> > > code security-wise and push it live than it is to create code that is > > > actually properly implemented for a banking environment to handle both > > the > > > large amounts of money and the quite serious number of attacks that will > > > take place once the amount of money available is established. > > > > > > In a competitive environment, the folks who take short cuts will save > > > money in the short term, and thus will be more likely to pick up users > > > than a more expensive equivalent that actually did the security > > correctly. > > > > And in the long term they will be out of business. > > > > Or not. If it were up to most regulators, definitely not. > > Mtgox was never in a highly competitive environment. If it were it wouldn't > have been on top so steadily with so little improvements in service > rendered.
The service rendered was trade volume. It seemed to do that quite well. > > > Although that's not the whole picture. In this case, a different > > problem > > is that people are using a *centralized* exchange as a bank to keep their > > supposedly *decentralized* e-money. > > > This is offtopic to be honest. Whoever needed a money that was totally > centralized, and why does he/she think Bitcoin is it? It's much much much > more decentralized than any other currency. The fact that it's not useless > now is what sets it apart from things like the LibertyDollar, so I'd say > it's working just fine. Can't stand this sort of underinformed bullshitting. I'd argue that centralized systems provide, on averge, a larger anonymity set and privacy in the majority of cases than decentralized ones. In particular exchanges that everyone believes are 'incompetent' are a wonderful place to get a lot of cheap plausible deniability by making everyone else that uses it pay for it when the house of cards falls down. -- ---------------------------------------------------------------------------- Troy Benjegerdes 'da hozer' [email protected] 7 elements earth::water::air::fire::mind::spirit::soul grid.coop Never pick a fight with someone who buys ink by the barrel, nor try buy a hacker who makes money by the megahash
