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BTC on MtGox are at a very low price right now because people are dumping them for (say) USD because they believe MtGox will go under and they have a better cha
by aestra 13y ago
BTC on MtGox are at a very low price right now because people are dumping them for (say) USD because they believe MtGox will go under and they have a better chance at getting USD from MtGox than BTC if that happens. Speculators are betting MtGox survives and buying up these discounted BTC (that perhaps could be worthless...) in the hope that MtGox eventually fixes their problems and allows withdraws so they sell them for a higher price.
These BTC might or might not exist since a bug caused some double spending on MtGox.
That's how I understand it.
http://www.pfhub.com/speculators-purchasing-rights-to-mtgox-accounts-amid-price-decline-389/ http://www.pfhub.com/speculators-purchasing-rights-to-mtgox-...
- nazgulnarsil 13y agohas gox admitted any losses yet?
- nwh 13y agoNope, just speculation.
- yohanatan 13y agoWhich is a pretty stupid move really as getting USD out of Gox has been vastly more difficult than getting BTC out of them. I don't think Gox could have lost too many BTC to the recent 'transaction malleability' attacks (and even if they did I'm sure they have a ton of USD in the bank and would gladly buy back enough BTC to cover the losses at the ridiculously depressed current going price).