Ok, good, so Coinseeker has exposed himself as an absolute idiot:
80% of global trade volume != 80% of USA trade volume.
Really, dude, that's a pretty hilarious mistake you made there. Don't do it again
Furthermore, the assumption that government intervention to an exchange would cause a price crash is counter to the vast majority of examples that we can find throughout history. Granted, we are talking apples to oranges in all cases, but we can mix analogies. For instance, government intervened and tried to stop torrent downloads. They are more popular than ever before - even though people have to wade through dozens of fake torrent sites and lots and lots of really bad advertisements and malware links just to find the torrent they need. Government intervened and tried to stop drugs. More people (per capita) use drugs than ever before, despite less-than-ideal purchase methods, and drugs cost more than ever. There are other online currencies that were shut down (e-Gold, etc) but those were centralized with single points of failure. Drugs don't have a single point of failure, P2P torrent systems don't have a single point of failure... and as much as the butthurt bears would like us to believe it, Mt.Gox is not Bitcoin's single point of failure. I've said it before and I will say it again... Mt.Gox dying a slow, painful death at the hand of U.S. and Japanese regulators is the BEST POSSIBLE thing that could happen to bitcoin at this point in time.
Think about it... people will FINALLY stop using Gox! OTC and other exchanges will finally rise to the occasion. People will stop making chicken/egg excuses like "lol volume" or completely made up excuses like "there is no US based exchange" or "no US based exchange accepts X funding method."
One exchange having 80% of market share was NOT healthy for bitcoin. Gox needs to crash and die before Bitcoin can succeed!
80% of global trade volume != 80% of USA trade volume.
Really, dude, that's a pretty hilarious mistake you made there. Don't do it again
Furthermore, the assumption that government intervention to an exchange would cause a price crash is counter to the vast majority of examples that we can find throughout history. Granted, we are talking apples to oranges in all cases, but we can mix analogies. For instance, government intervened and tried to stop torrent downloads. They are more popular than ever before - even though people have to wade through dozens of fake torrent sites and lots and lots of really bad advertisements and malware links just to find the torrent they need. Government intervened and tried to stop drugs. More people (per capita) use drugs than ever before, despite less-than-ideal purchase methods, and drugs cost more than ever. There are other online currencies that were shut down (e-Gold, etc) but those were centralized with single points of failure. Drugs don't have a single point of failure, P2P torrent systems don't have a single point of failure... and as much as the butthurt bears would like us to believe it, Mt.Gox is not Bitcoin's single point of failure. I've said it before and I will say it again... Mt.Gox dying a slow, painful death at the hand of U.S. and Japanese regulators is the BEST POSSIBLE thing that could happen to bitcoin at this point in time.
Think about it... people will FINALLY stop using Gox! OTC and other exchanges will finally rise to the occasion. People will stop making chicken/egg excuses like "lol volume" or completely made up excuses like "there is no US based exchange" or "no US based exchange accepts X funding method."
One exchange having 80% of market share was NOT healthy for bitcoin. Gox needs to crash and die before Bitcoin can succeed!