-----BEGIN PGP SIGNED MESSAGE----- Hash: SHA1 On 02/25/2014 02:22 PM, Lodewijk andré de la porte wrote:
2014-02-25 19:22 GMT+01:00 The Doctor <drwho@virtadpt.net>:
Why would somebody trust a centralized entity that interfaces with a decentralized system that deals with something people perceive as valuable? "Hey! I'd rather work with a central point of failure!"
I don't get it.
I'd rather trust people that'd hang if they fail to secure a system than my PC which is guaranteed to be replaced if it fails within 2 years, insured against fire, etc. (And is guaranteed to fail)
I did place coin elsewhere, luckily. But my trust in Mtgox was quite large. Mostly because of their combination of high fees and high volume. When I joined it was "If gox goes bust, everyone goes bust". Now it's not totally clear.
I hope others step in and buy mtgox. It'd net them the old customerbase. It'd make everyone feel much safer on other exchanges, even though they might not be. It's a lot of coin though. Can't believe they never checked their safe.
Their current website announcement is a straight offense too. Wouldn't suprise me if some of them go to jail for Criminal Neglegence.
What I didn't understand until a few minutes ago is that MtGox wasn't putting their transactions on the blockchain. Thus, the built-in validation model that comes with bitcoin was being "worked around". -----BEGIN PGP SIGNATURE----- Version: GnuPG v1.4.12 (GNU/Linux) Comment: Using GnuPG with Thunderbird - http://www.enigmail.net/ iEYEARECAAYFAlMNBM0ACgkQR0Qz1AeYNarW1wCfQiymj5KvFKu07Avd5/PvDWIY VjUAn2+xGSHfB5nCPPa6k5VDDgpBu86y =QRsp -----END PGP SIGNATURE-----