Mt. Gox Creator: Blockchain Ubiquity Requires Decentralization

March 26, 2018
by Sharon Moran

Co-founder of both Ripple (XRP) and Stellar (XLM) Jed McCaleb told CNBC’s Fast Money host Melissa Lee late last week that cryptocurrency and the blockchain that powers it need to be decentralized in order to be successful and reach ubiquity. Jeb McCaleb was also the founder of the first bitcoin exchange, Mt. Gox.

McCaleb didn’t hesitate to point out Ripple’s flaws even though he was a co-founder. He emphasized that it is very hard to run nodes outside of Ripple Labs and said that “should be concerning for people.”

History of Mt. Gox

Mt. Gox actually stands for Magic: The Online Gathering eXchange, a fantasy-based card game service that McCaleb built a website around in 2007 to allow users to trade cards. Then on July 11, 2010, McCaleb reportedly read an article on Slashdot about bitcoin and decided to build an online exchange so that bitcoin users could buy and sell bitcoin 24/7. He launched the exchange a mere seven days later, eventually selling it the following year.

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Cryptobellum is a digital publication of Telesto Studios, LLC focusing on the cryptocurrency market and the underlying blockchain technology that fuels it. Created and managed by Sharon Moran, Cryptobellum also provides original features and covers AI and other technological advancements.