MtGox Has No Friends

February 11, 2014 18:38 UTC
MtGox is left playing by themselves. Photo via unicefiran.

It’s not clear as to whether or not MtGox was expecting others to agree with them on transaction malleability, but yesterday’s announcement proved they pretty much have zero friends in the Bitcoin world. After releasing their announcement in the morning, it seemed that every other big player in the Bitcoin space decided to basically take Bitcoin’s side over MtGox. After all, MtGox was blaming all of their problems on an issue that has been known about for years, so it’s not clear what their true intentions were with their press release. While the core developers behind Bitcoin and The Bitcoin Foundation were quick to dismiss MtGox’s claims, it was possible that at least one person or company would back them up. Let’s take a look at the general response to MtGox’s claims from the Bitcoin community.

Coinbase and Blockchain Respond

Coinbase and Blockchain both responded to MtGox’s press release with what seemed to be confusion more than anything else. Coinbase released a statement where they refered to Gavin Andresen talking about how transaction maleability is a potential problem for people creating software for Bitcoin rather than the actual Bitcoin protocol. This seemed like a suggestion that the issue is on MtGox’s end. Blockchain also noted the fact that best practices dictate Bitcoin exchanges and online wallets should not be using transaction hashes as verification for spent funds. It seems that MtGox was simply using a faulty implementation of a Bitcoin client.

MtGox Removed from Price Feeds

Although this should have happened in early 2013, most of the major online Bitcoin price indexes have decided to remove MtGox from their price feeds. Whether you check the Bitcoin price on BitcoinAverage, Bitcoin Paranoid, preev, or pretty much any other index, you will now be able to view a realistical price for bitcoins in dollars that does not also include GoxUSD. This change seems to have taken longer than it should have, but it’s nice to finally realize that GoxUSD is nothing more than funny money at this point.

Literally No One is Backing Up MtGox

When the day was over, there was literally no one who was willing to stand behind MtGox. Everyone is fed up with getting goxxed on a regular basis. The large amount of anger from the Bitcoin community was summed up quite well in this tweet from Andreas Antonopoulos:

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