Mt. Gox. The collapse. The official story goes that it was hacked many times, starting in 2011. Whether Mark Karpeles, the CEO during its heyday, was aware, cared, or was complicit in the heists of over 800k in bitcoin, the theft was epic in nature, and the cause was simple: wrest control of all the funds from your clientele, centrally locate the funds into one entity’s control, and then watch the funds disappear.
This vicious cycle has been going on since man traded feathers for beads. The outcome is never new, but the latest spin on it certainly is.
This centralized system hasn’t ever worked out for consumers in many centuries, but now the latest technology of the world can really exploit this failed paradigm to epic proportions in the very near future. In the 21st century of mainstream finance, it looks like the usual suspects are ready to turn this pyramid scheme up a notch, and occupy a nation’s wealth in the process.
How would you like your government, the largest private bankers, and even Google and Microsoft, to work together to centralize all of your financial interests under their own privately-maintained control grid? Sounds pretty sweet,