Topic: Reminder how to fix the MtGox situation.. (Read 2102 times)

Before we consider a decentralized exchange, let's have a look at the distributed exchange:

Counterparty/XCP Announcement:

https://bitcointalksearch.org/topic/annxcp-counterparty-pioneering-peer-to-peer-finance-official-thread-395761

Most of the functions are ready to use right now.

Solution:  A decentralized exchange.

They are in the works, and will be the reality soon.  Gox is a dead man walking (thank God)!

The community has to dismiss the bitcoin foundation and the dismissal has to be public and made by known figures among the community.
The foundation is corrupt, but most of the newcomers trust it and MtGox with it.
AND THEN, there has to be a self-regulatory system, with quarterly audits and check-ups on the exchanges, so that all the $ and BTC are on the bank accounts and in BTC wallets. Without this system, there is no way in trusting if an exchange is honest or not.. Without this system, every exchange is tempted to gamble with their customers money. Most people won't stay honest if there are no consequences.

But, let's not do this... because burying our heads in sand is the way!
Good job everyone!

+100500

just remove MTGox tickers from merchant sites, bitcoin average sites. then dig the hole in the sand, not for our heads, but to bury mtgox in

I can see that your head is not in sand. Please hide your head in sand and do it quickly, or else the free market can't sort everything out.

Good job everyone else, with the lack of replies. It shows that you all are doing really well in hiding your heads in sand.

As we see, MtGox has been the cause of most crashes. They have the ability to throw the market around every direction they want. Only someone with mental retardation can see that these situations have been accidents, and no insider trading is done by MtGox and it's associates.

Now, I have to remind you all!
Everyone just hide their heads in sand and let the free market sort everything out. I know that the majority of community are already skilled in hiding their head in sand, but this reminder goes to all the new investors out there.

In this picture we see a respected bitcoin community leader demonstrating how to hide ones head in sand, while the free market is sorting everything out:



The community should not invest it's time and money in creating information channels that inform everyone about the dangers of MtGox. The community shouldn't come together to offer solutions about how to shun MtGox exchange from the entire market system. The community shouldn't think of new ways how to keep the integrity of the market without government regulations.
The best way is to Hide your head in sand!

The current popular method of hiding ones head in sand is to hope that MtGox will go out of business anyway, so nothing needs to be done. (except hide your head in sand of course). This method has worked for a long time, and it will probably work for the coming years! All because everyone are doing such a good job in hiding their heads in sand.