Bitcoin - is this the end?

[Kane]

Bummah.I was gonna share.

[The Dharma Bum]

https://bitcointalk.org/index.php?topic ... ;topicseen

[Spider]

[The Dharma Bum]

Yet when banks do the same thing it called fractional reserve banking.

Mt Gox got hacked/robbed in 2011 and have been trying to pay it all back in secret with transaction fees so the word wouldn't get out and cause a bank run on the exchange. But the losses were too great to absorb. Blaming it on transaction malleability is just a convenient excuse.

Yeah, financial mismanagement, for sure. But keep in mind that same type of mismanagement is exactly how our financial is designed to operate, by design. Every bank in America has less money in than it's depositors have entrusted them with. That is the situation with Mt Gox.

[Philly]

So bitcoin is just like the big banks. Since I'm already used to the big banks I might as well just stick with them since digital currency will be nothing but more of the same shenanigans.

[The Dharma Bum]

[The Dharma Bum]

The guy who ran it was literally a pudgy teen age kid trading magic cards when this all started. It's small wonder he f**k it up, really

[Kane]

Yes....small wonder but also alarming as well. A decentralized network with zero oversight and no culpability leads to poor actors. Let's not act like because this guy was a dipshit it's an isolated incident, the opposite is certainly possible if not moreso considering the speculative nature of the currency right now.

[Professor]

[Professor]