYM MATCH (p.4)

1.	disappeared	a.	went missing
2.	dealers	b.	traders
3.	apologised	c.	said sorry
4.	angry	d.	furious
5.	replace	e.	take over from
6.	collapse	f.	fall
7.	recover	g.	get stronger
8.	tighter	h.	tougher
9.	bounce back	i.	return
10.	event	j.	happening

COMPREHENSION QUESTIONS (p.8)

1.	Japan
2.	850,000
3.	Investors
4.	They lost money
5.	Paper money
6.	Online finance experts
7.	None
8.	Tighten it
9.	It'll bounce back
10.	It has come back stronger

MULTIPLE CHOICE - QUIZ (p.9)

1.

c

2.

a

3.

d

4.

b

5.

c

6.

d

7.

b

8.

d

9.

a

10.

d

ALL OTHER EXERCISES

Please check for yourself by looking at the Article on page 2.
(It's good for your English ;-)

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Half-a-billion dollars of bitcoins disappear (4th March, 2014)

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