by Mike Adams, Natural News:
It is now abundantly obvious that bitcoin has become an insidious “trap” that’s taking money from suckers who are deluded into believing the “bitcoin cult.” The top bitcoin exchange, MTGox, now openly admits that its trade engine crashed during the yesterday’s panic selloff, preventing people from being able to get out of the bitcoin market.
Today, MT.Gox now says, “Trading is halted until 2013-04-12 02:00am UTC to allow the market to cooldown following the drop in price,” meaning that the #1 bitcoin exchange has arbitrarily decided to stop processing orders just because it wants to!
It’s a bitcoin bank holiday! Don’t you just love holidays?
All this means three very concerning things:
#1) The bitcoin infrastructure cannot handle a selloff. Once the rush for the exits gains momentum, you will not be able to get out. Only those who sell early will be able to exit the market.
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