3 ms·
Failures are always obvious in retrospect. That being said I can't believe people left hundreds of thousands of USD worth of bitcoin in gox. I'm reading stories
by dmm 13y ago
Failures are always obvious in retrospect. That being said I can't believe people left hundreds of thousands of USD worth of bitcoin in gox. I'm reading stories of people putting lots of money they could not afford to lose in something they obviously did not understand. I guess I just don't understand why people would do that.
> MtGox users largely have themselves to blame.
I agree but there is plenty of blame to go around. Right up until gox suspended bitcoin withdrawals almost everyone was quoting the gox price for over-the-counter transactions. Every time the gox price was used it gave mtgox.com legitimacy.
- corford 13y ago>Right up until gox suspended bitcoin withdrawals almost everyone was quoting the gox price for over-the-counter transactions. Every time the gox price was used it gave mtgox.com legitimacy. You are absolutely right about this and it certainly didn't help. I guess inertia and the fact that up until withdrawals were suspended MtGox were the second largest exchange by daily trading volume.
- beat 13y agoIn investment, there's a basic triangle of risk, liquidity, and return. Choose two. But people are greedy and stupid. They see high return with high liquidity, and deliberately ignore the risk. Bitcoins look like a great way to get high returns with high liquidity, and the promise of "security" based on the non-involvement of evil oppressive governments. That's a fool's game, because government is not usually the threat to your wealth. Step out of the law-backed guarantees and rich ecosystem of fiat currency, and there's basically no one to protect you from theft.