Bitcoin Forum

Press reports over the weekend are coming in. The financial press is saying "Bitcoin is OK, Mt. Gox is dead".

* "Bitcoin plunges 50% on Mt. Gox to hit USD230 as troubles continue" (http://www.nasdaq.com/article/bitcoin-plunges-50-on-mt-gox-to-hit-usd230-as-troubles-continue-cm327028) (From "Investing,com". The NASDAQ put this article on their web site.)
* "Bitcoin’s largest exchange is dying. Here’s why that’s not a problem for Bitcoin." (http://www.washingtonpost.com/blogs/the-switch/wp/2014/02/15/bitcoins-largest-exchange-is-dying-heres-why-thats-not-a-problem-for-bitcoin/?tid=pm_business_pop) (Washington Post)
* "Biggest Bitcoin Exchange Restores Service" (http://online.wsj.com/news/articles/SB10001424052702304315004579384791457827078) (Wall Street Journal. They mean Bitstamp, not Mt. Gox.)
* "Bitcoin Protester Confronts Mt. Gox Executive. (http://blogs.wsj.com/japanrealtime/2014/02/14/bitcoin-protester-confronts-mt-gox-executive/) (Wall Street Journal. The WSJ itself writes: "In an email on Thursday, Reina Matsushita, a Mt.Gox spokeswoman, said the company would issue a statement later that day, but by Friday morning no new statement had appeared on the company’s website. Phone calls to the company’s office rang unanswered on Friday.")

Those are the weekend stories. It's going to be even worse for Mt. Gox on Monday, when the financial papers are back at work. Now that Bitcoin stories are being treated as regular financial stories, Bitcoin exchanges are being held to the standards of regular financial companies. Press coverage like that is usually followed by "Company declares bankruptcy" or "CEO arrested". We're past the point where excuses will work.

MtGox always finds a way to continue fucking everyone into oblivion, indefinitely.

I don't think they will be recovering from this big hit the Bitcoin community now has lost all respect for the company and it's owner.

Monday's coverage was bad enough, but Monday was a holiday in the US and the financial papers didn't publish. Tuesday, reporters will be back at work.

The Wall Street Journal is now asking the right question - is Mt. Gox broke? Karpeles has been stonewalling the WSJ reporters, UPI, NHK (the biggest TV network in  Japan) and the South China Morning Post. Each of those outlets reports that Mt. Gox refuses to discuss their financial stability and questions whether Mt. Gox is in financial trouble. There's talk of the Bank of Japan becoming involved.

Mt. Gox is the 4th most popular story on UPI right now. This isn't going away.

This is playing out like Enron, Lehman, and Madoff. Trouble, denial, excuses, stonewalling, more trouble. We're close to the point where law enforcement gets involved.