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

All News – Daily E-mail Subscription – Twitter: @BitcoinNews