Post
Topic
Board Service Discussion
Re: New Mt Gox Press Release - Feb 10 - they are claiming flaw in bitcoin protocol !
by
zerk89
on 10/02/2014, 10:43:22 UTC
Everything they have done is basically to swing the market. First they had their fiat bank accounts frozen, so they ran out of fiat and stopped withdrawals to hike the price up and people were paying a premium to buy there, gox would take that fiat from a purchase and buy the same coin on another exchange for 10% cheaper and pocket the profit.l. Then they limit BTC withdrawals to cause a panic, and blame it on a flaw in the protocol. Price plummets and all of the BTC is still on the exchange, everyone sells their coins and GOX buys them all with the profits from before, price is way loweer on GOX because of the surplus of BTC that was held hostage by them in the first place. This caused more people to rush to deposit fiat because for them the risk is worth it to get some coins at a much cheaper rate. All the new deposits go into their ponzi fund to pay back the months and months backlog of withdrawals they have. What a clusterfuck.