Loading ...That rant I wanted to post on a well-used, technical BTC forum I found was tightly moderated. As a ‘newbie’ first-time poster, I was isolated until moderators approved the post. When the experienced old BTC developers read it, it was publicly posted immediately and I was made a full member with full access… based solely on the thoughtful content, I was told. (I never used that forum again… can’t even remember the name now.)
But that phrase “…up against all the money in the world” is something we learned as goldbugs, but the BTC community was quite ignorant of what they were up against. That phrase resonated with MANY BTC users who replied to it. It was a revelation for many. I even received ‘feelers’ from developers who wanted me to design secure systems for their BTC exchanges in developement. I had to tell them I did not have the technical expertise for that.
The MT Gox fiasco was about $10 million when done, but it was a huge market hit as that exchange was the only real market-maker of global exchange at that time. While this recent hack of Bitfinex is much larger at $60 million, it is not as devastating to the marketplace as there are now a good handful of other viable bitcoin exchanges to absorb trading action. Percentage wise, BTC did not fall as far this time as the MT Gox crash did. There are no regulatory safeguards on BTC exchanges as with stocks or other bank-sponsored exchanges. It really is about the trust and competence of the exchange. Who do you trust? This really is the lawless ‘wild west’, and you have to safeguard yourself.
And the Chinese are still looking for ways to export their wealth in clandestine fashion, so I expect the BTC market price to recover from this with not too much trouble.
Here’s something you will never see…. a physical bitcoin!
This was a promotional token from a place I did business with.