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Monday, February 26, 2024

Does Mt. Gox Mark The Beginning of the End for Bitcoin?

Courtesy of ZeroHedge. View original post here.

Submitted by Reggie Middleton.

On or about February 23rd, 2014, Mt. Gox (on of the larger bitcoin exchanges) collapsed. The MSM (mainstream media) had a field day…

I warned everybody that the fall of Mt. Gox was simply a poorly managed small business getting its just dues. To correlate the fortunes of Mt. Gox with the fortunes of the Bitcoin ecosystem is akin correlating the fortune of the World Wide Web with that of Pets.com or Alta Vista in the 1990s. Sounds silly doesn’t it? Well, fast forward 3 weeks from the Gox’d experience and this is what we find… 

The week after the media frenzy regarding Mt. Gox started to fade, the price of BTC (bitcoins) started a dramatic phase of price stabilization. This apparent price stabilization was verified by the very dramatic drop in standard deviation.

If we drill down to the weeks in question, we find… 

?

This price stabilization has occurred even before the wide scale adoption of UltraCoin. 

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