Friday, February 07, 2014

Bitcoin Plunges As Exchange Mt. Gox Pauses All Withdrawals Due To Technical Issues


  Bitcoin Bubble is getting into the new stage of its development and we will see very soon what kind of technical issues are really holding the withdrawals from Mt. Gox. You can easily find a lot of allegations about the very sloppy service at least concerning withdrawals from this exchange on YouTube.
  Meanwhile the crackdown on Bitcoin continues, after China bans Bitcoin from all financial institutions and numerous warnings by the Central Banks, Russia is taking very strong stance against Bitcoin. "Gold 2.0" scam is losing this Financial War in countries, which are accumulating Gold and encouraging its citizens to do the same.

Bitcoins cannot be used in Russia - Prosecutor General’s Office

The US Crackdown On Bitcoin - The End Of The Amazing Bubble

"The only Bubble from 2013 left untouched so far is Bitcoin: after its crash post Chinese ban and coordinated attack by the Central Banks Bitcoin has recovered its grounds and was trading close to $1000 range again. These days, with closing window for currency withdrawals from Bitcoin exchanges in China, DOJ has made its move. The most sexy attribution of Bitcoin - its supposed anonymity, will be used against it. As we have discussed before this anonymity is widely misunderstood and as Silk Road case demonstrates: All Transactions can be Reconstituted As An Evidence.
   China bans Bitcoin and encourages its citizens to accumulate Gold. Central Banks all over the world are warning about the speculation danger related to Bitcoin. FED keeps very suspicious silence about its real stance about the FIAT alternative and after fighting Gold for 100 years it is a given that Bitcoin will be taken out once NSA will complete its job. Now Robert J. Shiller has joined our small crowd and called Bitcoin as it is:

"It is a bubble, there is no question about it.... It's just an amazing example of a bubble," the Business Insider quotes Shiller, talking to the World Economic Forum in Davos, Switzerland.

“I’m amazed by how people are so excited about it and I tell my students ‘no, it's not such a great idea’,"the economist said."


Bitcoin plunges as exchange Mt. Gox pauses all withdrawals due to technical issues


Mt. Gox, one of the world’s biggest Bitcoin trading exchanges, has temporarily suspended all Bitcoin withdrawals with immediate effect as the team seeks to resolve technical issues experienced by some users while withdrawing Bitcoin.
The exchange says that the increase in withdrawal traffic was “hindering” its efforts on a technical level, and to “get a better look at the process the system needs to be in a static state.”
In order for our team to resolve the withdrawal issue it is necessary to temporarily pause all withdrawal traffic to obtain a clear technical view of the current processes.
Mt. Gox says withdrawals waiting to be processed will be returned to users’ wallets and can be re-initiated once it has resolved the technical issues. Customers can still use the trading platform as per usual.
The company will provide an update on Monday as it works through the weekend to resolve the problems.
Consequently, the price of Bitcoin has dropped. According to BitcoinWisdom, Bitcoin hit $619 at its lowest point today, from about $783 just 12 hours ago. It has started to rise slowly again — but is still far from the price it recorded yesterday.
Screen shot 2014 02 07 at PM 06.37.05 730x436 Bitcoin plunges as exchange Mt. Gox pauses all withdrawals due to technical issues
Japan-based Mt. Gox is a service that allows Internet users to trade real-world currency for Bitcoin and vice-versa, but it has been beset with growing pains due to its popularity. The company suspended US dollar trading for two weeks in June and July last year to improve its service, and has suffered a number of DDoS attacks in the past — it was even forced to halt trading in April following a major Bitcoin price crash.
Subsequently in August, Mt. Gox announced that its service was running on Akamai, a move that it hoped could bring greater stability to the growing platform."

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