Re: Gox

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".

Fucking hell, was that public knowledge all along? Why the hell did anyone trust those cowboys with a cent!? On 25/02/14 21:02, fyl wrote:

On 02/25/2014 02:22 PM, Lodewijk andré de la porte wrote:

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2014-02-25 19:22 GMT+01:00 The Doctor :

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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.

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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)

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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.

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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.

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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".

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