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This is a call for community thinking and action. Please join, please respond.
Democratic and Public Exchange
In the light of recent events, the collapse of MtGox and the terrible personal tragedies I suggest to open a serious discussion among us, and to move to action in a democratic and organized way.
there are several point I would like to suggest:
1. The Problem in Bitcoin Economy: private greedy whales Vs. Public Economy.
2. The advantages of Public Exchange
3. MtGox should be taken over by the Public.
4. Some practical considerations.
1. The problem in Bitcoin Economy.
One of the main challenges that the Bitcoin eco-system faces is the tension between a new public sphere created by private people who cares for their freedom, and its abuse by Greedy whales. MtGox is the best example of that: a reliable exchange requires an initial capital and a high functioning management. In the pre-bitcon economy exchange could have taken between people based on their trust. In the bitcoin economy and because of its advantages of anonymity, trust does not exists. The exchange is supposed to correct this problem and to offer a reliable platform. However, private exchange, as we can see from the MtGox example is susceptible to Greed, wrong doing.
Thus, the contradiction we have is that of Bitcoin Eco-system which is based on total transparency on the one hand, and Private Exchanges which are not controlled by the public. Private exchanges represent all of what is bad in the old economy.
2. The advantages of the public exchange.
There are calls in recent weeks for a stronger supervision on the exchanges. However, the idea of stronger supervision worries many people of the bitcoin community - if supervision means state intervention, then the whole bitcoin eco-system is put into danger. Also, Practically it is problematic because of the international nature of the bitcoin-eco-system.
Therefore, I suggest to consider a public exchange.
A public exchange will not run for profit, and will not be own by any greedy MtGox type company. All of its decision, management practices, etc will be open and transparent, and it will reflect the bitcoin-eco-system spirit and reality.
However, how can it be achieved?
3. The public takes over MtGox
The problem of establishing a public exchange has two aspects:
A) We need the capital to establish it. A capital that will not be controlled by the whales (MtGox, or this or that 'brothers')
B) We need big enough group of people that takes part in it.
I believe that the collapse of MtGox provides us with a huge opportunity in the right direction.
Mtgox has a million clients, and bascially already an established (flowed) exchange technology. If the MtGox customers unite themselves together they can ask the court to manage and run the exchange.
The benefits of such a power that will be established from the little people can be immense. Here are some examples:
A) This is the basis for a public exchange. it will be now an exchange that run by the people and for the people.
B) The fees that will be collected by the public exchange will pay the debt to the outside creditors (assuming that now the creditors can get back almost nothing. It is in their interest to see MtGox coming back as a solid exchange).
C) The profits from the fees will partly go to pay back the loses of the deposited money and bitcoins of the private customers.
D) Part of the profits from fees will be invested in creating a secure and working bitcoin eco-system.
If the MtGox customers unite themselves with the support of the bitcoin community it can be a real new beginning that will move the power to the people, and will provide us all with a tremendous security and prosperous bitcoin eco-sysyem.
4. Practical Considerations
In order to achieve that we have to think on the following issues:
A) Organizing as many as MtGox clients who will be ready to establish a democratic and functioning body that will represent them in court in the demand to take over.
B) Participation of other people of the Bitcoin Community who will be ready to join this new public exchange.
C) To make sure that this group of people which establishes the new public exchange are not the big investors, and greedy whales. It will be an exchange of the people that work for the people.
This is an initial draft for the Public Exchange. Although it is an initial draft, a lot of thought has been invested in it for public good.
Please take part in discussing this call for thinking and action, and let us all together, the little people take part in creating the economy that works for us!
Greetings.
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