Yesterday, the bitcoin community was notified of the crumbling of Mt. Gox as a valid and reliable bitcoin exchange institution. When trying to access the Mt. Gox website, it was discovered that the site was completely down and inaccessible with only an announcement.
Unfulfilled Words by Mt. Gox
As more and more is being voiced about Mt. Gox to the bitcoin community, it is a depressing thought that so many have suffered through this appalling exchange’s actions.
Erik Voorhees, the founder of the Coinapult, a bitcoin company, took to Reddit to share his thoughts about the demise of Mt. Gox and the future of the bitcoin world. It is crystal clear that there does not seem to be much left of the exchange so the best course of action would be to be prepared as one community. In the words of Voorhees,
“MtGox is gone. So let’s prepare ourselves.”
He stated that he felt terrible for all the Mt. Gox users who have lost money through the exchange. The point is that people lost their investments regardless of how big or small they were. They believed in an institution which took unnecessary advantage and cheated them and the bitcoin network. Voorhees stated that he had
“over 550 BTC in Gox” and that he “will never get any of that back.”
Public Lash Back to Bitcoin
It appears to be a very near reality that there will be great repercussions to the bitcoin network because of the foolish actions of the Mt. Gox exchange. Many will blame the bitcoin network for being at fault and not being compatible to thrive in the “real world.” Voorhees commented and said “it will be blamed on MtGox, it will be blamed on Bitcoin, it will be blamed on the ‘bug,’ and it will, more than anything, be blamed on the ‘lack of regulation.’”
Continuing Faith in the Bitcoin Network
Even though Voorhees has lost much through the failings of Mt. Gox, he still holds himself responsible. He stated that the failings of Mt. Gox have been becoming apparent from time and time again. At the same time, people still held on to the fact the exchange would recover.
Voorhees stated “that the lesson is not that Bitcoin is broken. Bitcoin is fine” and that “the lesson is not that security is impossible. Those who know what they are doing, can achieve it and help others to do so.”
Bitcoin, as an entire network is still running and functional. People still have faith in the network. For any new advancement to make it in the real world, it goes through the process of cleansing and strengthening itself. This is known from the history of the world.
In the hopeful words of Voorhees,
“shake it off, brothers, for this won’t be the last calamity endured before the win.”
The light at the end of the tunnel is in sight, so let us hold on for a while longer.