^Until that day, they remain an unforgivable embarrassment
Yes, an unforgettable reminder that if you don't control your keys, you don't own shit!
Same goes for many markets...
I'm anticipating the day when some other markets start to unwind and people begin to realize that they are only holding promises, well, I only hope they are as calm.
There is something called regulatory oversight, yes it sometimes does not work but it prevents things from going as bad as it went with gox.
Deal with it wingnut.
LOL!
Just like it prevented Lehman Bros.?
Or maybe going from less than 1 trillion to more than 18 trillion in debt during the reign of Obama was a good thing?
You can take your "regulation" and shove it, my friend.
*edit* mtgox was a corrupt, failing institution, but at least it was allowed to fail. Some people lost money in that fiasco , but at least the losses were absorbed by the parties involved, not spread upon the general public like what happened in 2008. I have no faith in a regulatory system that exits only to prevent competition and does nothing to prevent corruption.
Yeah 2008 was bad, and it was partly caused by lack of regulatory oversight, which in term was caused by wingnut lobbying groups in politics.
Interesting that you call mtgox an "institution", last time I checked that was a company. You are so deeply entrenched in the language of far out right wing politics (sometimes called libertarianism) that how you express things stops making sense to regular people.
Institutions are "stable, valued, recurring patterns of behavior."[1] As structures or mechanisms of social order, they govern the behaviour of a set of individuals within a given community. Institutions are identified with a social purpose, transcending individuals and intentions by mediating the rules that govern living behavior.
Examples given include (but are not limited to):
- social institutions like marriage
- religious institutions
- political institutions
- business institutions like corporations.
you seem to be so deeply entrenched in the far left side of what you believe to be a right-left spectrum of political thought, that you are starting to bend the meaning of words to better conform with your particular world-view.