This is a bit bigger than Silk Road in terms of the amount of money people will probably lose but it wouldn't surprise me if something similar to the rally that followed the Silk Road take down happens. It's going to put Bitcoin in the news, this is the best entry price in the past 4 months, and Mt.Gox going under means the unethical players continue to shake out which can only be good.
Mt.Gox going under means the unethical players continue to shake out which can only be good.
I'm not completely clear on the details (likely no one is), but it seems to me that the unethical players stole a lot of money and got away scot free. Lots of innocent people lost money, and yes mtgox, an incompetent player, will get shaken out. That doesn't exactly seem like a stellar outcome.
When I say unethical players I mean Mt.Gox who's master plan was apparently to hide their insolvency while at the same time creating enough uncertainty to tank the price so they could arbitrage their money problems away.
Well, I meant the people actually stealing money, who don't seem to get mentioned much in this whole discussion. What Empty Gox has done is not really good or right or anything, but deliberately stealing is worse in my book.
Comments
This is a bit bigger than Silk Road in terms of the amount of money people will probably lose but it wouldn't surprise me if something similar to the rally that followed the Silk Road take down happens. It's going to put Bitcoin in the news, this is the best entry price in the past 4 months, and Mt.Gox going under means the unethical players continue to shake out which can only be good.
I'm not completely clear on the details (likely no one is), but it seems to me that the unethical players stole a lot of money and got away scot free. Lots of innocent people lost money, and yes mtgox, an incompetent player, will get shaken out. That doesn't exactly seem like a stellar outcome.
When I say unethical players I mean Mt.Gox who's master plan was apparently to hide their insolvency while at the same time creating enough uncertainty to tank the price so they could arbitrage their money problems away.
Well, I meant the people actually stealing money, who don't seem to get mentioned much in this whole discussion. What Empty Gox has done is not really good or right or anything, but deliberately stealing is worse in my book.