First Bitcoin Bankrun Resulted Some Interesting Outcomes

Since the crash of Bitcoin at Mt. Gox, people with Bitcoin trapped at Mt. Gox were in a total nightmare. They cannot withdraw money directly from Mt. Gox, they cannot really sell their Bitcoin to anyone else as people all trying to get back their money at once. This ongoing chaos has pushed Bitcoin price down to USD $100-$200 range at Mt. Gox only.

Now, a company called Bitcoin Builder has stepped in to take advantage of the situation. They are offering to take Bitcoin from other Mt. Gox clients at a steep discount rate. Anyone can arrange to transfer their Bitcoin within their Mt. Gox account to the Bitcoin Builder account at Mt. Gox. In exchange they get back a small percentage of Bitcoin back at any destination they have chosen.

Effectively Bitcoin Builder assumed the risk from the panic holders in exchange for a potential windfall.

A very smart move with limited risk!

http://www.coindesk.com/has-company-found-workaround-mt-gox-withdrawals/

The other interesting development from this fiasco is that some clients of Mt. Gox choose to protest against the company at its physical location. They have been met with less than helpful assistance from the Japanese government. This is definitely a new low in line with the other governments on how they treat the Bitcoin community.

http://www.coindesk.com/japanese-police-shut-down-protest-gox/

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