Friday, 04 December 2020

A Analysis

Bitcoin prices drop 20%+/- after Mt. Gox reportedly halts BTC withdrawals from its trading system. Of course, the mainstream media gets the story convulted, reporting anywhere from Mt. Gox halts trading, to Mt. Gox prevents dollar withdrawals. I simply did what any respectable reporter (and I'm not a reporter) should have done, and that's went straight to the source for the statement direcly from Mt. Gox.

Apparently, you can trade as normal but you cannot withdraw BTC until further notice, with a possible date of Monday the 10th. Those who discussed this topic with me in the past know that I believe Mt. Gox has extremely poor internal controls and risk management, likely stemming from a very small operation forced to grow at breakneck speed without the proper capitalization. Of course, the US govt. confiscation of $5 milion worth of BTC didn't help their dollar liquidity situation much either. It also goes to show how carefully Mt. Gox management planned out the legal framework as well. 

Don't get me wrong, this company is a pioneer in a pioneering technology, and somebody's got to cut their teeth on the jagged edge of experience. I can't say that I've would've done any better. Then again, with the experience and assistance of 20/20 hindsight, I'm a damn expert, aren't I?

BoomBustBlog subscribers should reference the trading strategies surrounding Mt. Gox and the structural issues that I believe would prevent the arbitrage opportunities from closing at what can be percieved as a normal pace.

Page 2 of 2

My Twitter Updates

Wednesday, 02 December 2020 20:34
ReggieMiddleton Reggie Middleton Predicts Bank Demise (at least as we currently now them): Pipeline vs Veritaseum-style Platforms https://t.co/Dhkx6tXkwf
Tuesday, 01 December 2020 20:29
ReggieMiddleton CNBC reports: Square and PayPal may be the new whales in the crypto market as clients flock to buy bitcoin… https://t.co/vuxkd5aaM9
Tuesday, 24 November 2020 16:18
From TweetDeck
ReggieMiddleton I do hope nobody believes this is a sustainable increase. It's a big sham where banks are complicit in hiding non-… https://t.co/1iiJlqmV22
Tuesday, 24 November 2020 15:58
From TweetDeck
ReggieMiddleton @GeorgeG41233837 The CDC is not a pharma, that's not their task
Monday, 23 November 2020 15:55

Right add

Newsletter

Tell Us What You Think

Which forensic research are you most apt to buy?
Right add (2)

Contact

Veritaseum

1-718-407-4751

info@veritaseum.com