|
Title: Could exchanges open their books? Post by: zby on September 21, 2011, 10:58:17 AM This probably would be too radical for most of the exchanges but maybe some could start doing that as an experiment? After the disaster of the Full Tilt scam (http://blogs.reuters.com/felix-salmon/2011/09/20/full-tilt-ponzi/) - this might be a way to improve accountability.
Title: Re: Should exchanges open their books? Post by: fivebells on September 21, 2011, 10:59:43 AM It's for precisely this reason that bitcoin exchange/trading services make me nervous.
Title: Re: Could exchanges open their books? Post by: phantomcircuit on September 21, 2011, 11:44:56 AM The answer is basically no because it's confidential user data.
Title: Re: Could exchanges open their books? Post by: hugolp on September 21, 2011, 11:54:32 AM The answer is basically no because it's confidential user data. They could use OT and have their books open while keeping confidentiality. Title: Re: Could exchanges open their books? Post by: zby on September 21, 2011, 11:57:31 AM The answer is basically no because it's confidential user data. At least the BTC part of the balance is composed of anonymous addresses. The traditional currency part would be more tricky - sure.Title: Re: Could exchanges open their books? Post by: casascius on September 21, 2011, 01:18:05 PM They could open their books to an auditor and allow the auditor to render an opinion without disclosing any confidential data. This is how the rest of the world does it.
Title: Re: Could exchanges open their books? Post by: NetTecture on September 21, 2011, 02:16:03 PM Exactly. From my futures broker I get a balance sheet every month to see how their balance and health looks like.
Title: Re: Could exchanges open their books? Post by: TTBit on September 21, 2011, 05:23:01 PM They could open their books to an auditor and allow the auditor to render an opinion without disclosing any confidential data. This is how the rest of the world does it. To finish the thought if not clear: If MtGox goes belly up, the auditor can then be sued for damages, and put up a bond. Of course, the auditor is going to require a fee to do this. Pick your poison: do you want to pay higher fees for a little more security, or place a discount on MtGox funds that you lay claim to. |