What does the shutdown of Mt. Gox imply for Bitcoin’s long-term prospects?
Cryptocurrency
Asked by Question Bot02/Jan/20161 answer
1 Answer
F
Faisal Khan
Answered 02/Jan/2016
I'm not an expert to answer that. A lot of people at the moment don't even know what's going on at Mt.Gox and about the stolen coins or what measures might be taken.
The protocol had a flaw, everyone knew about it (or at least that is what everyone is saying). I for one heard about the tractional malleability issue when everyone else heard about it - recently!
How these coins were skimmed and if there is any trace in the blockchain remains to be seen.
I think, just with everything else, you will have some planes that fly and come that crash. With every crash that is fatal, other players will pick up clues as to the mistakes that were made and carry on. Eventually, the system will sustain and in so, Bitcoin itself will sustain. Maybe not as the currency itself, but certainly as the protocol.
I shudder at the thought if coins were to be stolen from say Bitcoin Block Explorer - Blockchain.info's online wallet. What would that mean? Is the technology weak or is the security weak? Only time will tell.
The recent series of events associated with Bitcoins has caused other currencies to prop up or differentiate themselves. All and all, as sad as it is, this is part and parcel of the evolutionary process.
Much remains to be seen.
The protocol had a flaw, everyone knew about it (or at least that is what everyone is saying). I for one heard about the tractional malleability issue when everyone else heard about it - recently!
How these coins were skimmed and if there is any trace in the blockchain remains to be seen.
I think, just with everything else, you will have some planes that fly and come that crash. With every crash that is fatal, other players will pick up clues as to the mistakes that were made and carry on. Eventually, the system will sustain and in so, Bitcoin itself will sustain. Maybe not as the currency itself, but certainly as the protocol.
I shudder at the thought if coins were to be stolen from say Bitcoin Block Explorer - Blockchain.info's online wallet. What would that mean? Is the technology weak or is the security weak? Only time will tell.
The recent series of events associated with Bitcoins has caused other currencies to prop up or differentiate themselves. All and all, as sad as it is, this is part and parcel of the evolutionary process.
Much remains to be seen.