It's always amazed me how anti-crypto and behind the times (about bitcoin) this forum has been. Remember your imagination for the possibilities of the early web and computers.
Mt. Gox demise as told by a Bitcoin insider
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Re: Mt. Gox demise as told by a Bitcoin insider
#12>> “It could’ve been a trillion-dollar company,” Vessenes said. “It’s so sad.” The current $16 billion CoinLab claim against Mt. Gox is based on what the company thinks their portion of Mt. Gox would be worth if it had been managed well, he said. Quoting this part of the article to emphasize the absurdity of CoinLab's assertion. >> Peter Vessenes has spent years trying to recoup lost coins This article byline is stra…
If the US part of Mt. Gox was managed well it would today be... Coinbase? Which is soon to be worth $63B.
Re: Mt. Gox demise as told by a Bitcoin insider
#13It's always amazed me how anti-crypto and behind the times (about bitcoin) this forum has been. Remember your imagination for the possibilities of the early web and computers.
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Re: Mt. Gox demise as told by a Bitcoin insider
#14>> “It could’ve been a trillion-dollar company,” Vessenes said. “It’s so sad.” The current $16 billion CoinLab claim against Mt. Gox is based on what the company thinks their portion of Mt. Gox would be worth if it had been managed well, he said. Quoting this part of the article to emphasize the absurdity of CoinLab's assertion. >> Peter Vessenes has spent years trying to recoup lost coins This article byline is stra…
If the US part of Mt. Gox was managed well it would today be... Coinbase? Which is soon to be worth $63B.
Coinbase didn't need Mt. Gox to become what they are today. I'm not sure this line of reasoning holds much water.
Perhaps if we were to follow Vessennes' absurd chain of reasoning to its logical conclusion, CoinLab itself should be countersued by Mt. Gox creditors for failing to become as successful as Coinbase given their head start in the US.
Re: Mt. Gox demise as told by a Bitcoin insider
#15It's always amazed me how anti-crypto and behind the times (about bitcoin) this forum has been. Remember your imagination for the possibilities of the early web and computers.
Bitcoin as had the better part of decade and it's still practically useless in the real world.
Re: Mt. Gox demise as told by a Bitcoin insider
#16It's always amazed me how anti-crypto and behind the times (about bitcoin) this forum has been. Remember your imagination for the possibilities of the early web and computers.
Nothing wrong with hearing voices not within your echo chamber. I always take voices here I don’t agree with with more weight because they might be right.
Re: Mt. Gox demise as told by a Bitcoin insider
#17It's always amazed me how anti-crypto and behind the times (about bitcoin) this forum has been. Remember your imagination for the possibilities of the early web and computers.
Bitcoin as had the better part of decade and it's still practically useless in the real world.
Case in point I guess. It is kind of amazing how one of the most important recent technological developments has been written off for more than a decade by the users of this site.
Same with TypeScript for a long time as well, and then there was a magical turning point somehow that the entire zerg all of a sudden discovered static typing was actually useful.
For one of the best sites for discussing the latest happenings in the computer software world, crypto has somehow been consistently rejected as useless when it beats other stores of value in almost every metric.
Crypto has value simply because it is better at storing value than the mediums that came before it.
Re: Mt. Gox demise as told by a Bitcoin insider
#18The problem with trying to suggest that Bitcoin is a fundamentally flawed idea is that you will be down voted to oblivion. As a computer science concept it's rather mundane. We know what merkle trees are. It's an extremely wasteful form of computing. Mining is an exercise in wastefulness. Proof-of-work is one of the worst concepts I've ever seen. Ah, Tether.
> Mining is an exercise in wastefulness
While I don't disagree (I think PoW should be carbon-taxed or fully outlawed), a massive portion of the non-crypto economy is intentional waste for social signaling purposes: https://en.wikipedia.org/wiki/Veblen_good
Re: Mt. Gox demise as told by a Bitcoin insider
#19It's always amazed me how anti-crypto and behind the times (about bitcoin) this forum has been. Remember your imagination for the possibilities of the early web and computers.
Possibility of the early Web: getting free overnight air shipping on 50-pund bags of dog food.
Possibility of cryptocurrency: becoming "fuck you" rich in a year without doing any work.
Yeah, you have a point; crypto does have amazing potential.
Re: Mt. Gox demise as told by a Bitcoin insider
#20Earlier quoted context omitted.
If the US part of Mt. Gox was managed well it would today be... Coinbase? Which is soon to be worth $63B.
Coinbase didn't need Mt. Gox to become what they are today. I'm not sure this line of reasoning holds much water. Perhaps if we were to follow Vessennes' absurd chain of reasoning to its logical conclusion, CoinLab itself should be countersued by Mt. Gox creditors for failing to become as successful as Coinbase given their head start in the US.
Coinbase did need something like Mt. Gox to become what they are today, but not in the sense you imply. The whole Mt. Gox episode opened people's eyes up to the fact that large institutional frauds could take place with their Bitcoin wealth, and that there indeed was a need for a well managed reputable provider for these services. Bad actors can come in many sizes, and a bad actor of Mt. Gox scale also brought about plenty of controversy and media attention that was heaped on this subject. It benefited Coinbase in no small part to capitalize on this already acknowledged need for a business.