The return of the king of Mt. Gox opens a new era of exchanges

Posted April 30, 2020 by abccjiak

In April 2020, former Mt. Gox shareholder Albert. Jey decided to restart the Mt. Gox exchange.
In April 2020, former Mt. Gox shareholder Albert. Jey decided to restart the Mt. Gox exchange.
The restart of MT.GOX is bound to drive a new pattern of global virtual currency transactions.

MT.GOX was established by Jed McCaleb in July 2010. In March 2011, Jed McCaleb sold MT.GOX to Tibanne Co. in Japan. It is now managed by Mark Karpelese and is the world ’s largest Bitcoin exchange. 70% of Bitcoin transactions.

As an exchange at the top of the cryptocurrency ecosystem, the advantages of the head and the huge benefits have always been the most competitive track. Especially since the peak of global digital currency transactions in 2017, emerging exchanges have sprung up constantly. According to CoinMarketCap data, the number of global exchanges reached 4,132 in June 2017. By June 2018, this number had risen to an astonishing 11,296.

Excessive exchanges have also caused chaos in the industry, and it is not uncommon for such activities as brushing, black box operations, and even running. Since MT.GOX was established 10 years ago, it has adhered to its true attitude of not brushing money or making fakes. It is now very rare for exchanges to bear user losses and embark on long-term debt repayment after encountering piracy. Choosing to abandon the trading platform is a very difficult decision. Either it is compensation indefinitely, or simply choose to give up and start anew. Some exchanges choose to end the failure, while some exchanges are responsible for reimbursing user losses. MT.GOX also encountered a major crisis in 2014, due to the restructuring experienced by hackers after stealing bitcoin, but unlike the exchanges that closed down and went bankrupt and liquidated, MT.GOX did not choose to escape, but took the initiative to bear the responsibility for the loss Investors pay compensation. MT.GOX has completed 90% of the investment compensation so far. Such an "attitude and responsibility" exchange has not only won the reputation of the industry, but also won the long-term trust of users, precisely because of the majority of users Support and trust, in April 2020, the original Mt.Gox shareholder Albert.Jehy decided to restart the Mt.Gox exchange.

As a veteran exchange, under the fierce trend of digital currency exchanges, it still relies on its own strength to rank in the world-class exchange ranking. MT.GOX is determined to serve global high-quality blockchain projects and promote the development of the global blockchain industry. With the vigorous promotion of industrial blockchain in the world, Mt.Gox is expected to invest 26,000 BTC as a market incentive after the restart. It is expected that the reward plan will end and Mt.Gox will enter the top three positions in the exchange's world ranking. This time Mt.Gox will focus on the development of the Chinese language market because existing Chinese language customers dominate the cryptocurrency market. Mt.Gox will develop lending services, blockchain games, decentralized contract transactions, blockchain live broadcasting, issuance of platform tokens, etc .. Devoted to the global blockchain industry and technological innovation, it is the development of global blockchain technology Contribute a force.

The user account registered with MT.GOX has two sub-saving accounts, one is used to save bitcoin, and the other is a cash account used to store USD or other foreign exchange. Users can buy and sell Bitcoin with the money in the cash account. MT.GOX does not support foreign exchange other than Bitcoin. Bitcoin trading is possible on the MT.GOX trading platform. Just like buying and selling stocks and futures, MT.GOX will sort the bitcoin buy and sell requests according to the rules and then start matching. If it meets the requirements, the transaction will be completed. Due to the discrepancy between the amount of buy and sell submitted by the user, a buy or sell request may be partially executed. For example, user A places a sell order of 100 Bitcoins / BTC for 10 bitcoins, while a buy order for user B only requires 5 Bitcoins for 100 $ / BTC. Then user A can only sell 5 bitcoins, and the remaining 5 are waiting for the next transaction to match. For transaction requests with insufficient funds accounts, MT.GOX will also be executed. For example, user A hangs out 10 bitcoins with a purchase order of 100 $ each, regardless of the handling fee. This transaction requires 1000 $ on A's account, but in fact A's account funds are only 500 $. Ignore user A ’s insufficient cash, and only execute transactions that meet the A account ’s amount of 500 $. Only 5 bitcoins can be traded, and the remaining 5 bitcoin transaction requests will be temporarily retained. If the cash is received, the remaining transaction request will also be included in the execution request.

It is precisely because of this user-friendly design that MT.GOX had huge fans in Japan, Britain, the United States and other countries and regions at that time to occupy most of the market.

Since the birth of Bitcoin and blockchain, all kinds of criticisms have been continuous, but with the development of science and technology in recent years and the general improvement of the world's user recognition, the recent blockchain industry has been popular, especially in China. Formally included in the "new infrastructure" category, and ready to invest up to 38.9 billion, the blockchain industry has gradually entered the era of the big wave. As an important part of the blockchain ecosystem, the competition between digital currency exchanges is becoming increasingly fierce, and the continuous bear market of digital currencies and the difficulty of increasing users have also cast a layer on the operation and competition of digital currency exchanges. Thick dark clouds.

The current battle for digital currency exchanges is not only a battle for strength and user traffic, but also a battle for ideas and strategies
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Issued By sell
Country Australia
Categories Blockchain
Tags 26 , 000 btc , albert jey , mtgox
Last Updated April 30, 2020