A lot of the trolls on CNN's comment section were gloating yesterday, but we are having the last laugh, when you think about it the Lehman Brothers or Bear Sterns of the crypto world folded yesterday...and nothing happened. In fact BTC and other alts are rallying because of it. If Mt Gox were a major US bank, we'd be having fed policy makers locked behind doors for days on end figuring out how to bail them out and arguing if we don't do anything, bitcoin could suffer a "Catastrophic" collapse.
More accurately, BitInstant was more like the "Bear Stearns" of the Bitcoin market. When it folded, not just Keynesians but Austrian economists predicted the end of Bitcoin. Instead, Bitcoin rose 800%.
MtGox is like the JP Morgan Chase of Bitcoin. Anything analogous is completely unprecedented in fiat banking.
I am convinced '08 was nothing more than a big lie to steal trillions in wealth from middle-class Americans with fears that if we don't bail out the big banks, our whole economic way of life is on the line.
It was.