Agree that lots of small crappy exchanges with incorrect legal status will pop up, but that doesn't mean that at least one or two or three large-ish buttercoin

Agree that lots of small crappy exchanges with incorrect legal status will pop up, but that doesn't mean that at least one or two or three large-ish buttercoin ones won't start up. I think that will happen. So your point is partially correct, but it doesn't matter, because larger ones will pop up. There is nothing to stop Gox from migrating to buttercoin either. I think the first credible implementation that doesn't have any major red flags in terms of trustworthiness or being run by amateurs will quickly siphon off volume from Gox.