Friday, 7 February 2014

Mt. Gox shocks - no more withdrawals

Mt. Gox halts withdrawals. Wall Street Journal.  Conspiracy economics has a Mt Gox account although it is currently Bitcoin less so no damage done.  Close escape - thousands of dollars on the line.

Worrying but I suspect a merely ttemporary problem.  What is more worrying is the proliferation of crypto-currencies.  Surely there will not be that many people willing to sell real goods for bytes.

BitBeat: Mt. Gox Halts Withdrawals, Bitcoin Price Drops [Wall Street Journal]

"Oh, Mt. Gox.

When one of the larger crypto-currency exchanges has a problem, the entire bitcoin trading universe has a problem. So it was with BTC China back in December, and so it was with Japan-based Mt. Gox today.

The embattled Mt. Gox was already having problems, following a host of disruptions to its service and months-long shutdowns of dollar withdrawals due to problems setting up a U.S. banking relationship. But on Friday the exchange went to the next extreme, halting all customer withdrawals, including those in yen, which had provided a backdoor exit, albeit a convoluted one, for its frustrated U.S. customers."

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