Gox

[Cathal Garvey]

> 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:
>> 2014-02-25 19:22 GMT+01:00 The Doctor <drwho at 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".
> 

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