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Author Topic: This is good for Bitcoin  (Read 3978 times)
flug
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June 19, 2011, 11:45:38 PM
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Am I the only one here thinking that the MtGox hack is actually good for Bitcoin?

The very fact that it's holding its value after something like this, having apparently plummeted down to $0.01, indicates to me that people do subjectively see 'intrinsic' value in Bitcoin, and it has resilience. One of the biggest fears I've seen is that it's purely built on 'nothing' it's like a house of cards that can come crashing down at any moment. Well now, in its first big month out in the wild, it's been through two crises and still it bounces back. There's definitely something substantial there. I really do think that every time it gets hit and bounces back, it proves its resilience and ultimately, after the FUD has cleared, will find itself in a stronger position.

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June 19, 2011, 11:50:51 PM
 #2

What makes you think the value has held? Most exchanges have suspended trading.

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June 19, 2011, 11:52:24 PM
 #3

It's almost a guarantee that price will decrease due to this. However, this effect shouldn't last too long, and the market should absorb this unforunate event and get back on track in a week or two.
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June 19, 2011, 11:53:26 PM
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flug
yea, indeed u right. But nevertheless the impact on Bitcoins rep is huge.
btw, it is a good time to buy coins, for those who missed the train, but unfortunetly i do not have $ left...
flug
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June 19, 2011, 11:55:58 PM
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What makes you think the value has held? Most exchanges have suspended trading.

TradeHill seemed to be holding until it suspended.

By holding, I didn't necessarily mean hold a price of $17. I meant hold any value at all, proving it does have 'substance' like gold in people's minds rather than just being vapour.
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June 19, 2011, 11:59:03 PM
 #6

I agree. If we survive this, and I think we will, we will be able to wholeheartedly laugh at all the doom criers. How could it get worse then what we've allready gotten through.

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June 20, 2011, 12:02:58 AM
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the emails in the database might lead to spam - something interesting might come out of it, or just a whole lot of spam. Also, you can tell who the early adopters are.

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June 20, 2011, 12:04:04 AM
 #8

There will always be bumps in the road for new technologies , this is just one of ours. We will bounce back and be better than ever. If you check out the market charts you'll see this is just following the last years patterns anyway.

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June 20, 2011, 12:04:45 AM
 #9

More importantly, the fundamentals of bitcoin have held fast. The hack wasn't against the p2p network or against bitcoin itself... They had to go after the weakest link. We're very much in the infancy of both bitcoin and its ancillaries, such as exchanges. This is nothing but teething pains.

Now, if someone had been able to compromise the network itself, which IS the intrinsic value of a bitcoin, then it would've meant trouble.

This, to quote a line in a famous movie, is a speeding ticket.
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June 20, 2011, 12:05:13 AM
 #10

It's a nice little test, and if it doesn't kill btc it will only make it stronger and maybe a good decentralized trading platform can emerge of it, who will tell. We knew the weakest spot in the whole system and think most people knew this could happen so it won't be that big of a deal for bitcoins in the longer run, maybe shorttime we will see a dip.

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Desu
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June 20, 2011, 12:09:51 AM
 #11

More importantly, the fundamentals of bitcoin have held fast. The hack wasn't against the p2p network or against bitcoin itself... They had to go after the weakest link. We're very much in the infancy of both bitcoin and its ancillaries, such as exchanges. This is nothing but teething pains.

Thank god for mentioning that. I mean how many times have p2p networks been attacked, yet risen against it?

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Vince Torres
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June 20, 2011, 12:15:33 AM
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More exchanges will pop up this is just starting. In my personal opinion Mtgox is dead.

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June 20, 2011, 12:23:28 AM
 #13

More exchanges will pop up this is just starting. In my personal opinion Mtgox is dead.

The $1000 withdraw limit will help save them. There will be millions of $$$'s stuck there and BTC will be too cheap to pass up.
Long live MtGox!   Cheesy

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imperi
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June 20, 2011, 12:27:45 AM
 #14

I think it will be good for Bitcoin. There's still lots of people who don't know what Bitcoin is, and they'll read more news/blog articles and think, "What is this Bitcoin stuff?" Some will be interested and look into buying some, and eventually start trading with Bitcoins as well.
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June 20, 2011, 12:30:22 AM
 #15

A normal hack wouldn't necessarily have killed mtgox, but since all signs point to an infantile SQL injection, I don't see therm surviving long term. People will try and finish their business with them at respectable rates, then go.
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June 20, 2011, 12:34:17 AM
 #16

If the end result is a partial exodus from MtGox to other exchanges then it's a great thing.  Even MtGox acknowledged that having one monolithic exchange was not a good thing.

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flug
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June 20, 2011, 12:37:06 AM
 #17

If the end result is a partial exodus from MtGox to other exchanges then it's a great thing.  Even MtGox acknowledged that having one monolithic exchange was not a good thing.

Yeah the more exchanges the better. And don't forget the importance of the volumes on the bitomat (PLN) exchange at times like these in holding stability.
imperi
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June 20, 2011, 12:41:25 AM
 #18

Even if this is very bad for Mtgox, it could be a net good for Bitcoin.

A) Diversifies trading across exchanges and provides opportunity for more to spring up

B) More news about Bitcoin (even negative news is news... worst thing that can happen is obscurity)
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June 20, 2011, 01:46:03 AM
 #19

and if bitcoins used in illegal activity are traced back to you, theres some plausible deniability.

Set up the same thing..
http://bit.ly/btcrefs
Get more bitcoins.
morpheus
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June 20, 2011, 01:51:53 AM
 #20

... maybe a good decentralized trading platform can emerge of it, who will tell...

I've been working on a decentralized exchange for a couple of months now. I'm very close to an initial release. Keep an eye out for a big announcement in a week or two.

Here is the code so far: https://github.com/macourtney/Dark-Exchange

I'm selling Mt. Gox USD and Bitcoin for cash, check or money order in the mail: http://bitcoinmorpheus.tumblr.com/

Check out my 100% decentralized P2P exchange: https://github.com/macourtney/Dark-Exchange
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