Very dear Bitcoin community,
today's incidents have shown us, that we urgently need more solid Bitcoin exchange sites. Centralized trading on few large exchanges bears the risk of exchange rate manipulation through blog posts or credit freezes like we have seen these days. Only with a larger pool of legitimate well-engineered and customer-friendly Bitcoin exchange sites it will be possible to sustain the success of Bitcoin. However, running an exchange site that trades cryptographic currencies is connected to many potential fails. The draglet company from Germany possesses the skills as well as the software to enable cryptographic exchange sites around the world. Have a look at the Bitcoin trading prototype at
https://www.draglet.com/en where draglet demonstrates a vision how good cryptogrphic trading sites should work.
To help entrepreneurs open their own exchange sites, draglet offers them to run a cryptographic exchange under their brand and responsability. This includes the technical competence and a reliable and throughougly tested exchange software with a sophisticated frontend and a secure architecture. If you are currently in a situation where you consider starting a crypto exchange site draglet can take the technical part for you. All you need is to provide a way to exchange fiat money with your customers and to comply with your local legal parameters. draglet will help getting you started independent of your business size and country. If you are interested or have any questions you can contact draglet at
info@draglet.com.
Bitcoin runs into trouble because there is no responsible party for the code, the question is how do you create market competition so that there is a profit incentive for securing its code without centralizing authority in a single institution? I think the answer is to have multiple Bitcoin networks running within each other simultaneously that have different levels of security, and each coin in each network has a specific tag to separate it from the other networks (Think Coloredcoins). Basically there would be different networks holding Bitcoins so that users could choose what network, and incidentally what level of security they wanted if any. This way if a hack occurs the institution in charge of the network is liable and is able to offer the victims compensation and then users can choose a different and more secure network. In this way there would be multiple companies or individuals vying to protect your Bitcoins through various measures and if one failed it would not affect the rest. Bitcoin is decentralized in every way except its code and decentralizing the code is tricky, but I think it can be done. Your option centralizes Bitcoin security which is all or nothing, and is bound to fail, as soon as draglet fails your scheme fails. You don't want to create a giant snake with one head, you want a hydra so that it cannot be killed and I think the best way to do that is to have multiple networks running simultaneously that all use Bitcoin, but run with different coding so that if one experiences problems users go to the next. Yes there would be issues exchanging from one network to another, but there would be a direct profit incentive for whoever fixed that problem along with a profit incentive to improve Bitcoin's security. Currently there is only an indirect profit incentive for individuals to secure the Bitcoin code because the code is not yet a marketable product.
