Bitcoin Prices Slide After Mt.Gox CEO Resigns From Foundation Board

Tyler Durden's picture

In what appears yet another straw on the camel's back of Mt.Gox (following the re-freeze of account withdrawals), the Bitcoin Foundation this evening reported that:

"effective immediately, Mt. Gox has submitted their resignation from the board of directors."

Bitcoin prices on the dying exchange tumbled on the announcement after quite an extreme volatility day - which saw prices swing from $151 to $239 and then down to $190 on the news.



Via The Bitcoin Foundation,

Mt. Gox Resigns Bitcoin Foundation Board Seat


Jon Matonis Feb 23 2014


Effective immediately, Mt. Gox has submitted their resignation from the board of directors. We are grateful for their early and valuable contributions as a founding member in launching the Bitcoin Foundation. MtGox Co. Ltd. (Japan) held one of the three elected industry member seats.


Further details, including election procedures, will be forthcoming.

There is still no further updates on when Mt.Gox will resume withdrawals.

As CoinDesk notes,

This is the second time in recent months that a senior Bitcoin Foundation member and Board Member has resigned from the position under a cloud. BitInstant CEO Charlie Shrem, who was the Board’s vice chairman, also resigned in late January after his arrest over allegations of money laundering.

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HedgeAccordingly's picture

It is cool. Roku and Candy crush are coming -

Dear Infinity's picture

Whatsapp is worth 19 billion, whats a future payment systen worth?

fonestar's picture


fonestar's picture

Buy both, but remember Bitcoin trades wild and free and there are no silver markets on planet Earth.

LetThemEatRand's picture

Look in the mirror. Or the microchip. Or the solar panel.   Or the molded plastics market.  Or the coin market.  Or the somethingware market.   Or in the history books.

TruthInSunshine's picture

OT completely, but credible sources claim that it's been leaked Chicago officials have hired law firm to explore feasability of Chapter 9 Municipal Bankruptcy filing - details should appear in at least 1 major, national publication this week.

Ironically, according to the sources, this had led to a major mentor of Obama in his early political career, Toni Preckwinkle, thinking of challenging King Rahm in upcoming election.

Oh regional Indian's picture

Toni Peckerwrinkle? that the bath house freeze frame? 

Images, images....


DoChenRollingBearing's picture

OF COURSE Bitcoin tanks this evening as I wrote my review on a great new book about gold, so I missed all thataction in BTC this evening.


Matthew Hart writes a great new (2013) book on gold, it includes many facts and much history on gold that I knew little about.  Highly recommended.  Lots of facts, lots of references to other works on gold.  The book is a "must have" for anyone interested in gold.

"Review of Gold: The Race for the World's Most Seductive Metal"

bwh1214's picture

I think TPTB took aim at MT Gox, it was the first salvo.  They have their boot on bitcoins neck and I don’t think its going to be taken off voluntarily.  We’ll see what happens but I still don’t think it’s going to end up good for bitcoin.  I hope any of you who appeared to have gotten rich a few months ago diversified.

Supernova Born's picture

Give Fonesex his trolling due, but don't forget to rate these Bitcoin articles too.


johnQpublic's picture

didnt Fonerat say the fair value of Bitcoin was 1000 bucks?


i'm beginning to think our man Cramers screen name may just be fonestar

Bindar Dundat's picture

A must read for all who hate OR love bitcoin --

But you have to REALLY hate the MSM to really enjoy it!


wallstreetaposteriori's picture

Oh Foneystar... only the ignorant ignore defeat.  Wasn't it just a month ago you were vomiting all over the board that $hitcoin was going to 10K and that you have a man crush on a ficitional Shitoshi

fonestar's picture

Bitcoin is going to five, six and seven figures fool.

tmosley's picture

Seven figures implies total adoption as currency by the entire planet (or a dollar collapse, in which case the dollar quote is worthless).

That will be a difficult battle, as by that time, it would be facing gold backed currencies.  The question will again devolve to one of trust.  Who do you trust, government or algorithm?

Most interesting would be circulating bullion currency, but I don't think that will happen, as wonderful as that would be (circulating bullion is a feature of most extremely long lived governments).

fonestar's picture

It's hard to say where the psychological breaking point will be for the masses regarding Bitcoin (where they get tired of losing).  But what is certain is the posters here still won't be able to get BTC as it would involve sitting down, shutting up and learning something.

XenoFrog's picture

The masses are too stupid to understand how bitcoin is supposed to work and how to keep it safe from the bitcoin scammers. It'll never be widely adopted.

