Mt. Gox good riddance. That’s the message legitimate bitcoiners — investors, miners, traders and businesses tied to the cryptocurrency — are thinking. And that mindset is helping bitcoin’s price not only weather the storm of the last few days, but recover nicely.
Bitcoin has actually held up quite well. Its price as of this writing is making a run at $600. That’s after falling close to $450 over the last couple of days in response to the Mt. Gox debacle.
This despite gloom-and-doom headlines from mainstream media outlets that haven’t fully investigated the bitcoin ecosystem, possibly not fully aware of several other exchanges — reputable ones — available for trading throughout the world — not to mention the fast-growing number of bitcoin payments startups sprouting throughout the U.S.
“Bitcoin virtual currency is on verge of collapse,” reads the Los Angeles Times headline, which seemed to miss the real story completely.
The real story: the unity of the reputable bitcoin community in the wake of the Mt. Gox collapse. And how this episode helped clean out the bad apples from a barrel mostly full of good ones.
The Guardian has it right. Its headline: “The Mt Gox bitcoin scandal is the best thing to happen to bitcoin in years.”
“To function as a currency, bitcoins need one thing: legitimacy. The further it gets away from its shady, fantasy-currency roots, the closer it will get to practical reality,” writes The Guardian’s Heidi Moore.
And there’s a guest post by Roger Wu on Forbes. Wu is co-founder of the native advertising and storytelling platform Cooperatize.com.
“Our world has shifted from the industrial revolution to the current information age,” writes Wu. The article’s headline: “Why We Accept Bitcoin.”
“As value has become stored inside intellectual property, it only makes sense that our medium of exchange is as well,” Wu says. “Today we still deal in physical goods, however one day in the near future you’ll be able to purchase and download designs over the Internet, pay with Bitcoin, and print them out on your 3D printer.”
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