>That said, this event is extremely encouraging. Not only is the security and the viability of the currency being tested. But more importantly, the communication and cooperation between the major players in the Bitcoin ecosystem is being tested. And so far, the community is kicking ass.
If this was two major banks and they said they had to stop withdrawals for 1-3 days to fix a software bug that's been exposed through a concerted attack, one they already knew about and could have prevented, I don't think you would be saying the same thing ...
Ultimately this might prove a footnote in the Bitcoin story, or it might be the harbinger of more trouble, who knows. But I do think it takes quite a bit of spin to think of this as somehow being encouraging or a net positive. I think if this had maybe stopped at Mt. Gox, an exchange that was universally considered a bad player, you could think of it has good overall (ignoring the fact many people would have still been screwed over). But it seems clear it's gone beyond them.
You can stop right there, as Bitcoin is nowhere near the place where it is equivalent in any way, shape, or form to "two major banks". If it was, your critique would be valid. Since, instead, it's more like a bank startup, these kinds of disruptions are expected and encouraging, because it allows third-parties to see how difficulties are resolved, and how robust Bitcoin is or is becoming.
P.s. I have never owned, mined, or otherwise installed or used any software related to Bitcoins. I have no horse in this race whatsoever.
If this was two major banks and they said they had to stop withdrawals for 1-3 days to fix a software bug that's been exposed through a concerted attack, one they already knew about and could have prevented, I don't think you would be saying the same thing ...
Ultimately this might prove a footnote in the Bitcoin story, or it might be the harbinger of more trouble, who knows. But I do think it takes quite a bit of spin to think of this as somehow being encouraging or a net positive. I think if this had maybe stopped at Mt. Gox, an exchange that was universally considered a bad player, you could think of it has good overall (ignoring the fact many people would have still been screwed over). But it seems clear it's gone beyond them.