4 ms·

TL;DR Bitcoins are possibly even more flawed than any other kind of currency. There is one person who controls the flow of Bitcoins and can unmake transactions

TL;DR Bitcoins are possibly even more flawed than any other kind of currency. There is one person who controls the flow of Bitcoins and can unmake transactions it doesn't like.

danenania 15y ago
You are confusing the currency with the exchange. It is definitely a weakness for bitcoin that a shady exchange has captured 90% of the market, but this problem isn't inherent to bitcoin. It seems likely that in the wake of news like this, new exchanges will be created to try to capitalize on MtGox's misfortune, and the exchange landscape will broaden. As long there is someone, somewhere willing to put up products or state currency in exchange for bitcoins, bitcoins will have their value. The best case scenario for bitcoin could be for MtGox to go down in flames because if it bitcoin held its value, it would prove that its fundamentals are sound, and its price is based on legitimate demand for an anonymous medium of exchange, not pure speculation. If a MtGox collapse did cause a bitcoin collapse, it would show that bitcoin is not the real deal, just the result of a speculative frenzy. This may be hard to stomach, but it's better than continuing to ignorantly pile money into a bubble so fragile it can be popped by the guessing of a single password. In my opinion this guy, if he really wants the best for bitcoin, should sue MtGox hard if he honestly thinks what they did is wrong/illegal/breaks contractual agreements. Let bitcoin sink or swim on its own merits.
jimktrains2 15y ago
Looks like someone is commenting on something they don't understand! Mt Gox doesn't do bitcoin trades (as in make tx in the main chain), they do trades inside of their own system and it's converted to btc when the user withdraws money. You cannot undo a btc tx (one in the block chain). Once confirmed, it's there.

4 ms·

TL;DR Bitcoins are possibly even more flawed than any other kind of currency. There is one person who controls the flow of Bitcoins and can unmake transactions

by napierzaza 15y ago

TL;DR Bitcoins are possibly even more flawed than any other kind of currency. There is one person who controls the flow of Bitcoins and can unmake transactions it doesn't like.

danenania 15y ago
You are confusing the currency with the exchange. It is definitely a weakness for bitcoin that a shady exchange has captured 90% of the market, but this problem isn't inherent to bitcoin. It seems likely that in the wake of news like this, new exchanges will be created to try to capitalize on MtGox's misfortune, and the exchange landscape will broaden. As long there is someone, somewhere willing to put up products or state currency in exchange for bitcoins, bitcoins will have their value. The best case scenario for bitcoin could be for MtGox to go down in flames because if it bitcoin held its value, it would prove that its fundamentals are sound, and its price is based on legitimate demand for an anonymous medium of exchange, not pure speculation. If a MtGox collapse did cause a bitcoin collapse, it would show that bitcoin is not the real deal, just the result of a speculative frenzy. This may be hard to stomach, but it's better than continuing to ignorantly pile money into a bubble so fragile it can be popped by the guessing of a single password. In my opinion this guy, if he really wants the best for bitcoin, should sue MtGox hard if he honestly thinks what they did is wrong/illegal/breaks contractual agreements. Let bitcoin sink or swim on its own merits.
jimktrains2 15y ago
Looks like someone is commenting on something they don't understand! Mt Gox doesn't do bitcoin trades (as in make tx in the main chain), they do trades inside of their own system and it's converted to btc when the user withdraws money. You cannot undo a btc tx (one in the block chain). Once confirmed, it's there.