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Author Topic: 2013-04-12 Falkvinge.net - What We Learn From This Bitcoin Correction  (Read 2136 times)
Stephen Gornick
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April 12, 2013, 09:52:30 AM
 #1

What We Learn From This Bitcoin Correction
by Rick Falkvinge

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An exchange [Mt. Gox] that has a ten-minute lag in trading orders at best, and is completely unreachable at worst, can barely be taken seriously as a hobby project – and certainly not as the main hub of a next-generation billion-dollar trading system. MtGox shutting down trading mid-correction was just the icing on the cake that confirmed this.
[...]
his was not the second peak, but something like the fourth or fifth similar event. We can be certain it is not the last.
[...]
Most importantly, failure or success of short-term speculation is irrelevant to bitcoin’s eventual success as a decentralized, resilient currency.
[...]
The good news, as said, is that we may expect a lot of [the exchanges] to be fixed by the next time this happens. Maybe in the spring of 2015, maybe sooner, maybe later.

 - http://falkvinge.net/2013/04/12/what-we-learn-from-this-bitcoin-correction/
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April 12, 2013, 10:28:19 AM
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> Most importantly, failure or success of short-term speculation is irrelevant to bitcoin’s eventual success as a decentralized, resilient currency.

Most of the recent peak I wonder was those looking for quick profit rather than understanding Bitcoin. So long as a base floor of those holding coins increases, there won't be a problem with Bitcoin establishing itself. I'm very encouraged by what I've seen to date and expect we'll see the results from of a lot of investment in Bitcoin's future over the next year or two. Obviously exchanges are not coins. I expect some larger investors might start to understand Bitcoin's potential and then perhaps even the media will understand the opportunity here. All takes time.

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April 12, 2013, 05:25:54 PM
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I'm actually quite relieved that we had the correction. My charts looked insane, even on the log scale. Even if Mt. Gox hadn't had sky-high lag, or the halt, I think it would've happened just as a natural correction after such an unprecedented run-up. I say this because my proprietary indicators peaked on April 9th - at a level similar to when we had the massive rally in 2011.

It also spurred Mt. Gox to upgrade their systems, and drove business to other exchanges - decentralizing the risk of having too much in one place. I look forward to the possible start of the London exchange that Kieser mentioned a bit ago. The more we have online, the better.

fortitudinem multis - catenum regit omnia
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April 12, 2013, 05:58:46 PM
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nothing ever goes up in a straight line forever; let alone one going parabolic.

this was a needed correction to scare off the weak hands.  it will give others with more conviction a chance to get on the train at much better prices.

this is just how bull markets work.  no big deal.
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