Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Economy
In reply to the discussion: Weekend Economists Trace the Long and Winding Road February 7-9, 2014 [View all]Demeter
(85,373 posts)13. Major bitcoin exchange crashes, takes bitcoin prices with it
http://touch.latimes.com/#section/-1/article/p2p-79212267/
Bitcoin prices have crashed over the last few days--again!--this time because Mt. Gox, a major bitcoin exchange headquartered in Tokyo, abruptly announced it was suspending all withdrawals for "technical" reasons.
Mt. Gox said the suspension was temporary, but didn't say when customers' funds would again be available. It promised there will be an "update," though not a resolution, on Monday.
On the news, bitcoin prices have plunged--the virtual currency, which had been quoted at $1,038 on Mt. Gox as recently as Jan. 26, fell below $700 Friday before settling in the mid-$700s.
Whether you're into bitcoins as an investment, a speculative play, a genuine alternative to dollars, euros or yen, or as a device to move money across national borders without worrying about currency exchange regulations, that's not the sort of price action you want to see in your financial instrument--especially not if it's caused by the problems of an unrelated operator in Tokyo....
Bitcoin prices have crashed over the last few days--again!--this time because Mt. Gox, a major bitcoin exchange headquartered in Tokyo, abruptly announced it was suspending all withdrawals for "technical" reasons.
Mt. Gox said the suspension was temporary, but didn't say when customers' funds would again be available. It promised there will be an "update," though not a resolution, on Monday.
On the news, bitcoin prices have plunged--the virtual currency, which had been quoted at $1,038 on Mt. Gox as recently as Jan. 26, fell below $700 Friday before settling in the mid-$700s.
Whether you're into bitcoins as an investment, a speculative play, a genuine alternative to dollars, euros or yen, or as a device to move money across national borders without worrying about currency exchange regulations, that's not the sort of price action you want to see in your financial instrument--especially not if it's caused by the problems of an unrelated operator in Tokyo....
Edit history
Please sign in to view edit histories.
56 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
RecommendedHighlight replies with 5 or more recommendations
Weekend Economists Trace the Long and Winding Road February 7-9, 2014 [View all]
Demeter
Feb 2014
OP
As U.S. hits debt limit, business group urges Congress to raise it HERE WE GO AGAIN...
Demeter
Feb 2014
#8
Robert Reich to Obama: Don't Play Semantics, Savage Inequality Is Our Most Urgent Problem
Demeter
Feb 2014
#15
Yadkin Valley Financial Corp. (NORTH CAROLINA) exits wholesale mortgage business
Demeter
Feb 2014
#50