TheHound73's picture

That's fine.  Maybe 1 in 1000 people currently own any Bitcoin.  Out of the 999/1000 people who don't currently own any maybe a handful are intelligent enough to be able to grasp it, when the time comes.  Services can be built on top of bitcoin so that the end-user doesn't even know the bitcoin network is handling transactions underneath.

TeamDepends's picture

Just like Obamanauts, he has made his decision and is going down with the ship.

fonestar's picture

Way down beneath the ocean thats where fonestar wanna be she may be.

aminorex's picture

the prices quoted in the article are not the market prices for bitcoin.  They are the prices for Mt.Gox promises.  To see bitcoin prices check


bitcoin will go to 3k in July and 10k in December.  highs only.

adr's picture

I thought the entire point of the blockchain prevented different values of Bitcoin. That was the entire point. Bitcoin trading at a different value than that set by the blockchain wouLd be invalidated.

Bitcoin is trading at different values all over different exchanges making Bitcoin worthless as a currency. If you are a merchant, what price to you pick? How do you know how to set your prices?

tmosley's picture

Mt. Gox has essentially created its own bitcoin backed currency.

Just like dollars were over issued when they were backed by gold, Mt. Gox has overissued their currency as well.

And no, this does not make bitcoin "worthless as a currency".  Mt. Gox is de facto bankrupt, and everyone knows it.  No-one sends them dollars or bitcoins.  They only want to take them out.  You set your prices according to the prices on actual functioning exchanges, like this website does:

TheHound73's picture

There is absolutely no data related to fiat funny money stored in the blockchain.

fonestar's picture

didnt Fonerat say the fair value of Bitcoin was 1000 bucks?

There is no "fair value" for Bitcoin in dollars because the dollar is going to collapse and Bitcoin will thrive.

tip e. canoe's picture

thanks for the review dochen.   does he discuss how old those mines in S.Africa are?   like potentially 100,000+ years old?

ACP's picture

That may be, but what's easier and cheaper than the DOJ presenting a legal challenge to bitcoin?

Having a bunch of spooks with nothing better to do, disrupt the bitcoin market by fucking up a lightly funded, lightly staffed website that caters to currency trading of an illiquid nature.

NidStyles's picture

Yet weed is still illegal.... I know a scam when I see one...

johnQpublic's picture

funny, i dont see the price of weed tanking just because you can grow near infinite amounts of it



brought to you by girl scounts of 'murica

sessinpo's picture

Where can you grow near infinite amounts of it legally?

Citxmech's picture

Gotta say I like Washington State's program a whole lot better than Colorado's.

jbvtme's picture

fonestar...say i wanted to pay a vendor in europe for goods. could i redeem gold to bitcoin and effect the transaction immediately without a fluctuation in the price of bitcoin?

TruthInSunshine's picture

I might buy bitcoin @ $1 USD.

Actually, no I won't. Bitcoin has now fully been identified & targeted by governments as the leading exchange medium for criminal enterprise via the web, and a recent article laid out how btc essentially was a tool to transfer & launder money gleaned from credit card, banking & general identify theft fraud.

Anyone who believes governments & their taxing authorities are not going to mount the mother of all crackdowns on this medium, and all others like it, is incredibly naive.

Yeah, yeah - Satoshi, unbreakable code, blah blah

fonestar's picture

Haha you dumb fucks.  Yes, of course the governments will try and go after Bitcoin..... and they will fail miserably.  I predict it completely backfires on them and shows the world just how powerless they are (against online math puzzles).

Satoshi is a genius.  Krugman was right about Bitcoin being designed to destroy central banking.  Bitcoin is invincible.

TruthInSunshine's picture

I lost all my bitcoin in a tragic remote server lightning strike accident.

Tinky's picture

You would have been OK, except that your paper wallet was struck by a spark and also burst into flames.

Oh well.

fonestar's picture

Just because none of you want to send $100 million to Tehran or Damascus doesn't mean other people don't.  Open your minds to the genius of Satoshi Nakamoto!

HyBrasilian's picture

You should be more worried about the IRS...


You're already a publicly 'admitted' TAX CHEAT...

DoChenRollingBearing's picture

He's from Canada..., so you know it's OK...


Joke about Canada (fonestar won't mind):

Q: How do you get 30 drunk & rowdy Canadians out of the pool?

A: Just ask them.

unrulian's picture

Fair, however. let me be the first canadian hockey fan to say, for a completely different reason...


Gold Bitchez

new game's picture

canada is a nation  ruled by ____________?


b)the queen

c)the people

d)the shadowyptb