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Holding options open.
I guess Matthew wants to do something for the community (and maybe lost quite a bit with MyBitcoin) and this is what he came up with, being a bit inexperienced with this type of communities (he said somewhere that he found it chaotic) he does things that are considered inappropriate and his idea being unwanted (community feels attack on its freedom).
I guess he is a business guy or manager. Most people here have different ways of thinking (not in a negative way, just different and that causes conflicts).
Or, I'm totally wrong. I base my trust on actions, not on talk.
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Scammers and untrustful services disappear after some time. Trustful ones will stay. After time there will be many more trustful services and merchants then untrustful ones. Bitcoin is still in its infant stage, give it time to build a trustful economy. Also, these failures are good examples for people to learn from.
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insurance.
I think we need some discussion about this. Can we come up with some (paid) insurance that pays out when wallets are lost or people are scammed, but not promote scamming of the insurance (proof that someone lost his wallet). |
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Well, with all the ranting on last few days. I also kept thinking on the current situation and your post gives a good start. Here is how I see it.
People immediately said that online wallets are evil and should not be trusted. I agree to some extend with that. I used MyBitcoin mainly as a payment processor and needed to keep a small amount on there for my service to work. I can implement a whole payment processor service myself, but it is a hell of a lot of work to do it properly. That is why I used MyBitcoin. As far as I know they were also the only ones that offered such service, so I had to put some trust in them for my service to work. Therefore I think we should have MORE payment processors that offer the same service, but where people can split the risk depending on how much they trust the person running the service. Using an online wallet to store more bitcoins then needed is foolish (I agree with that), but not many people are familiar with encryption (how many joe and jane sixpacks make unencrypted backups at al?). And I think this is something that needs to be tackled. Even a few months ago people were claiming that in a few years nobody would be running the bitcoin client, but use online wallets/banks.
But going back to trust, trust needs to be build up and kept. There are quite a few services that have internal wallets/accounting. And when something bad happens (see the Polish exchange) the service provider should give the trust that their customers keep their stored value. Services should have an additional fair fraction of their stored value in a safe spot, so they can take their loss, but keep the service running.
In case of the Polish exchange, lets say they lost the 17000 BTC, if they had a safety depot of 6000 BTC they could still operate and generate new profit to counteract their losses. To sum it up, if you set up a service to make a quick profit, also take responsibility for it when you make a mistake and don't put it on your customers shoulders.
Online wallets are not bad per se. Most people trust PayPal (I don't, but that's a different discussion), while they aren't even a bank (The MyBitcoin ToS could as well be PayPals ToS).
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Last month FinCEN issued a ruling that was intended to clarify the definition of an MSB and includes the possibility that even businesses outside the U.S. conducting money transfer over the Internet could still be classified as U.S. MSBs. Additionally, the definition no longer requires that an MSB be a business — any individual who receives funds in exchange for a stored value might be considered an MSB.
I'm no lawyer, but reading this gives me the following question: if I (in Europe) sell bitcoins (over internet == USA) to some other European person for money... I have to report it to FinCEN? Plus, op topic, FinCEN can't track EVERY transaction, so seems a bit impractical to me. So what prevents people from civil disobedience? |
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I would sell all my bitcoins if I THAT was my teacup... |
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Researchers Discover Twitter-Controlled Bitcoin Bot
...
For more from Sara, follow her on Twitter @sarapyin.
Hope her account isn't infected. |
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This was a 5 minute work. Williams is a quite common name. Now you have a maiden name for some relative (wife/sister?) next step social networking sites and the rest of internet.
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Searching on the MyBitcoin address gave me the following: Meridian Trust Company Limited Hunkins Plaza Main Street PO Box 556 Charlestown, Nevis, West Indies 1-869-469-1333 Tel 1-869-469-0968 Fax info@meridiantrustnevis.comAnd: Meridian Trust Company Ltd. Mr. Ernie Dover, Managing Director. P.O. Box 556 Hunkins Plaza Charlestown Nevis, West Indies Tel: 1(869) 469-1333 Fax: 1(869) 469-0968 E-mail: edover@meridiantrustnevis.comWebsite: www.meridiannev.comTracey Williams-Morton Trust & Fiduciary Services Manager twilliams@meridiantrustnevis.comSee who the "Trust & Fiduciary Services Manager" is? I already mailed Tracey a few days ago, no reply. Maybe someone else want to give it a try? |
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People saw that bitcoin price can go down and lost interest (ZOMG no 400% profit per week!!!! LOLOLOLO)... Price is still more then 1 year ago and I keep buying and with lower price I keep buying more. Bitcoins strength is not in its price, but what you can do with it. Although having mybitcoin getting unavailable caused an inconvenient situation for many merchants.
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I hope it is back up tomorrow.
And I hope we all move all our money to some place else where they have dedicated staffs and multiple communication lines. Or something that is run by trusted members the bitcoin community, like GLBSE. |
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Anyone know what happened to mybitcoin.com in regards to why they are down?
Only a "serious bug" (transactions to the bitcoin network didn't get processed) was reported a few hours before it went offline. |
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Can someone please figure out what is going on with mybitcoin.com? Looks to me like it's a catastrophe.
How? Mailed 3 different email addresses, one (the abuse mail address) bounced. 2 (one of the company registered at that address and one old one that I used in the past to contact them) Haven't replied yet. |
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Todd, I believe a new thread would be more appropriate for your post. It was not in reply to anyone else's nor does it address the OP's issue.
He spammed al mybitcoin related topics with the same post. |
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If some certain You-Know-Who organizations/established institutions want to destroy the Bitcoin, shouldn't the most effective approach be......taking out its biggest exchange??
I love conspiracy theories (or hypothesis which almost all are in my mind), but... It strikes me that the enemies of Bitcoin, so far, could rest on their heels and allow incompetence, naivety, exhaustion, etc to do the job. Occam's razor suggests to me that factors such as these are responsible for the most severe issues...so far. That's Hanlon's razor, not Occam's razor. |
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Seems like I was right. Upgrade went not as planned.
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I don't see why people don't just save normally and leave enough left for retirement.
Because many people can't? I know enough people who are always in the red figures at the end of the month. |
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But did you get any reply, and what was in there?
The site was down the next time i checked it, so i couldnt read any reply if they sent me one (you need to be logged in to your MB account to read messages). Ok, lets hope it is that then. |
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Bitcoin has become self-aware
Last thing I want is my bitcoins jumping out of my wallet.dat by themselves. |
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