I just had a look at the MtGox chart for the first time in ages and my jaw nearly dropped through the floor.
Price is plummeting!!! I mean look at that! I kind of knew it was but without bothering to see what it looked it had remained quite an abstract idea, until I saw that chart.
So what the hell is going on at Gox ? To try and answer that questions I thought I’d have a look at their web site. I was quickly reassured with this message, “Trade with confidence on the worlds leading bitcoin exchange”. But what about the fact people can’t withdraw any bitcoins and can barely withdraw any fiat? There were also buttons I could have clicked with tags like ‘secure’ and ‘reliable’ but I didn’t bother clicking them guessing I wouldn’t find the information I was after there.
Edit: As Gustavo has pointed out the press release updates are at the bottom right of the Gox homepage, I just needed to scroll down a little. (doh)
I went to google and did find a press release stating that global withdrawals have been reinstated! … which sounded quite exciting until I noticed the date of it, July 2013. I think there have been press releases about this current mess but couldn’t find them. I am quite tired though so maybe my searching skills are below par just now.
Theres lots of opinions on the forums, some people excited about buying cheap coins. The most enjoyable theory I read was this one from forum newbie ericmoulten. Here’s what the Mt. Gox Press Release will say and why
I learned the hard way when bitcoins where stolen from me on bitcoinica (allegedly hacked) that if you don’t hold those bitcoins in your own wallet, you don’t really hold them. I fear for MtGox users they may learn a similar lesson. Behind the MtGox curtains they could easily have been messing around fractionally reserving bitcoins in the exact same way the banks do with your money. It all goes well until everyone wants their money/bitcoins back at the same time.
To close heres a quick look at the price on Bitstamp.
Thankfully Bitstamp price is holding up a lot better, although a down trend seems very apparent. Looks to be potentially strong support above $500.