Sunday, February 16, 2014

Bitcoin Updates - February 16 , 2014 - Mt Gox bitcoin price has a massive intraday swing , yanked up to 540 and then crashing down to 224 around 8:02 AM EST ..... Mt Gox protest photos from Saturday February 15 , 2014- from Tokyo ..... NY Post calls bitcoin a ponzi scheme ......... Mt Gox raked in allegedly 1.9 million in trading fees from 2/4/14 through 2/15/14 ..... wonder how much still raked in for 2/16/14 ........ MIT tells NJ to back off its students threatened by legal action concerning Tidbit ...... A CoinDesk poll of nearly 3,000 readers has found that Mt. Gox customers have been waiting months for their withdrawal requests to be fulfilled, despite being ‘verified’ or ‘trusted’ account holders. Poll respondents describe frustration with the exchange’s customer service, calling it slow, opaque and providing “canned responses”, Of the 569 respondents who wrote up descriptions of their Mt. Gox experience, eight mentioned that the exchange had offered to speed up the processing of their withdrawal requests for a fee of 5% of the transaction amount. Mt. Gox’s FAQ for withdrawals and deposits does not mention a 5% fee for quicker withdrawals ....... Bitcoin Regulation in the UK - if the FCA does not and will not regulate bitcoin , is there consumer protection for UK bitcoin users / traders / businesses ? Undertanding how taxation will be applied and money laundering concerns also unclear at this time in the Uk ...



Is Bitcoin Greatly Rotating Into Bullion?

Tyler Durden's picture





 
While correlation is not causation, the coincidental timing of the tumble in virtual currencies and the surge in physical (alternative) currencies suggests another great rotation may be occurring... with gold at fresh 3-month highs as Bitcoin presses 3-months lows...


While not surprising, the chart above also shows the massive collapse in Mt.Gox pricing as the world and their virtual pet rabbit run for the exits...

Gold is now up over 12% from the post-Taper lows...

and Silver is exploding higher... up 15.6% now in February alone.

Charts: Bloomberg and Bitcoinwisdom






Mt Gox customers........



We want withdrawals!








Two day chart of MT Gox - note where things stand this morning ! 248 as of 7:50 EST . 224 at 8:02 EST  ..... price differential to Bitstamp approaching 400 !










Saturday February 15 , 2014  protest at MT Gox office.....