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Author Topic: Could exchanges open their books?  (Read 782 times)
zby
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September 21, 2011, 10:58:17 AM
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This probably would be too radical for most of the exchanges but maybe some could start doing that as an experiment?  After  the disaster of the Full Tilt scam (http://blogs.reuters.com/felix-salmon/2011/09/20/full-tilt-ponzi/) - this might be a way to improve accountability.
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fivebells
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September 21, 2011, 10:59:43 AM
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It's for precisely this reason that bitcoin exchange/trading services make me nervous.
phantomcircuit
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September 21, 2011, 11:44:56 AM
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The answer is basically no because it's confidential user data.
hugolp
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September 21, 2011, 11:54:32 AM
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The answer is basically no because it's confidential user data.

They could use OT and have their books open while keeping confidentiality.
zby
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September 21, 2011, 11:57:31 AM
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The answer is basically no because it's confidential user data.
At least the BTC part of the balance is composed of anonymous addresses.  The traditional currency part would be more tricky - sure.
casascius
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September 21, 2011, 01:18:05 PM
 #6

They could open their books to an auditor and allow the auditor to render an opinion without disclosing any confidential data.  This is how the rest of the world does it.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper wallets instead.
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September 21, 2011, 02:16:03 PM
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Exactly. From my futures broker I get a balance sheet every month to see how their balance and health looks like.
TTBit
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September 21, 2011, 05:23:01 PM
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They could open their books to an auditor and allow the auditor to render an opinion without disclosing any confidential data.  This is how the rest of the world does it.

To finish the thought if not clear: If MtGox goes belly up, the auditor can then be sued for damages, and put up a bond. Of course, the auditor is going to require a fee to do this.

Pick your poison: do you want to pay higher fees for a little more security, or place a discount on MtGox funds that you lay claim to.

good judgment comes from experience, and experience comes from bad judgment
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