Chinese Bitcoin Exchange 'GoXBTC' Shuts Down This Month
A not-so-known bitcoin exchange by the name of GoXBTC (launched in May of 2013) based in mainland China has announced they're ceasing operations as of January 18th. The announcement was made on the website's homepage, and cites both "operating costs" and "risk[s] of legal uncertainty" as the primary issues behind the closure. Users at the exchange are being urged to withdraw money - albeit it is quite short notice. GoXBTC says there is a possibility of the service re-opening, but as of current, the legal area surrounding bitcoin in the People's Republic of China is nothing short of....
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People are lining up to get rid of their MtGox bitcoins at discounted rates. Questions of insolvency have surrounded MtGox for roughly half a year, and it has now gotten to the point where some people are willing to sell their GoxBTC at a discounted rate. Whether they think Gox is playing with funny money or they just want to get out of the exchange right now for another reason, there seem to be plenty of people willing to sell their GoxBTC for less than what it should be worth. Josh Jones, the founder of Dreamhost, has decided to take advantage of the situation by setting up an exchange....
Bitcoin Builder has been keeping the public in the dark as of late, but it has recently recently updated their website with a new announcement: GOXBTC is classified as Bitcoin that is “locked” in the Mt. Gox exchange, which shut down in early 2014. Bitcoin Builder is expecting the price for GOXBTC to go higher than .11 BTC. However, people were able to immediately liquidate their locked bitcoins at this price until February 24th, which eliminated a lot of risk that would have came from waiting for a higher price. I was able to talk to Josh Jones, the CEO over at Bitcoin Builder. He was....
Ever since the Mt. Gox stopped withdrawing user funds a few weeks ago, some users have turned to a solution dubbed Bitcoin Builder, which allowed them to sell their trapped funds in exchange for real bitcoins at heavily discounted rates. The idea was that those who purchased the so-called "GOXBTC" may have the slight chance of acquiring actual bitcoin funds if Mt. Gox got back on its feet and resumed operations. Since the Tokyo-based exchange filed for bankruptcy protection last week, it has been looking less and less likely that users would be able to get any value from GOXBTC -....
Chinese shares experienced their worst ever start to a year after Chinese stock markets plunged 7% in their opening session of 2016 on Monday. It began with an initial halt of CSI-300 Futures (Chinese Securities Index) for 15-minutes at a 5 percent level, a move that failed to stop the retreat. When the market re-opened following the temporary suspension, shares began extending their losses. As the stock market tumbled to 7%, China’s new “circuit breaker” measures were triggered, a mechanism enforced by the securities regulator to automatically prevent further volatility and losses in the....
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