That's very pessimistic ... especially if you mention ***holes like btc-e.com as an alternative.
There is a vacuum to be filled, it will be filled, and it will be a lot better than MtGox. Fast forward 12 months and we will have completely different (and competing) players. Until then, enjoy the bumpy ride
There is a vacuum to be filled, it will be filled, and it will be a lot better than MtGox. Fast forward 12 months and we will have completely different (and competing) players. Until then, enjoy the bumpy ride
Bitcoin follows natural evolution. Didn't you expect shakes and turbulence? No need to panic. Bitcoin will finds its way. It may be bumpy, yes, but there's no other way. Going to Wall Street and stuff like that is not realisitc, nor desired for Bitcoin.
On the other hand, MTGOX can easily fix several problems in the short run. For example, limit trading API, introduce captchas, impose some limits on the trades so that people don't put hell lotta 0.001 trades and so on. I am sure there are working on these items.
But there is a good side of all this. Increase of awareness, PR, lot of noise. This was the price to be paid for making Bitcoin more popular.
Yes I did expect the bumps. The evolution was exactly my point. Bad exchanges / thieves will disappear and get replaced with better alternatives.
As for fixing problems at MtGox, you are assuming MtGox are competent. Everyone could see these problems multiplying every day for the last few weeks, so why didn't the management (presuming they have one) act before the cataclysm? The horse has bolted now.
The good side to me is:
1) There is nothing wrong with bitcoin itself
2) Everyone now understands one dominant trading platform, as with any virtual (sic) monopoly is a terrible idea
3) The complete lack of competence shown by MtGox can only hasten the competition to get their act together, and come to market
I really don't believe this idea that we are stuck with MtGox for good just because it currently high trading volume. Its a very amateur operation, as demonstrated by that press release they put out the day after the latest crash saying how "impressive" the stats were. Employ a PR person guys, don't have a geek write your fb press releases.