Topic: [Community] Let's Move Forward From MtGox - page 2. (Read 1874 times)

Imma have to stop you right there.

1.
I have to say that the real 'community', aka frequent visitors to this forum and the subreddit saw this coming MONTHS ago and this was all generally expected. I myself pulled out my 5 BTC from btc-e recently @ $750 and planning to buy back in shortly. I am not a professional trader at all and to me this seemed like the obvious thing to do...

2.
No. Gox needs to die. Mark may be the most incompetent CEO but he's not the one who programmed their systems. He's also not the one that sends out confusing and piss-poor excuse of 'customer support'. He's also not the one who handles the interaction between authorities and banks. Their whole team is useless and needs to die in a fire together so we can move on as 'a community'. I am SURE there are angels and intelligent being somewhere in there, and I would shield them and herd them away from the other gox taint. As for their 'profitable business', that profit and surplus will be picked up by competent exchanges. There is no 'loss' to the community at all.

3. That document has not been officially validated. To me, it's just some random doc someone drafted up with maybe one page and one fact being real (maybe).

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The other stuff I actually agree with you on. Carry on preaching.

Make no mistake. The situation with MtGox affects all of us involved with crypto currency. The two things of most obvious concern are regulation, and confidence, both of which can be impacted by this situation.  

The magnitude of this has caught a lot of the community off guard, but assessing a problem accurately is the first step to finding solutions. I propose a few things to help us move past this.

First, let's show some maturity. It won't help any of us to dwell on the shortcomings of prior leadership at MtGox. I'll explain what I mean by "prior" in a second. Please, let's all do what we can to keep doom and gloom expressions about Bitcoin as a whole, its short term price, and whatever other fallout comes from this to a minimum. There are some who would gladly play on the fearful to make a short term profit.

This document appears to be a real action plan: http://www.scribd.com/doc/209050732/MtGox-Situation-Crisis-Strategy-Draft

Watching as things play out it makes sense. It appears MtGox is transitioning into more competent, professional hands, and will be re-branded as "Gox". This is a big positive for our community, as those with losses in MtGox have a better chance of some recovery with it still in existence. Aside from its problems, it has a very profitable business. The above document estimates existing liabilities at around 120M USD. Consider WhatsApp was just acquired by Facebook for 19 billion, and we're still early days in Bitcoin.

As someone noted in another thread this marks a turning point for Bitcoin, as it moves us further away from fly-by-night scams and amateur hour financial services providers. The MyBitcoin.com wallet scam was replaced by the reputable Coinbase. The debacle of Bitcoinica was replaced by the long stable BitFinex. Out of the ashes of MtGox we as a community will again emerge stronger.

As a community we can support this effort to move past the prior management. Pulling together our influence is great.

Second, we should pre-empt any possible regulation. There has already been volunteer announcements from exchanges for greater transparency of financial records. As a community we can support, applaud, and demand this for the good and protection of the whole ecosystem.

Last, we can do better with education and practice of smarter coin protection and handling. We should always remember to take ultimate responsibility for our own coin handling and financial decisions, but we need to teach others best practices too. Also, let's reward the business with plans that align well with keeping customer coins safe.