Well Andreas also made some very clear public statements in the past few days that he strongly believes Mtgox has no solvency problems. So at the moment I could a fuck what he thinks.
Should anyone give a fuck about what someone who's barely been on the forum for two months thinks? |
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i will support any coin that builds in a defense against concentration in the hands of a few early adopters.
Please do so in the appropriate altcoin forum. |
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The lesson is not that nobody can be trusted. There are countless good men and women in this community who are worthy of trust, and some of the very best people I've ever met. He's wrong about that. It doesn't matter how worthy someone is - they can make mistakes, they be threatened or blackmailed or hit by a bus. Financial systems and transactions must not rely on trusting people. The only thing you can trust is math. |
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Thread title is deceptive.
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How many duplicate threads do we need?
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Escrow requires trust in the arbitrator. Does it really have to, or is that just the way people have always done it before? Reputation is valuable in basically all human interaction. Airbnb, couchsurfing and Uber are practical examples of the power of reputation systems. Reputation systems give you a limited and imperfect method of predicting intentionally malicious behavior. Insurance provides recourse that covers both intentional and unintentional damages. Properly implemented insurance systems offer a strict superset of the functionality provided by reputation systems and also don't require privacy compromises. |
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Identity and reputation is the wrong way to go.
Building recourse into transactions such that you don't need to trust counterparties is the correct path.
Then you don't need to identify who you're doing business with so there's no valid reason to build privacy-destroying databases.
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I believe it will take much longer than that for Mt. Gox to be replaced as the number one exchange and confidence to return. If this does not happen it's only a matter of time before we're Goxxed again, there's no fix for Gox's kind of stupid. QFT |
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maybe it just turns into the Roger Ver Foundation. I'd actually donate to that one if it existed. |
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Maybe not thief, just incompetent. No proof, that it was he who stole bitcoins.
It's really hard to say which scenario is more believable. |
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A business that size should be reconciling their accounts at least daily. This is the 21st century. There's no excuse for any Bitcoin company not to reconcile their BTC holdings each and every block. |
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Thread belongs in the altcoin section.
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For as long as these thefts have been going on, there have been more bitcoins in circulation than there "should" have been. This artificially lowered the price.
Not sure if you are aware.. but more than half the total BTC has been mined... only about 1/100th of them are on the exchanges... There is plenty in the "wild", to go around. There is more than enough BTC floating around to wipe all exchanges down to $0.0000001/BTC if they wanted to. (It is easier when prices are high, becaue it takes a lot less BTC to bring it down faster.) All exchanges have been dumped on, prior to this, and before this started... Why would a thief dump on the exchange he stole from... He wouldn't... That is illogical, especially if he stole all the BTC. Thus, this is all just more crap. lol If it's true, the theft didn't just happen - it's been chronic for two years. Those thieves probably didn't hold - they've been selling off all this time. For the last two years, an extra 6% of the all the bitcoins that will ever be mined, that were supposed to be sitting idle, were actually being actively traded. Of course, maybe Mark is actually a thief and this is all a ruse. So you have to decide which is more probable: is Karpeles a criminal mastermind, or else the most incompetent businessman in history? |
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For as long as these thefts have been going on, there have been more bitcoins in circulation than there "should" have been. This artificially lowered the price.
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The amount of incompetence it takes to lose three quarters of a million bitcoins over a multi year period is truly mind blowing.
He'd have to do something like "Why is my hot wallet empty? It shouldn't be empty. I'll just refill it from the cold wallet and figure it out later" for two years.
If that crisis response document floating around is anywhere near accurate we should be be in awe of Mark Karpeles right now. This is Olympic gold metal level incompetence - you don't see that kind of thing every day and he deserves full credit for the magnitude of his achievement.
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I guess I'm ancient, as I'm actually aware of Mojo Nation  Zooko et. al. were talking about implementing accounting a while ago for their more modest successor project, Tahoe-LAFS, though I'm not sure if they're still planning to do that. The subject came up on this forum a couple years ago, although it was in the context of generic file storage: https://bitcointalk.org/index.php?topic=86384.0;allI remember emailing Zooko about it back then, but nothing really came of it. Maybe it's better to look at a rebooted MojoNation as a replacement for Bitcoin's P2P layer which might incidentally turn out to be useful for generic storage too (maybe for all that extra data people want to stuff in the blockchain?) |
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Exactly, many don't seem to grasp this, not much difference here to how banks just 'make up numbers'... what's preventing them from selling you coins that don't exist... you'll never know until you try to access them That's why you need more than just a database to do this right - you need a cryptographically-secure accounting system and verifiable auditing. That's Open-Transactions. Anyone who wants to solve this problem is going to have to reinvent all the work they've done, and they have a head start. All OT needs is add a few missing pieces to handle the bitcoin side of the equation and they'll be done. |
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Hardly a newb. Newb is a state of mind, not a registration date. That's the point of the thread. Properly categorizing newbness requires a more accurate measurement than registration date and post count. |
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Don't forget about all the non-mining full nodes that would avoid having to carry the extra burden. Miners are getting financially rewarded for it, so it's much less of a problem for them. The thing about Bitcoin is that it's in no way tied to a particular P2P network. Back in ancient times, there was a P2P filesharing network called "Mojo Nation" that attempted to use market based resource allocation for bandwidth, storage, and content indexing. It didn't really work out for several reasons, but it's probably worth dusting off, fixing its price discovery problems, and repurposing for Bitcoin. |
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