The Forbes article concludes: *The Bottom Line*
Mt. Gox is an exchange created in the early days of Bitcoin that is run by inexperienced management. Its likely insolvency and seemingly imminent demise is something that has been long expected by many in the community, and while it is quite a tarnish on the industry to have the once largest exchange go under, Mt. Gox's demise does not point to the failure of Bitcoin, and the rest of the industry is eager to move past the Mt. Gox debacle. *Disclosure: The author owns some Bitcoin. . . .* This is the largest bank robbery in history. Countless people must have lost fortunes, perhaps their life savings. These people expect they can "move past" this event? That's crazy. Bank regulators and police investigators in Japan, the U.S. and all other countries are going to be all over these people from now on. There will be legislative investigations and new laws regulating them. I see the arrogance of youth at play here. Naivete mixed with know-it-all bravado. Mark Karpeles is in his 20s. He reminds me of young people in the 1960s who were out to remake the world. Wordsworth described such people in his poem about the French Revolution: Oh! pleasant exercise of hope and joy! For mighty were the auxiliars which then stood Upon our side, we who were strong in love! Bliss was it in that dawn to be alive, But to be young was very heaven!--Oh! times, In which the meagre, stale, forbidding ways Of custom, law, and statute, took at once The attraction of a country in romance! . . . Libertarians are, at heart, romantics. Especially the Ayn Rand ones who imagine themselves lone heros transcending their era and society, beyond the rules. They wanted money that was not controlled by governments. They wanted money that cannot be tracked or accounted for. They got it. They did not realize that you need governments to protect you against criminals and hackers. However imperfect this protection is, it beats no protection at all. Japanese government officials have already washed their hands of this, saying, "these people wanted a totally unregulated system with no government oversight, so we have no plans to reimburse anyone for their losses." I am confident they will put in place regulations. The Wild West days are over. Be careful what you wish for. - Jed
