Mt Gox was a mess. But it wasn’t “bitcoin.”
It was an exchange. And a sketchy one at that.
Just as it is with gold...buying bitcoin and not holding it in a personal wallet, not connected to the internet, is foolish. Leaving it on an exchange is just tempting someone to steal it from you.
You can buy paper gold—people do it every day with GLD. But when the shit hits the fan, your paper gold is useless.
Same concept.
Again, Mt. Gox is paradigmatic of what I'm trying to tell you , and you know exactly what I'm trying to tell you.
That the whole of the exchange -- the entire Dutch Tulip -- will be collapsed by a "Mt. Gox" cubed; and I'm not talking about whether or not BC is this or that, or even irrational exuberance.
I'm stating flatly that when China decides to issue its own YuanYuan, they will first intentionally destroy the existing market, like they've done with every other market entry since they crawled out of the mud. I mean, it's tattooed on their foreheads.
Frankly all the PLA really has to do is outlaw BC and the top 10, but Confucianism will prevail in subterfuge...