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The Alarming Truth About Bitcoin Exchanges

January 11th, 2015 | by BTC News
The Alarming Truth About Bitcoin Exchanges
Business
25

Follow me on Twitter for real-time trading updates – https://twitter.com/ChrisDunnTV I was really tired during this video, but I had to do it because I reall…
Video Rating: 4 / 5

 

25 Comments

  1. avatar Nick S. says:

    Mark Karpeles is a BIG thief and a FAT pig…there, enough said.

  2. avatar Orantes Blanks says:

    Also, there is a conflict of interest with the Bitcoin Foundation. The CEO
    of MtGox is a member of the Bitcoin Foundation. This is for sure a
    conflict of interest. And with no communication from MtGox; the signs are
    obvious I believe with Mark. All bitcoiners need to investigate all the
    faces of the Bitcoin community to get a full understanding of who these
    people are, and what they represent.

    The true leaders in the Bitcoin space will see to it that Bitcoin does well
    in the long run. Andreas is one of the good leaders in the Bitcoin space
    in my opinion. Regardless it will be hard for MtGox to compete after this
    is over.

  3. avatar Danny L says:

    Prophet!

  4. avatar ZHONG.TV says:

    thanks for the video chris..this was inevitable..gox was delayed
    withdrawals for a good 4-5 months now…they obviously lost the fiat

  5. avatar Álvaro A. Lorite says:

    I never trusted Bitcoin, it always looked like a huge pump a dump to me.
    Also, do you now regularly use trading view as a analysis tool?

  6. avatar Javier Salcedo says:

    I think you are right about Mt Gox

  7. avatar kraftsportNO says:

    you were spot on. in fact the red flags were laid out since june 2011, but
    only escalated over time ending in the current mess. subbed.

  8. avatar Flavor Of The Month says:

    Great video Chris. I watched this about a week ago and took your advice
    about MtGox. I can’t believe how well you caught MtGox BSing the public
    before they collapsed. Today they officially went bankrupt and lost 500M in
    bitcoins!!!!!! PROPHET!

    http://www.npr.org/blogs/thetwo-way/2014/02/28/283863219/mtgox-files-for-bankruptcy-nearly-500m-of-bitcoins-lost
    

  9. avatar Joe Copeland says:

    Good job Chris. You saw this one coming. Too bad for all the people who
    couldn’t read the handwriting on the wall.

  10. avatar David Best says:

    The two big exchanges are in Slovenia and Bulgaria. Once big Ponzi scheme.
    Bitcoin is a poor store of wealth, that can be easily duplicated. What
    next, bitpet or how about bitporn or bithooker. In essence bitcoin is just
    another empty fiat currency, but CASHLESS insulting freedom…

  11. avatar Frank R says:

    Great current update.Thanks.

  12. avatar zynthypops says:

    Yes You are right Mt.Gox is a joke ! And they are hiding something !

  13. avatar sould3mon says:

    no bitcoin is not for the little people,
    if you design a transactional system on 21mln coins of wich the first 50%
    is mined in the first year. and then tell people a coin can be devided
    with 8 digets ( wich is to hide the greed since that placement of dot
    doesn’t matter at all )
    also why such high start reward for a system that calculated nonsensical
    transactions at the start instead of rewarding from the bottem up.

    why o why is everything build in bitcoin seems like a worse scam then a
    pyramid
    ill tell you cause it’s a parabolic/hyperbolic scam .

    the difficulty level is nothing but a “greed measurement” there are 50
    alternative crypto coins that want the exact same scam going.

    don’t get me wrong on the idea of cryptocurrency wich is legit but the
    execution in bitcoin is nothing but the biggest scam in history.

    also please bitcoin people don’t pretend you’re a close nit “opensource”
    like community you all are just in it for fiat money don’t fool
    yourself.

  14. avatar Kevin C says:

    Can you make a video on how to setup a secure separate usb or paper wallet
    for bitcoins

  15. avatar Doug Voluntaryist says:
  16. avatar DudeForSureMan says:

    I agree with you Chris 

  17. avatar gomojo107 says:

    Hey man, thanks for the videos. I really appreciate them and thanks for the
    info.

  18. avatar Jose Linares says:

    Right on the money!

  19. avatar Matt Crawford says:

    So on the money, thanks for sharing

  20. avatar Arthur Huis int Veld - Lam says:

    great insider insights …

  21. avatar timmy-jones nkumeh says:

    your much-loved bitcoin is rolling over…i said is going to 200…

  22. avatar Thomas Sharpe says:

    On the day Mt Gox suspended trading, Max Keiser Report had a guest that was
    touting a fund and they discussed Hedge Funds getting into BC – considering
    the history of some hedge funds and currency manipulation – do you think
    this is a good idea? and will benefit BC? (aside from the market makers
    that stand gain) 

  23. avatar Billy Mabrey says:

    I completely agree with your thoughts about mtGox.

    Just a personal tale of why someone would bother with mtgox at all:

    I have been on mtGox since 2011 and only in January moved to Bitstamp,
    mostly because I have seen that you and other reputable traders use
    Bitstamp. As the ‘gox premium’ got drastically wide a few weeks ago, I knew
    it was time to switch. I very much have recognized the shady nature of
    mtGox and how their behavior is a giant waving red flag, but the choice to
    do anything about it was limited for a very long time. In April of 2013,
    mtgox literally caused the major “crash” by freezing up from traffic and
    inducing panic. Oh boy that was a couple of days, you couldn’t even load
    the website while peoples orders were executed. Their ‘technical issues’
    have been long standing, and more seem to pop up all the time. I missed a
    big buy when their API went haywire in December with that repeating loop.
    That for me was the last straw. But where to turn?

    I think the reason so many people such as myself stuck with mtGox for so
    long is that other exchanges seemed to pop up out of nowhere in summer of
    2013, and choosing another exchange from a seemingly random pool of new
    exchanges was a total toss of the dice as to which would in turn be the
    most reputable. They all had remarkably less volume as well, and so like
    any bad relationship we turned back and put a little to much trust in mtGox
    that they will resolve these issues, after all they’ve been a huge part of
    the bitcoin community for a very long time…this is perhaps where the
    sentiment from people Like Andreas stems from.

    But the long relationship is over. Familiarity breeds false trust. Time to
    take of the rose tinted glasses. I was very lucky, apparently (and a little
    stupid to wait so long I’ll admit) to have transferred my coins out just in
    the nick of time.

  24. avatar kenykillr says:

    Is it safe to trade through Cryptsy

  25. avatar Colin Murray says:

    Hi Chris, thanks for the video.I definitely owe you a pint or two. I’m
    waiting on my account to be verified on mtgox so was just about to put some
    of my very hard earned money into the exchange. I’m pulling the plug on the
    whole thing now, its just too risky. Is there a safe exchange out there to
    use yet? 

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