Monday, October 25, 2021

Why we cannot, and should not save Mt. Gox

A recent document has surfaced suggesting that Mt. Gox is indeed insolvent and that they plan on reaching out to the bitcoin community to help rectify their recent problems.

While this may seem like a genuine way to help bolster the already struggling price of bitcoin (At the time of writing the winkdex is at $512.95) it is a ploy that we must not follow through on.

The volatility and risk associated with Mt. Gox has been built into their price for months. The only risk that Gox every truly posed to the bitcoin community was re-enabling bitcoin withdrawals, which would effectively flood the market with cheap or highly discounted coins.

It’s still unclear if this document is even real, if it is I urge the bitcoin community to let Gox go quietly into the night.

I’ve previously written about Gox here.

Coinbase statement
Blockchain Statement

As of 9:30PM CT Mt. Gox’s website is down.

HN Link
Reddit Link