It is true that someone created this great decentralized commodity... and then we created a few simple points of failure in the form of exchanges. MtGox has been failing since mid 2013. An exchange you can't get money out of quickly and easily is not really an exchange.
It looks like the market has spoken with today's 50% collapse in GoxCoins, on top of the previous 50% discount. I don't know how MtGox digs its way out from here. Offering a discount on trades and maybe some free money to new customers just isn't going to cut it. Their rather ambiguous 20 February update about having to move due to 'security issues' was a terrible move. They've made the information vacuum go nuclear. Were angry customers turning up at their address demanding their money back or something?
It looks like the market has spoken with today's 50% collapse in GoxCoins, on top of the previous 50% discount. I don't know how MtGox digs its way out from here. Offering a discount on trades and maybe some free money to new customers just isn't going to cut it. Their rather ambiguous 20 February update about having to move due to 'security issues' was a terrible move. They've made the information vacuum go nuclear. Were angry customers turning up at their address demanding their money back or something?
Agreed. Those praising the market collapse on MtGox don't understand that the same could happen, with some manipulation, on other exchanges too.
And then bitcoiners will be left with worthless digital tulip bulbs. Exchanges should be properly regulated and periodically audited.
MatTheTroll, Jimbo, BitcoinBobbeh, please stop spamming my thread. (Wall observer is great for that)
Tzupy: I think that "properly regulated and periodically audited" is a slippery slope that can crush innovation. Perhaps the most important thing regulators could do is give a free(r) pass for companies that move under X*10^6 (say) dollars per year, and almost no regulation for < 1 million.
What exactly is your thread trying to accomplish? The shared opinion here is that Gox is awful, and should be allowed to slip away for the good of Bitcoin. It's what 99% of us think, and it's what you wrote. Nothing new. It's not even speculative, (look at which forum we're in) just an opinion piece.
I happen to agree with you - but it has been done to death and the brighter personalities on this forum are going to have some fun with you whilst I cheer them on.
