Archives : Bitcoin Exchanges Today
Archives : Bitcoin Exchanges TodayAs probably everyone in the Bitcon world knows by now, the very popular exchange Mt. Gox has been blocking Bitcoin withdrawals for some time, under the claim of various technical problems; as a result, their Bitcoin prices dropped, while their customers are desperately trying to sell them and get their money out of there.
But, as also most people know, getting money out of Mt. Gox has always been notoriously difficult; again, they claim this is due to bank-imposed limits on outgoing money transfers, but nobody knows for sure; the only sure thing is, getting money from them usually requires at least a month.
Now, lots of people fear Mt. Gox is actually bankrupt and/or its owners are just going to disappear with their money; but this would be very risky, both from a legal and a not-so-legal standpoint (large Bitcoin usage has been notoriously tied to the kind of people one just don’t want to mess with).
Myself, I just can’t stop asking “if Mt. Gox customers are panic selling, who is buying? “. Of course, someone could just be buying in the hope to sell low-priced Bitcoins elsewhere, but most people just don’t trust Mt. Gox anymore and are just in a hurry to get the f**k out of there ASAP.
My guess: Mt. Gox owners are the ones actually buying at very low prices and selling elsewhere, making so much cash they’ll be able to (sooner or later) satisfy all those pending money withraw requests. Then they’ll happily close business (while of course crying out about their tragic fate) and keep the rest of the money.
Clean, risk-free. . . and perfectly legal in a totally unregolated market.