MtGox Resigns From Bitcoin Foundation, Deletes All Tweets From Twitter Feed
MtGox is resigning from the board of the Bitcoin Foundation as it remains unable to restart full operations after claiming to have been hit by a bug.
They've also deleted all Tweets from their Twitter account.
A person familiar with the situation said it was not clear when MtGox would next update users about its technical problems. "They seem to be struggling with everything," the person said via email. A second person said they did expect the exchange to make an announcement in the coming days.
Amid weaker U.S. growth and volatility in capital markets, China stands out as a beacon in the minds of many investors. It is widely assumed that China will continue to grow at about 7% without interruption and will, in time, surpass the United States as the largest economic power in the world.
This China growth story is one that investors take for granted. But investors are in for a rude awakening when they realize how much of the China story is false and how quickly it may come unraveled.
There is evidence that Chinese growth figures are manipulated by bureaucrats to please the political leadership, but that is not the biggest problem with the growth story. Instead, the composition of growth and its non-sustainability are the Achilles Heel. Economic growth is the sum of consumption, investment, government spending and net exports. Major economies work to achieve a sustainable balance among these elements. For example, too much government spending may result in high burdens of debt or taxes, or too many exports may result in trade wars, and so on. A sustainable mix is what is needed for strong long-term growth.
Well, dear reader, I'm about halfway through Jim's new book "The Death of Money: The Coming Collapse of the International Monetary System". I received an advance copy---and all I can say is that what Jim has to say about the goings-on inside China will curl your hair. His book easily falls in the must read category, but it won't be out until April, although you can order in advance.