Bitcoin Forum

The money involved with bitcoin is serious money and life changing money.  But lets take a look at the only services that are managing our money:

1) MTGOX -- an absolute joke, incompetent, nonchalant about everything, " OH, you have 500,000usd stuck on our site, oh well".

2) Coinbase -- not as incompetent as MTGOX, but even more dishonest and fraudulent and gets away with it for now, because they are the only service of its kind.  See this thread:

https://bitcointalk.org/index.php?topic=341082.0

3) Bitcoin.org -- spelling errors, unsecure website, bitcoin qt problems, etc.  Why is the main bitcoin client so hard to use?  I have the best computer out there today and it is still unable to download the block chain without crashing something.  I mean all the founders have made millions from newbies and they can't hire someone to fix up the original website/software?

4) alternate clients-- multibit works sometimes, and other times there are bugs.  electrum relies on a server, and i've yet to use it.

5) All the other exchanges: bitstamp, bitfinex, etc.... they are offering good services, haven't screwed up royally like MTGOX or Coinbase yet, but they are still treading on thin ice.

For bitcoin to "make it", it has to go mainstream and be regulated.  But for it to go mainstream, that goes against its original intended purposes.  

I'm affraid if they get hacked or have any other trouble we won't hear from them ever again. They will just disappear with whatever they manage to steal. What stops these guys from doing it now? Only the fact that BTC value increases so it's too early to close the business, but I feel they may run for it later on.

Regarding exchanges, we can at least fix the case of operators stealing bitcoins.

http://bitcoinism.blogspot.com/2013/12/voting-pools-how-to-stop-plague-of.html

The IBM Lenovo ThinkPad X60 (with coreboot and Trisquel) is unable to download the blockchain without crashing!  More details please.  I was planning to buy one as soon as gluglug.org.uk (http://gluglug.org.uk) start accepting bitcoin and this revelation might well change my mind.

It is a piss take, I'm sorry but many of the exchanges you've listed are being completely incompetent with how they're run or just blatantly invasive of privacy, I promise you the day is coming when free email services and just about anything in fiat are going to force you to sign up with a government issued I.D just so you can use their services.

Understand what you are saying. So many bad services, so much fraud. I've vote for bitstamp over bitfinex any time though, and urge you to use electrum.

Regulation isn't the answer. Better services driven through competition and *law enforcement* are though.

Obviously bitstamp> bitfinex... but they are both in the same boat and almost 50% of bitstamp traffic is from bitfinex...

So electrum > multibit?  Doesn't it rely on centralized servers or something?

Interesting article, appreciate it. On the topic of voting pools, it links back to what we discussed in the pybitcointools thread - you're going to need big multisigs, don't know if you saw my latest reply there but Vitalik has included pushing txs to eligius, presumably specifically for this reason.

To OP: On the topic of alt. clients, "electrum relies on a server" - you do realise that a rogue server cannot steal your bitcoins, right?
A fake version of the wallet client is the real danger, and that applies to all local wallets.

Don't let your money sit there, and you will be just fine.

Dont forget F***ing Cryptsy, for the last couple of hours every canceled trade will eat your coins, not refunding as it should... not to mention the speed...

obviously.  The list almost doesn't end.  I can think of a hundred other incompetent greedy businesses within bitcoin.  There is no solid organization in bitcoin.  It is all filled with scum.

Agreed, they are shit.

there really needs to be more competition and fair play in regards to exchange sites.

What's wrong with blockchain.info? That's the only place I'd keep coins online.

Bittylicious is the only exchange I'd use, but it's just for buying/selling BTC or FTC for bank transfers, but it is very fast.

True. blockchain.info is solid.

Shame one site stands out though just because it is honest.

I don't understand, what's the problem?
Do you think bitcoin exchanges are not mature or serious enough to handle your money?
Take out your coins and put it somewhere else.
If you don't want to lose FIAT, stay away from any exchange and use your cryptos
Easy!

i share some of these frustrations, im kinda surprised by the standard in this industry atm...

support @ a big trading exchange should be like the support you get @ a company like pokerstars.  But hey i guess the answer is do a better job yourself.

Goes against what?  :o

Totally agree with OP.  What is it about BTC that brings out all the shady operations?  Is it because it's tough to follow all the regulations if they want to deal with fiat so they all just hide their identities so they can make a break for it if things go bad?

I've always assumed that by the time we're ready to deploy voting pools (Fellowtraveler and co. are still coding them) it won't be a problem. Worst case scenario is that the pools needs to privately negotiate with miners to get their transactions included into blocks but that's not the end of the world or anything.

Its because they are so easy to steal and are now worth so much. 2+2 = 4

And it has finally happened! 2 exchange/banks with lots of money going under

I feel bitcoin foundation should take some actions in this crisis times. Not sure what exactly but they simply must do something for example because of affiliation with Karpeles.