Post
Topic
Board Bitcoin Discussion
Re: The very essence of BTC got hurt
by
cr1776
on 26/02/2014, 16:58:53 UTC
One of the essences of BTC is that you are in charge of your own financial life.  If you have delegated that to someone - MtGox for example - then you have to be darn sure that they are competent and honest. For nearly 3 years, Gox has had issues and although there have been promises of them fixing them, they didn't.  And yet people kept leaving coins there.

Remember, if you don't have your private keys, your coins are just ledger entries on someone else's books and you don't really own them.



Sadly the very essence of BTC got hurt with the fall of MtGox. BTC was here so that people would not have to wory about loosing their funds. And here we are with similar crroks (Mark) as in the traditional banking system. And it does not get better when out BTC Jesus favours his friends at MtGox! He admits it in this youtube video https://www.youtube.com/watch?v=GRIJ_jpmwzo

So what are we left with? A volatile currency that is complicated to buy and hard to spend. Yes, every day we have more merchant accepting bitcoin. But why would a newcommer buy BTC so that he can save some money of his purchase at overstock? With all the hassle it does not make sense for him / her.

Yes, BTC will still stand, but sadly more as a speculative asset. And with far less intrinsic value (trust) in the system!

Hope I will be proven wrong becasue I still have 50% of my coins left.