Mt.Gox is crashing and Thailand goes flip flop on Bitcoin. Weekly news update…

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Mt. Gox Bitcoin Collapse Continues, Bitcoins At $100 dollars

Mt. Gox has been getting hammered over the past few weeks. What started out as a cyber security threat has now threatened the stability of Mt. Gox, and consequentially, the Bitcoin system as a whole. Bitcoins bottomed out at $91 dollars on the exchange and some are now wondering if Mt. Gox’s collapse is inevitable.

To be clear, Mt. Gox’s prices no longer reflect the price of Bitcoins on other exchanges. On Coindesk.com, Bitcoins are selling for about $564 dollars. The current threat is limited primarily to Mt. Gox, but given the exchange’s importance to the Bitcoin community, the impact could be widely felt.

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Gavin Andresen Urging Companies To Support Open Source Code

Bitcoin was founded as an open source, community driven project. Now that the currency is taking off, however, many companies are focusing closed source programs. Gavin Andresen, the chief scientist at the Bitcoin Foundation, is now urging companies to support open source efforts within the Bitcoin community.

Reportedly, Mr. Andresen sent an email to leading Bitcoin companies, chiding them for not making more serious efforts to support open source. Mr. Andresen points out that getting open source software to the market can be quicker than closed source, but requires the effort of the entire community to test and improve the code itself.

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First US Bitcoin ATMs Coming Operational

It was only a matter of time before Bitcoin ATMs landed in the United States. Still, many have been wondering where the ATMs would be established. Now, leading Bitcoin ATM company Robocoin, has opened an ATM in Austin, Texas and plans to open another in Seattle in the coming days.

Robocoin manufactures its ATM machines in Arizona and has the capacity to build between 200 and 250 units per month. The company is aiming to establish ATMs around the world. The company launched its first ATM in Vancouver and processed more than $1 million dollars worth of business in the first month alone.

Another company has launched a Bitcoin ATM in Boston. Meanwhile, others are reporting that a Bitcoin machine has become operational in New Mexico.

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Israel Mulling Bitcoin Regulation

Israel has warned its citizens about the risks involved in Bitcoin investing, and is now considering regulating the currency. So far, most national governments have strayed away from getting too deeply involved in Bitcoin, but the Israeli government is growing increasingly concerned. The government cites macroeconomic risks, the use of the currency in illicit activities, and other factors as reasons for concern.

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Thailand Continues To Flip Flop On Bitcoin

First Bitcoin was illegal. And then it was legal. And now it might be illegal once again. The Thai government simply can’t make up its mind in regards to Bitcoin. Thai Bitcoin exchange Bitcoin Co Ltd. has once again received threatening comments from the Bank of Thailand. This comes only days after the Thai exchange reopened following a previous shut down.

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Brian Booker

An international financial analyst and writer. He has consulted for the Malaysian government, various MNC's, and other organisations. He focuses on currencies, commodities, and emerging South East Asian markets.

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