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MtGox Scandal VS TheDao Hack & Theft - Please share with friends...This is going to get interesting!

First time putting some effort into a Steemit Blog Post - but I hope this pays off. Let's go ahead get right into what the topic of conversation is!

The MtGox Scandal VS TheDao Hack & Theft situation is a pretty tricky one to compare but I took it upon myself to take a stab at this.

In today's world it's all about the media perception, and this really controls the people more than most may even realize. When peoples emotions are skewed with good news or bad news the markets ALWAYS seem to react in this manner.

So when we mix media and crypto things get chaotic and this post is going to outline how the media perceived the MtGox Scandal starting from day 1 of the media reporting ( 02/14/2014 ) through the Judgement Day for Mark Karpeles ( 09/11/2015 ) VS how the media perceived TheDao Hack & Theft starting from day 1 of dev/media reporting ( 06/17/2016 ) to present times. ( This blog will continue to be updated with news advancements )

We all remember those Mt Gox days... ( if you don't keep reading as I'm going to fill you in )

Credited with being one of the world's first bitcoin exchanges – accounting for up to 80% of trading volume during its peak – Mt Gox first launched in the summer of 2010 and suspended operations in February 2014 amid heightened speculation about potential untoward activity.

This put a huge damper on Bitcoin's price, and community morale. Media blasted Bitcoin and MtGox related news for weeks and it caused Bitcoin to fall in regards to price for a while.

Lets start on ( 02/14/2014 ) and run the course of the headlines through until Judgement Day for Mark Karpeles ( 09/11/2015 ) - FYI - 36 Headlines blasted media outlines relentlessly !

Now if I may shift things to The Dao side of things to compare the news and media outlets as this event took place starting on the wee hours of Friday night ( 06/18/2016 )

First things first. I'm going to say this because I know many people are just screaming this at the screen right now.

THE DAO WAS NOT HACKED! - You're welcome...Moving on ;)

First, we have to lay out the facts. Ethereum and the DAO are two separate things. Ethereum is the underlying computer protocol, with its own unique blockchain. It exists for one purpose: to allow code to be executed across a gigantic network of computers.

The DAO is one of the first programs to run on the Ethereum network. “DAO” stands for “Decentralized Autonomous Organization” – it’s a new type of company, specifically designed to be run as an “autonomous organization.”

This is crucial:the DAO is a company. It’s a company without humans. That’s the point. No part of the DAO exists outside of the code. The company is the code. Investors can choose to fund the company by sending it money.

The DAO was NOT hacked!

It simply executed its code, and by doing so, it went bankrupt. It was a bad business model. The DAO was only a failure from the standpoint of its investors. From a technical standpoint, the DAO worked seamlessly.

Can we call The Dao fiasco the MtGox 2.0?

Lets look into this more....

The DAO bankruptcy most closely resembles the Mt. Gox bankruptcy. Within the Bitcoin community, everybody knows how the media misunderstood the failure of Mt. Gox. The headlines read, “Bitcoin Goes Bankrupt!” or “Bitcoin Hacked!” But of course that wasn’t true. Mt. Gox was a company working “on top of” the Bitcoin protocol.

Because the media misunderstood the fallout of The DAO this caused the price to drop out of the sky when it was its ALL-TIME-HIGH (ATH) of around $21 and some change.

So how did the media react?

So because the media bashed this so hard (as expected) this created an uproar within the cryptocurrency community and caused a lot of grief for everyone involved. It felt like (for me) a nightmare that was never going to end.

Where are we now?

Some points need to be made here about all of this...

This situation has turned out to be the “Too big to fail” scenario that we blockchain and cryptocurrency enthusiasts have railed against in the “real world” and have pinned hopes on platforms like Ethereum and the DAO. Although this is a challenging time for the Slock.IT team and the Ethereum community, I firmly believe that the distributed vision of the future is being lead by thoughtful and considerate leaders in the community like Ethereum and Slock.IT, and that the first widely adopted Decentralized Autonomous Organization will be an amazing learning lesson and catalyst for more bold and visionary projects in the future.

Looking Forward....

Smart contracts are and remain an incredibly exciting field. We have only begun to scratch the surface.

There can be no birth without pain, no initial foray into the unknown without some setback.

I believe that Ethereum overall will emerge from this in a few weeks, having been made much stronger as a result. It will have a newfound direction and charter that involves a slight pivot, away from "let's get DApps at all costs, let's make front-end programmers into smart contract writers," towards "let's build up the science of secure, smart contracts."

And that will make everything worth it.

Just wanted to spend some time talking about what I personally believe will happen, in the event the Ethereum dev team pull off this hard fork essentially taking back stolen funds from the DAO attacker.

I can only imagine the positive press Ethereum and the developers of ETH are going to receive if / when they pull of this hard fork. Picture the type of bull run is going to be had when the media headlines are:

" Ethereum overcomes small bump in the road and returns stolen DAO to its investors "

"Ethereum development team saves the day by recovering $50M in stolen funds from DAO attacker"

"Ethereum Community does what Bitcoin couldn't do when MtGox CEO stole Millions in Bitcoin from investors"

Just to name a few...this will take the media outlets by storm and we won't be able to stop praising Ethereum for months!

I hope you all took something from this as I spent 3 hours putting this together. * I'm sure I could improve some of the focus a bit, but my laptop is soon to die and want to get this posted.

If you happen to like what was written here, please comment and upvote. I'd like to hear from everyone as this is pretty important to me and the cryptocurrency community as a whole.

Thanks for reading!

Cheers,

Rich

CEO - www.CryptosCloset.com

CEO - www.ToshiDesk.com

Developer - MasterTraderCoin (MTR)

PS: Does this set the record for most images in a single post??? Post below and let me know. Thanks :)