The proportions of the impact still feel very suspicious, Gox basically took some old and well known (to devs) things, and "turned" them into "news" about btc protocol. I dont want to believe that the whole crypto market is that retarded to panic so hard based on such "news"
There should be something more to it.
There should be something more to it.
I think the impact is due to the damage to the perception of bitcoin in general. Unfortunately Mt. Gox was still a major exchange, even after all their problems throughout 2013 and even before.
Best case scenario, Mt. Gox is able to wind down in an orderly fashion, and people finally move to better exchanges (and we need better ones).
Worst case - this drags out, Mt. Gox keeps changing the story, and in the end lots of people lose a significant amount of money.
Either way, bitcoin's reputation took a hit, and that is reflected in the price. How much is not yet known, and that is why things will be volatile for a bit.