Gavin Andreesons/Gregs extension. The only way to stop fractional exchanges

[jubalix]

I read recently (if not hoax) that Gav or Greg was suggesting a protocol addition so that you could prove and exchange has all the BTC it says it has.

Without something like this, I think all exchanges will yield to the temptation to fractional practice, by design or fault.

With it, it would make the btc side one of the safer ways to invest....with any entity as you can check at any tie their claims as to reserves.

[alp]

I read recently (if not hoax) that Gav was suggesting a protocol addition so that you could prove and exchange has all the BTC it says it has.

Without something like this, I think all exchanges will yield to the temptation to fractional practice, by design or fault.

With it, it would make the btc side one of the safer ways to invest....with any entity as you can check at any tie their claims as to reserves.

No protocol extension is needed for this.  The problem with relying on this methodology is let's say an exchange doesn't actually have your funds.  What are you going to do now?  You are still going to get Goxed.

[HeliKopterBen]

I read recently (if not hoax) that Gav was suggesting a protocol addition so that you could prove and exchange has all the BTC it says it has.

Without something like this, I think all exchanges will yield to the temptation to fractional practice, by design or fault.

With it, it would make the btc side one of the safer ways to invest....with any entity as you can check at any tie their claims as to reserves.

No protocol extension is needed for this.  The problem with relying on this methodology is let's say an exchange doesn't actually have your funds.  What are you going to do now?  You are still going to get Goxed.

A tool like this, whether a protocol extension or not, would allow customers to audit the exchange against the blockchain in real time.  At least customers would be able to see the problem before it becomes a crisis (before 750,000 btc go missing).

[Meuh6879]

bitcoin don't stop the flux.
it accelerate !

stop thinking about thing for noob people.
bitcoin-QT is a noob presentation with a noob description and a noob facility action.

i don't want to integrate some "3D secure" like mastercard/visa security ... it's shit, i must have my phone to validate a transaction ?!? What a joke ... and now, it's an obligation in Europe !

[jubalix]

I read recently (if not hoax) that Gav was suggesting a protocol addition so that you could prove and exchange has all the BTC it says it has.

Without something like this, I think all exchanges will yield to the temptation to fractional practice, by design or fault.

With it, it would make the btc side one of the safer ways to invest....with any entity as you can check at any tie their claims as to reserves.

No protocol extension is needed for this.  The problem with relying on this methodology is let's say an exchange doesn't actually have your funds.  What are you going to do now?  You are still going to get Goxed.

well it would show if they have all the btw they say they have not fiat though.....

[justusranvier]

The problem with relying on this methodology is let's say an exchange doesn't actually have your funds.  What are you going to do now?  You are still going to get Goxed.

The method does achieve what it claims. An honest exchange can prove that it is honest.

It doesn't protect you from a dishonest exchange, but that technology isn't ready yet.

[eldentyrell]

I read recently (if not hoax) that Gav or Greg was suggesting a protocol addition so that you could prove and exchange has all the BTC it says it has.

Bitcoin already has this capability, and has had it since the very beginning.  No protocol additions required.

The reason it isn't being used has nothing to do with technology.

[eldentyrell]

No protocol extension is needed for this.  The problem with relying on this methodology is let's say an exchange doesn't actually have your funds.  What are you going to do now?  You are still going to get Goxed.

Much smaller goxxings, much earlier in the game => good

[jubalix]

so how does it work exactly...the exchange keeps all btw on keys it signs offial message with or other message you can verify.

Anyway of gambling can be made provable with btw why not an exchange.

Just the fact that you have provable gambeling with BTC is going to kill most casino other gambling.