The bitcoin price dropped to nearly $150 USD this week, before going back up to the low 200s. This continues the long downwards price trend we’ve seen over the past few months. Some argue that payments processors like BitPay have been driving the price down, since many bitcoin merchants immediately cash out to fiat. However, what’s more likely is that there are simply more coin holders willing to sell than there are buyers willing to pay, and constant selling causes a chain reaction that drives the price down. If you’re interested in the latest, exclusive, and in-depth bitcoin price analyses, be sure to check out CCN’s new community – xbt.social.
CryptoDouble seemed like a scam from the beginning – a site promising to “double your coins in just 100 hours GUARANTEED”. However, despite warnings from more advanced bitcoin users, many invested in the ponzi scheme, and CryptoDouble has now run with at least 2233 BTC. CryptoDouble claimed to be a victim of a DDOS attack, though that was one of the last public messages from the site’s twitter account.
“There is highly coordinated and massive DDOS attack on CryptoDouble taking place right now. Our engineer handle it. Please allow some time. – Service is recovering now. We are still monitoring and analyzing the issue. All payouts will be processed shortly.”
Bitcoin payments processor EgoPay has ceased all trading, and many believe the site’s owners have stolen millions from customers. EgoPay was already having issues in early January where many customers had their accounts frozen. EgoPay never provided a detailed explanation, and instead, offered this generic response:
“EgoPay Members will be experiencing higher than normal review times for all withdrawals and deposits as EgoPay is currently conducting a system migration. EgoPay will now be able to provide a more secure network for all members through which to complete their online transfers. EgoPays standard review time frames and service level agreements will return to normal and EgoPay appreciates your cooperation and understanding.”
But now, it seems like frozen funds have disappeared from EgoPay’s system entirely. EgoPay hasn’t responded to questions from any journalists, and the site’s information has been hidden with WhoisGuard.
In preparation for the somewhat rumoured, somewhat confirmed Russian bitcoin ban, Russian telecom regulator Roskomnadzor has blocked access to several bitcoin-related websites. Russia believes bitcoin contributes to the growth of the “shadow economy”. Among the blocked websites are:
However, the reality is that bitcoin is very difficult to block due to its peer-to-peer nature. There is no centralised entity that can be taken down.
That’s all for this week. Be sure to follow CCN on Twitter for the latest cryptocurrency news.
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