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Bitcoin Community May Give Up on Mt. Gox Exchange

Written by:
Aaron Goldstein
Published on:
Feb/07/2014
Bitcoin Community May Give Up on Mt. Gox Exchange

Following yet another currency withdrawal halt at bitcoin’s most famous exchange, Mt. Gox, traders in the anonymous digital currency may finally be willing to give up on the mysterious Japanese-based operation.

"People will be leaving Mt. Gox either way, the trust isn't already very high, and with this now people are going to trust them even less," he said. "I think Mt. Gox is going to lose relevance even more now, they're not very forthcoming in their public relations, their technical problems and their withdrawal problems aren't going away. Even if they fix it now, the withdrawal problem still remains with USD and Euro withdrawals."

The latest action comes amidst a dramatic increase in withdrawal traffic.

According to a memo on Mt. Gox's website, "In order for our team to resolve the withdrawal issue it is necessary for a temporarily pause on all withdrawal requests to obtain a clear technical view of the current processes. We apologize for the sudden short notice."

The average price of bitcoin across the many exchanges was 720 but had dipped as low as 685 earlier in the day Friday.

At its peak, Mt. Gox had processed more than 1 million trades.  Prior to today, volumes had not broken through 30,000 since January. 

The US Government seized a large chunk of Mt. Gox's funds last fall, accusing it of violating wire transmission laws.

- Aaron Goldstein, Gambling911.com

 

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