Japanese authorities to charge Mt. Gox CEO with fraudulent system manipulation _ Bitcoin bitcoin price target

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Because that’s exactly what he did, he kept trying to game the system. I’m pretty sure his line of thinking was that the bubble would crash then he could reap in the profits. The problem is he kept losing more and more with every short sell attempt he got in deeper and deeper in debt than he already was.Bitcoin price target the house of cards could only stay up so long and the higher the price went, the more the fake coins he had credited his account holders with would cost when they withdrew making his liabilities astronomical. The ridiculous thing is that the hundreds of millions of dollars he was liable for was probably only worth a few million or so originally.

This is the problem with short selling. You’re literally gambling with money you don’t have and it’s extremely easy to get in so far over your head that you keep doubling down hoping to break even again. I’m guessing that he had some other techbical issues that prevented him from accessing the 200k coins that were in his cold wallet which would have possibly kept him afloat much longer, but who knows if/when the bubble would have popped had he been able to.Bitcoin price target confidence in bitcoin would have stayed high and it could easily have gone even higher, making his debt even more expensive. That said, it could have tapered off and he may have been able to eventually gain some ground. It’s hard to know without looking at the transaction records, but it could have gone either way depending on if he could have kept up with customer withdrawals. Hell, every bank on the planet operates a fractional reserve so it’s not like it’s impossible.

Regardless, I think he just seriously made one bad choice after another trying to cover up what he was doing instead of realizing that he needed help. I think it’s pretty obvious that MK’s history of being the only one working on the code base and that everything basically had to go through him shows that he was doing everything he could to hide the truth.Bitcoin price target that ultimately is what makes me have no sympathy for him.

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