Bitcoin News in Review: Bitcoin Price, CryptoDouble, EgoPay, and More

Journalist:
Neil Sardesai @@neilsardesai
January 19, 2015

Happy Sunday, and welcome back to another Bitcoin News in Review, where we feature some of the top stories of the week, here on CryptoCoins News. This week, the bitcoin price dropped below $200 USD before slightly rising again to the low $200’s, bitcoin scam CryptoDouble disappeared with over 2000 bitcoins, bitcoin payments processor EgoPay ceased all trading, and more. Keep scrolling for this week’s top stories.

Bitcoin Price

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 Disappears with Over 2000 Bitcoins

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.”

EgoPay Ceases Trading

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.

Russia Blocks Several Bitcoin Websites

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:

bitcoin.org
indacoin.com
coinspot.ru
hasbitcoin.ru
bitcoinconf.ru
bitcoin.it
btcsec.com

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.

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That’s all for this week. Be sure to follow CCN on Twitter for the latest cryptocurrency news.

Images from Shutterstock.

Tags: russia
Neil Sardesai @@neilsardesai

I enjoy keeping up with the latest stuff in science and technology and have been following Bitcoin for a few years now. I also occasionally post cool stuff on twitter.