"Whew, wondered where we'd put those 200,000 BTC!"

Sylvester Liang boyscity at gmail.com
Sat Mar 22 19:48:33 PDT 2014

What the  cryptocurrency ecosystem needs to realize, is that the protection
of the  customer must be  foremost. BTC is a  great  system for sellers and
receivers, however there is  very little  protection for the buyer
and Caveat emptor is not going to work as a scapegoat any more. It is time
that businesses not only exchanges but  payment processors, shopping sites,
 wallet services, etc needs to start standardizing proper security

What we need is an active change in the cryptocurrency industry. A
formation of a independent decentralized certifying agency, that can audit,
check and provide policy and  guidelines  for  cryptocurrency based
businesses. It should be self regulated and highly transparent and should
only work  with business.

What this body would do, is have a checklist of requirement that each
business has to fulfill in terms of IT Security, Customer service policy,
accounting and book keeping, Tax policy (according to each country),
Independent review of the  Code being  implemented, Approved hardware, and
physical security and inspection. Basis which the  business is given an
 accredit score.

The scoring system should be such, that it allows small start ups to
improve score and not reflect negatively. There should be guidelines that
businesses can follow to gain higher scores if they decide to implement
those guidelines, the most important thing that the body needs to do, is to
promote new businesses to start and help them improve on Security, Customer
service and Accounting. These are the three fundamental thing that needs to
be checked and  audited. Protecting customer by implementing a rating
system is what's needed at this time.

I dont know if this is  viable but i think it may work.

On Sun, Mar 23, 2014 at 1:45 AM, Kelly John Rose <iam at kjro.se> wrote:

> On Saturday, March 22, 2014, <tpb-crypto at laposte.net> wrote:
>> > Message du 22/03/14 17:28
>> > De : "Troy Benjegerdes"
>> > If you think you need 'money' to write a better exchange, then you are
>> just
>> > another crypto-snake-oil salesman, and are WORSE than Gox, who at least
>> gave
>> > us a good example of failure.
>> >
>> > However, if you want to put your code (and failures) where your mouth
>> is,
>> > I'll give you free room and board if you show me good code, and an
>> honest
>> > effort to learn from failure. Nowhere in this exchange is money
>> involved.
>> Most of the guys willing to create a new exchange are figuring they need
>> to pay a team of professional C programmers if they want their system
>> working without hacks, because lately 90% of coders barely get through with
>> Python, lol.
> Having worked on some complex banking and accounting systems before, I
> know there is a lot more to the equation than simple coding up some crappy
> ruby code and putting fixes in place whenever it doesn't quite do what you
> want.
> Financial cryptography is expensive to do mostly because there is a strong
> need to not only implement good code, but also make sure the engineering is
> done correctly the first time and that it has the expensive physical
> security to back it up.
> --
> Kelly John Rose
> Edmonton, AB
> Phone: +1 587 982-4104
> Twitter: @kjrose
> Skype: kjrose.pr
> Gtalk: iam at kjro.se
> MSN: msn at kjro.se
> Document contents are confidential between original recipients and sender.
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