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Archive for February 2014

Mt. Gox is probably insolvent

To all my friends and loved ones who lost money at Mt. Gox (they are probablly insolvent) – my heart goes out to you.

I am sorry you are paying the price. This is a natural part of the evolution of this revolutionary industry, and there are many people in the chain of blame. I hope you recover and hang in there.

The lesson we should take from this is: We and we alone are responsible for ourselves, our fates, and our finances. Still – we should not gloat at those who lost money in the Gox incident or any other – many of my close friends are in this group, and I myself had money at Bitstamp up until recently (FYI – Bitstamp are perfectly fine, however they did temporarily shutdown withdrawals one day after I withdrew my funds).

Bitcoin is still hard to properly secure. This is why there is a big potential for upside, precisely because it is so hard. But it means investors really need to understand the different security parameters of their chosen solution. We knew 2014 was going to be an interesting year … “interesting” in this context is both good times and bad times.

I’m hoping that the rest of the year will be better for everyone.

Test post

Sorry for the noise, just testing a problem I have with comments on this blog.