Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

Actually i think gox was literally the case of what doesn't kill you makes you stronger. Gox was pretty much THE BTC exchange, and sort of had a monopoly and could (did) even set the price. It was ironic to have one centralized exchange thus one point of failure. And it did fail, BTC price took a hit, but now we're up to what like 5 "major" exchanges, and now no one exchange failure can (stamp Roll Eyes

) can have such catastrophic effect...growing pains

Very true. In the fiat world, Gox would have been "too big to fail", received a big bucket of taxpayer money and continued to lose its customers' money out the side-door.

Instead we just pick up and move on and make things better. The way it should be.

The final Goxxing was sad for the people involved (but hey at least money is all they lost!) but it underlines an important point about Bitcoin: if you mess up, there will be no bailouts. Finally full responsibility returns to the individual instead of residing with illusory promises like FDIC insured bank accounts. What this does is force the individual to become better at handling this responsibility. This is something we want, right?

This is sadly something we as a society have gotten away from. Now many people look to OTHER people to take care of them. When you do this you lose your self reliance and identity.