Bitcoin does work without the need for a trusted third party.   That being said you can't by technology prohibit people from using a third party.  Satoshi never outlined a system which would prohibit voluntary association.  Sadly many people opts out of the trusted third party model by using MtGox.  Not just using them as a temporary exchange service (and yes even in a model which has no trusted third party there is a level of trust needed between consumer and merchant/service provider), but using them as a long term storage of coins.  In essence using them as a bank without insurance or oversight.   

MtGox is dead.  Bitcoin still functions.  I made transactions all week long and none of them failed or were delayed because of MtGox.  Bitcoin is a revolutionary technology and for many concepts like


until now have seemed like quaint phrases.  Many people will never see the risk until after the catastrophic event.   It has now happened.  Hopefully people (collectively) will learn from this and use Bitcoin as Satoshi intended.  Keep control of your own wealth and don't hand that responsibility over to an untrusted third party.