Big news in Bitcoin

At the time of writing, it seems very likely that the Mtgox Bitcoin exchange has stopped trading, and most likely will not resume again soon. (Here’s some evidence).

We were using Mtgox for our prices, because when we added BTC as a market in September 2013, at that time it was the biggest bitcoin exchange in the world. Fortunately we have prepared for this event and this post explains how we’ll handle the situation.

Zero Risk

As always, our users faced absolutely no risk – since not one of them has ever paid or invested a penny to use Spark Profit. That’s why we call it “Day-trading with no downside” and strongly recommend anyone interested in trading to start with Spark Profit first. There are all sorts of very real risks of personal loss in the financial markets.

Your existing BTC predictions will be stopped

All bitcoin predictions will be stopped before the end of the week.

The future of Bitcoin

Bitcoins are far from dead. Other exchanges, without the technical and operational problems that Mtgox had, are still operating fine. We do not like to speculate on any price movements – that’s for you! – but the underlying technology of bitcoin is still just as revolutionary and interesting as it was last week.

The future of BTC predictions in Spark Profit

We will move to a new BTC price provider on or before this weekend. At that time, the price will suddenly jump up (this is because the BTC price on other exchanges is much higher, reflecting the reduced counterparty risk of those exchanges). However, since all predictions will be stopped before then, no-one will be able to profit or lose from that one-off price jump.

At some point in the future we may choose to move to a blended BTC price, but it will be done without causing price + scoring shocks.

Any questions

As always, if you have any questions about Spark Profit, just email us at [email protected].

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