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Author Topic: What is the next MtGox?  (Read 1761 times)
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April 15, 2016, 12:03:40 AM
 #41

I dont think Craptsy could be new MtGox. At time ppl were "goxed", MtGox had huge market share (i think allmost 70%) so that shit cant happen again. Craptsy will most possibly turn to scam but not nearly that big, they are almost irrelevant.

Sorry for the bump, I was trying to find the long list of failed sites and schemes, scams even.   But anyway I remember the run up to mt gox and it was very well telegraphed that something not quite right was occuring.   There was a big price disparity to the rest of the free markets and many speculated how this could continue if everything were healthy as normal market arbitrage reduces very great price differences and of course we found out the reason.   I did not quite understand what was happening or why mtgox was so iffy in its usage, I opted to stay with really easy to use sites.
 Just my perspective from back then, anyhow the cryptsy tale has unfolded now, Im not aware of anything similar elsewhere but I did want to find the long list of sites going into the hundreds if anyone knows the one I mean as I received a recent list of failed coins and blockchains to contribute

Quote
MtGox had huge market share (i think allmost 70%) so that shit cant happen again
BTC does continue to have overly centralised production/storage, I think its a problem every time even before any stoppage/failure

.........It is never late to buy BTC for $1........
......Services-backed cryptocurrency of......
............$1 000 000 000 000 market.............
.............PRE ICO            Sept.27 – Oct.4..............
       .............ICO            Oct.10 – Nov.7..............
......................ANN thread      Bounty...................

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April 15, 2016, 12:33:07 AM
 #42

I dont think Craptsy could be new MtGox. At time ppl were "goxed", MtGox had huge market share (i think allmost 70%) so that shit cant happen again. Craptsy will most possibly turn to scam but not nearly that big, they are almost irrelevant.

Sorry for the bump, I was trying to find the long list of failed sites and schemes, scams even.   But anyway I remember the run up to mt gox and it was very well telegraphed that something not quite right was occuring.   There was a big price disparity to the rest of the free markets and many speculated how this could continue if everything were healthy as normal market arbitrage reduces very great price differences and of course we found out the reason.   I did not quite understand what was happening or why mtgox was so iffy in its usage, I opted to stay with really easy to use sites.
 Just my perspective from back then, anyhow the cryptsy tale has unfolded now, Im not aware of anything similar elsewhere but I did want to find the long list of sites going into the hundreds if anyone knows the one I mean as I received a recent list of failed coins and blockchains to contribute

Quote
MtGox had huge market share (i think allmost 70%) so that shit cant happen again
BTC does continue to have overly centralised production/storage, I think its a problem every time even before any stoppage/failure
I type this specifically about the last part, people centralise their Bitcoin willingly, no-one is forcing them to do anything. It all comes down to how willing people are to allow their assets to be centralised for the sake of convenience.














 

 

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STT
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April 15, 2016, 08:51:33 PM
 #43

Oh yea, Im not blaming any one section in particular.  Its human nature to take the easiest shortest route in anything and security is often compromised by doing so, habits become predictable and entry into otherwise secure systems occurs.    Thats the basis of phishing and other similar tricks.    

The normal pattern for capitalism, unadjusted by helpful government agencies is to navigate failure basically.  Bitcoin is out in the wild west so we must expect failure and its totally normal, I personally dont believe in massive regulation.  I think we have to find solutions ourselves, Im just calling out that part of the mtGox and cryptsy failure was self invented.   All I see on those threads are people calling out 'bad guys' but the seed of a problem exists in every site,  customers partake in this willingly and must take responsibility for risk.  

  Outside of website/personal failures, bitcoin itself might be heading towards a problem by not making decentralisation easier, instead we are packed together (too much imo)

.........It is never late to buy BTC for $1........
......Services-backed cryptocurrency of......
............$1 000 000 000 000 market.............
.............PRE ICO            Sept.27 – Oct.4..............
       .............ICO            Oct.10 – Nov.7..............
......................ANN thread      Bounty...................

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