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Author Topic: Devs need to create a TRUSTED, OPEN-SOURCE exchange for bitcoin to survive.  (Read 590 times)
min0r
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June 19, 2011, 10:55:29 PM
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Why don't the devs at bitcoin.org create an open-source exchange?  They're the only trusted authority when it comes to bitcoins.

If bitcoin is to survive, it needs confidence from the public.

Having an exchange run by shady characters, run on insecure software, isn't good for the community.


DEVS should make a distributed open-source exchange
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June 19, 2011, 11:04:05 PM
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While an open source codebase might result in safer code because of the crowd sourced review, it also would mean more vulnerabilities got taken advantage of (since the hackers can see the code)

Egg on the face of Mt Gox? Sure. End of the world? No. They're doing the right thing - rolling back to right before the fraudulent transactions, and life will go on. They reacted quickly and are clearly trying to do the right thing. Many of those screaming that the sky is falling either have a vested interest in another market or don't understand how markets work. Markets 'rolling back' are not common, but also has happened elsewhere.

I believe BitCoin will be fine - but it's entertaining reading the frenzied panicked posts like it's the end of thw world. Hackers are a fact of life and hopefully when things are back to normal AND secured, Mt Gox will publish an overview of what happened and what they've done to improve things. Otherwise, folks will vote with their feet
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June 19, 2011, 11:12:24 PM
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I would suggest that everyone consider the exchange carefully before committing any money and time to it. 

It would seem that any web site handling transactions involving multiple thousands of dollars, or any amounts really would have a comprehensive security plan and audits in place.  this would include a response plan, notifications and procedures for security events.

The way to make this happen is to insist that the business operations are insured.  The exchange owner should have in place sufficient insurance to cover operations and attack liabilities.  Any insurance company that would write the policy presumably would insist on some set of agreed upon processes, audits and security vulnerability assessments.

The bottom line is that any reputable business has insurance.  Insurance costs real money.  The exchanges require some assurance from the owners that the users interests will be protected.
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June 19, 2011, 11:21:34 PM
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This thread is spot on.  If a secure exchange is not created soon before bitcoin goes big, then big companies will move in.  I would not be surprised to see Google running an exchange if this thing catches on.  Then, Google will control the financial world as well....just great.  Imagine that monopoly.

And, if it's not Google, maybe its a bank...whoever....fees, fees, fees.

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forzendiablo
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June 20, 2011, 12:03:45 AM
 #5

seesm everybody is morei nterested in mining then beein able to use the btc later Wink

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