Were you that guy in 1989?
"My schadenfreude is for all of the people who smugly told us for years that ARPANET is superior to our 'legacy' post office and ham radio in every way"
"My schadenfreude is for all of the people who smugly told us for years that ARPANET is superior to our 'legacy' post office and ham radio in every way"
When every one of Bitcoin's characteristics (deflationary money supply, irreversibility of transactions, completely public record) is touted as an unmitigated advantage, it is irritating to those of us who see it as an interesting idea and cool technology with both plusses and minuses.
ARPANET isn't superior to post offices in every way; for example you can't send a package through ARPANET. And in fact one of the Internet's biggest winners Amazon.com built its success largely on being really good at shipping.
I actually agree with you, but if you're talking about me, I was being wildly sarcastic and riffing off of an old Communist slogan. I'm not aware of anyone who's ever said that sincerely, but if someone did it would be hilarious.
The whole point of Bitcoin that's been touted in pretty much every thread, hoisted up by Libertarians like a giant flag, is that it's unregulated. And now, they're all discovering why we regulated in the first place.
In 2008(?), Lehman investors were fucked, WaMu shareholders were fucked, but as a WaMu customer I was not inconvenienced in the slightest. My money was safe and I was able to freely access it every day during the transition to Chase ownership.
Now, I don't think that it is fair to compare MtGox to a bank. It was really an exchange for investors to speculate on fluctuations in exchange rates, so in the regulated financial industry you'd probably be just as fucked.
I think the take-home message from the failure of MtGox is that your risks don't just come from the volatility of the market you are investing in. You could lose your money through a crash in the market, yes, but you could also lose your money through the incompetence or malfeasance of your investment partners, through having your password stolen and your account hacked, through losing your private keys, ... If you only consider one type of risk, you will understate your total risk, and not hedge against it effectively.
Yeah, you money is there. Maybe it holds the same value as yesterday, or tomorrow. But over time, your taxes will go up, prices of things you buy will go up, inflation will rise, and the spending power of your $100 will become less and less.
Every bank failure, financial meltdown, and economic downturn robs your money of value. When a meltdown happens, and the FED has to prints more money to cover it up, your dollar loses value. When the price of merchandise goes up, because fees go up, because bank insurance premiums rise, because they keep losing your money, your dollar loses value.
It may happen slowly and indirectly, but make no mistake, you are losing you money. The best way to cook a frog is to do it slowly, so the frog doesn't jump out of the pot.