27 Feb '14, 11pm

The Future of Bitcoin Exchanges: Comments From a Mt. Gox Competitor

Gronager shared some damning insights about the state of affairs at Mt. Gox. While stressing that he has no internal knowledge of their finances, and that his comments do not reflect an official statement from Kraken, he wrote in an email, "I rather believe that they ran the exchange in two to three years as a complete fractional reserve business. According to the leaked documents, Gox are also short in USD. They probably started buying up bitcoin on their exchange to ensure the bitcoin prices stayed higher there. That would ensure more sellers than buyers of bitcoin on their exchange. They might even have purposely delayed their USD withdrawals to further secure the trend of a high bitcoin price.

Full article: http://spectrum.ieee.org/tech-talk/computing/networks/the...

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