From the recent crash of BTC since the advent of the Mt. Gox’s
liquidation, Bitcoin now looks promising as it slowly rises from the
unfortunate slope it went down on a few days ago. Ever since the rumours of
insolvency emerged, BTC owners were quick, not to criticize Mt. Gox, but to
question the stability of Bitcoin. However, it was clear that the problem was
with Mt. Gox. And with their unfortunate admittance and filing of bankruptcy a few
days ago, the Bitcoin community is slowly regaining its faith to the Coin.
Around $63.6 million debt is claimed by the cryptocurrency trading giant.
However, the 850,000 BTC lost is somewhat higher to the
744,400 stated in the Crisis Strategy Draft released a few days ago by Ryan
Galt – now known as The Two-Bit Idiot. The negative PR has made such strong
waves that a decent amount of BTC owners have already considered exchanging
their BTC to real world currencies before another crash.
Winklevoss Weighs In
It can’t be emphasized
enough that Mt. Gox’s demise was not a Bitcoin problem; it was a Mt. Gox
problem. Fiat withdrawals were being delayed, which was a pretty good
indication to me that its assets and liabilities may not have been matching up.
Mt. Gox’s closure
marks the end of Bitcoin’s first wave of entrepreneurs and at the same time
underscores just how far the Bitcoin ecosystem has come. Several other
exchanges have stepped up and seamlessly shouldered the burden, and as a
result, the price of bitcoin has shown remarkable resilience.
Bitcoin will get past
Mt. Gox (it already has) and it will be stronger for it. And in case anyone is
wondering, I haven’t sold any bitcoin.
In fact, I have taken this as an opportunity to buy more. Nothing worthwhile is built overnight, and
nothing worthwhile comes without a struggle.
My Bitcoin time horizon is in the years, there are some days I don’t
even look at the price.
Investments do not bear fruit in a short amount of time;
much like any other fruitful process, it is directly proportional to time, and
the more time invested in Bitcoin, the more profits it will reward us.
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