Friday, February 12, 2021

No one talks about Mt. Gox anymore

It's just an observation I have made. If you've been in crypto for awhile (and I mean pre-2017), for the longest time, Mt. Gox was the biggest story going, and some thought it was the death knell for crypto, as it showed how easy it was for a large number people to lose their money simply by an exchange screwing things up. I mean, as of right now, Mt. Gox was responsible for the disappearance of over $40 billion dollars worth of their customer's Bitcoin. Mt. Gox was huge, it was the exchange to trade on. It would be like Coinbase suddenly closing up shop tomorrow.

It's fairly amazing to see how things have bounced back since then to the point that it seems like a lot of people have never even heard of it and/or can explain what happened. Such a momentous event, still not fully settled, and it's not really even mentioned anymore. I think it shows the strength of the overall cryptosphere that it's not really talked about anymore.

But in the future, when cryptocurrency has become truly mainstream, I'm sure history books will mention it in detail. It's a funny thought to think people in the future will know more about it than than a lot of people who are active in crypto right now.

Anyway, I was just thinking of Mt. Gox as this year's bull market starts to heat up, and was just wondering how many here actually know what it is without using Wikipedia or another website to look it up. It can be a kind of history lesson, a "Back in my day...." story. Did anyone here actually lose money in Mt. Gox? (For the record, I didn't, as I didn't officially invest until 2015, about a year after all the Mt. Gox shit went down.)


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