/biz/ - Business & Finance

>>144891
>All the new people buying in seemed to have a fundamental misunderstanding of what "unregulated, decentralized crypto-currency" actually meant.


If it doesn't mean "works like money" then it doesn't work like money.

>It's Gox's incompetence that lead to the loss of these people's money

Now we are calling it money again. So lets be clear. The bitcoin/VC narrative meeting people who are unfortunately more trusting and inexperienced is what caused them to lose their money, which they paid for bitcoins. They lost their money when they bought them.

Mt Gox "lost" bitcoins, not money. Because btc do not work like money. Mt Gox did not lose money. Mt Gox simply manifested what had already happened, and now we attach a name and website to create the appearance that this was a singular event, not people being duped into giving real money away for some time. This is what anyone else would called a fairly masterful fraud with a lot of diversions and facades, but a slow-burn fraud none the less.

The fraud was not losing worthless units or money. The money had already been taken. "Losing" the btc is simply what is called "blowing off the mark" and like any great con, the marks are still having trouble getting their head around it or believing it. Not because Mt Gox did anything unusual. It is precisely because this is not unusual, and soon the con will play out again.

And everytime, thousands of people who are "legitimately safe" or have not taken profits will provide cover for the next fleecing of an exchange, wherein the actual money was taken long before the technical deus ex machina pretext for a lot of people not getting their real money back.

It is an old and yet effective game of the bank robbing itself.