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I gave it the moment that it deserves, but I don't know if it's possible to over-discount what the CEO of a company with so incredibly much invested in said vir

by pistle 13y ago

I gave it the moment that it deserves, but I don't know if it's possible to over-discount what the CEO of a company with so incredibly much invested in said virtual-crypto-currency has to say. He's looking for reach to console everyone sitting tenuously on their virtual piles. "Oh, we're all better off for the massive amounts of consumer loss. Keep calm, carry on." Or, to put it another way, "Yeah, all those suckers with money at the largest exchange were stupid to be putting confidence in a stupidly run exchange. So glad everyone can feel better since a bad apple fell off. There are only good apples left now - trust me."

ewillbefull 13y ago
It's hard to overstate how much of a bad apple MtGox was. In 2011 they were hacked causing the first huge bitcoin crash -- probably still the largest crash ever in bitcoin's history. Yet because they had the most reserves, people kept the volume there. In 2012 their tech was incapable of supporting new volume and caused flash crashes. Yet because they had the most reserves, people kept the volume there. For most of 2013 nobody could withdraw anything from MtGox. Yet because they had the most reserves, people kept the volume there. No other exchange was this bad. Now you see why a lot of us are happy this company is gone. It just sucks they had to take so many people down with them.