Rick Falkvinge – What We Learn From This Bitcoin Correction
Rick Falkvinge – What We Learn From This Bitcoin Correction:
Rick Falkvinge (@Falkvinge) describes some lessons re-learned with Bitcoin’s recent exchange rate correct. Excerpts:
“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.”
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This was not the second peak, but something like the fourth or fifth similar event. We can be certain it is not the last.”
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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.”
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“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://bit.ly/10ZdzyK
– http://bitcointalk.org/index.phptopic=174514.0
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Check out the original source here.
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