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.”

This 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://bit.ly/10ZdzyK
 – http://bitcointalk.org/index.php?topic=174514.0

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