But what you are missing is that to the masses out there that BitCoin needs to keep buying into the base of the pyramid to make current Bitcoins worth anything in the real world
You're starting with the assumption that Bitcoin is a pyramid scheme. That makes the rest of your comment rather questionable, but I'll soldier on anyway.
MtGox is the onky exchange they have ever heard of, and first impressions may not be everything but they sure count for a lot.
Most of the mainstream population is barely even cognizant of Bitcoin. They're certainly not cognizant of MtGox. Or at least, they weren't until Monday, when reports of their insolvency started appearing in the mainstream media. Regardless, MtGox has not been the go-to exchange for over a year. That position has been taken over by a variety of other entities, some of which are true exchanges and some of which are just portals to buy Bitcoin. Even if "first impressions" were important here -- and I don't really think they are -- then we've been sounding the alarm within the BTC community for over a year that MtGox is NOT the place to go.
You guys who buy into this are missing the overall point - BitCoin has had more mainstream press over this than every before and it's all negative, terrible news.
Yes. And after every crisis, after every sudden dip in the USD/BTC exchange rate, Bitcoin has rebounded. It has continued to thrive. That's the really remarkable thing about Bitcoin, and why "us guys who buy into this thing" continue to believe that Bitcoin -- or something very much like it -- will be the future. We can see the potential, even if everyone else can't. And we're willing to risk money on it, even though we could very well lose it all. We are betting, in essence, that Bitcoin will be a success. And we're putting our proverbial money where our mouth is.
And that's a point that you all who don't buy into this are missing.
Most folks aren't going to get involved enough to see if your statements are correct - the bad kid in school has misbehaved, and that's the one that will be remembered.
You're arguing that Bitcoin is bad because it has an image problem. Firstly, so what? Secondly, what's to be done about it? Nothing, that's what. A bad actor did something stupid and some people lost some money. We've all learned from this experience, and Bitcoin is stronger for the loss of MtGox.
Without folks continually pumping real legal tender into the BitCoin system it's worthless.
Kind of like gold.
Actually, exactly like gold.
The only reason it didn't drop totally yet is that the believers are buying up what people are selling who are getting out. Thinking they are going to pick them up now before they rise again. The truth is, it's not going to rise again because the only folks who are going to get involved now are the ones who are already in the thick of it - and without new blood bringing real legal tender to the table, it can only last so long with the already-in folks trading amongst themselves.
It has already largely recovered to it's pre-MtGox-meltdown level. So you're wrong. Just like it has always recovered before. If the (brief) history of Bitcoin has taught us anything, it's that underestimating the resilience of Bitcoin is a losing bet.