MtGox Bitcoin Price Continues to Fall, Now Below $500
Bitcoins are selling for under $500 on MtGox for the first time since November. Prices on the other exchanges seem to be holding steady for now, but MtGox simply cannot catch a break. People are already selling their MtGox bitcoins for “real bitcoins” at a discount, and Roger Ver has publicly stated that he’s one of the buyers on the other end of that trade. If you discount a small blip during December, this is actually the first time MtGox has dropped below $500 since the middle of November. People have been talking about the “end of MtGox” for almost a year now, but the exchange is still....
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MtGox has suffered considerably over the past two months. All within the relatively short period of April and May 2013, we have seen the following: During the Bitcoin crash of April 10-12, MtGox saw its trading engine lag increase to over 70 minutes, and for over ten hours the exchange was almost entirely inaccessible. MtGox's response was mixed; at first, they committed what may go down as one of the major public relations disasters in Bitcoin history, telling angry customers that they were "victims of our own success!" and gloating about their high trade volume. Then, however, the....
The chart pointing out artificial price floors on MtGox via The Bitcoin Channel. In the Bitcoin Channel's latest episode of The Bitcoin Report, the possibility of MtGox having a rigged market is heavily discussed. While the episode steers clear of claiming MtGox is insolvent, it definitely insinuates that there is some form of price fixing going on behind the scenes. When looking at the recent charts for BTC/USD trades on MtGox, you can clearly see an artificial floor on the price of bitcoins. This has happened multiple times over the past week or so, and it clearly indicates that someone....
The chart pointing out artificial price floors on MtGox via The Bitcoin Channel. It turns out that the extreme rise in the bitcoin price near the end of the 2013 may not have had much to do with China, Silk Road, or government hearings in the United States. Although those three factors are often cited as the reason the price skyrocketed to over $1000 near the end of the year, a new report suggests that there was some price manipulation going on behind the scenes at MtGox. Although the report falls short of placing guilt upon Mark Karpeles or anyone else at MtGox, fraud is definitely an....