[2014-02-21] Free Market Cafe "Descending Mt. Gox"

[aigeezer]

Good coverage of the Gox meltdown, imho.

http://freemarketcafe.com/2014/02/descending-mt-gox/

The author, Joel Bowman, is special for me - I first heard about BTC from his articles shortly before the crash of April 2011 and I signed up with Gox just in time for them to lose my email addy to intruders. As a result I've been getting spam to that email account ever since, so Gox has never been far from my mind even though I never used my account with them. Heh.

Aside: I just took a trip down memory lane by Googling "bitcoin crash april 2011". Do it if you have a free moment - the breathless predictions of doom are hilarious reading today and can help to keep the present situation in perspective.

[LiteCoinGuy]

history repeat itself 

[cryptoanarchist]

Great article! 

[TraderTimm]

Good coverage of the Gox meltdown, imho.

http://freemarketcafe.com/2014/02/descending-mt-gox/

The author, Joel Bowman, is special for me - I first heard about BTC from his articles shortly before the crash of April 2011 and I signed up with Gox just in time for them to lose my email addy to intruders. As a result I've been getting spam to that email account ever since, so Gox has never been far from my mind even though I never used my account with them. Heh.

Aside: I just took a trip down memory lane by Googling "bitcoin crash april 2011". Do it if you have a free moment - the breathless predictions of doom are hilarious reading today and can help to keep the present situation in perspective.

Quite right, and I'm glad you pointed that out. We've been here before - of course under different circumstances, but the emotions are very similar.

On another note, I sent you a PM a while ago aigeezer, was wondering if you ever got that.

[doug]

This is a good article

[aigeezer]

On another note, I sent you a PM a while ago aigeezer, was wondering if you ever got that.

Got it, thanks. Good info!

[hilariousandco]

Yeah, it is a great article and probably the best and most concise on the Gox fiasco.

Welcome to the Free Market. No bailouts. No subsidies. No taxpayer-funded lifelines for corporate crybabies and greasy-palmed hucksters. And no treating customers like s@#t.

Well, unless you're Gox.

[aigeezer]

I hope nobody minds if I bump this. Someone just sent me a fresh quotation from the author, Joel Bowman. The context is new Fed chair Janet Yellen testifying to government:

"Yellen admitting (rightly) that she has no authority over ‪BTC‬ is like the world's most influential astrologer confessing he has no jurisdiction when it comes to ordering the planets around the heavens. The reality remains unchanged by such pronouncements...but the village folk are amazed nonetheless."

Bowman has a way with words. I'm glad he's on our side.       

[Bit_Happy]

So-called “market failures” are really very healthy functions of the market itself. Rather than “failures,” they are actually incredibly valuable lessons. In a way, they’re more like lighthouses, helping guide other businesses away from the dangerous rocks of inefficiency and bad management and toward profitability and progress. When the State intervenes to “save us” from “failures of the market,” they’re really just turning out the lights, leaving businesses adrift and uncertain as to the right direction to take.
....
Welcome to the Free Market.

[jadagles]

I hope nobody minds if I bump this. Someone just sent me a fresh quotation from the author, Joel Bowman. The context is new Fed chair Janet Yellen testifying to government:

"Yellen admitting (rightly) that she has no authority over ‪BTC‬ is like the world's most influential astrologer confessing he has no jurisdiction when it comes to ordering the planets around the heavens. The reality remains unchanged by such pronouncements...but the village folk are amazed nonetheless."

Bowman has a way with words. I'm glad he's on our side.       

Indeed he has, great quote! Love the this part "The reality remains unchanged". This show clearly that bitcoin will be bitcoin even if all of them don't want to.