Yes, trades are executed by phone. There's no central point at which orders are exhibited. There's no bid and ask. MMs can facilitate trades, if they want, but they aren't obliged to do that.
Some brokers will allow you to trade BITCF online. Others will insist that your call your order in, but they don't charge extra for that. Some will not allow buy orders. You'll be able to track trades here on IHub or at any site that offers time and sales.
If any class action is actually certified, and I doubt it ever will be, shareholders might get something back. But it'd be pennies on the dollar.
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