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March 02, 2013, 02:55:24 AM |
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A clear weak point in the current system are the exchanges. They need to interface with banks and thus operate under the thumb of various governments. They could easily be shut down, indicted, etc. While that wouldn't kill bitcoin, it would obviously be a major blow to is current adoption rate. It only makes things worse that most trade is handled through just one exchange.
Development of an independent backhaul system though which different exchanges could share their data I think would help to fix this weakness. It would not be an exchange itself, so it would no be as easy to shut down / attack, but it would facilitate the creation of other exchanges.
The backhaul system ideally would be fast and low-latency, encrypted and redundant, and it's servers hidden by VPN's
I would be interested in your thoughts on the effectiveness and necessity of this proposal, and if you all think it would be worthwhile, does anyone want to join me in its implementation?
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