I think it is good that flexcoin could never become a FED back (if it was going to I would more my coins out). I think the bitcoin community holds business owners to a high standard, than the government ever could.
As a community we need to look within ourselves to solve problems that we see around us. This idea of running to the “STATE”, the entity that is the reason why bitcoin was created, is dangerous to bitcoin.
The need for money transfers, without the “STATE”, can be solved by ingenuity.
Incidents at mtgox:
- No password brute force protection. People weren't recompensated.
- SQL injection.
- Leak of entire database.
- Using floats internally for orders.
- CSRF exploit. People weren't recompensated.
- Trying to partially blame us for discovering it after we spent all of 3 days trying to contact him (even rung a friend of his in France) before privately disclosing it to a trusted forum member to confirm.
- Intrusion and stealing of funds.
- Losing funds through using alpha bitcoin software.
- Not responding to reporters questions leaving the media to speculate.
... And more!
Mtgox is still the biggest exchange, and they kept their site up through these incidents when it should've been taken down until the problems were fixed.
when bitcoin.pl lost all their funds, they were up the next day and trading at 3/4 their previous volume.
Point is that people don't do shit. They will always keep using untrustworthy shoddy services. This posturing is all very well and nice, but a monopoly will keep dominating a market through either holding a first-entrant advantage (like bitcoin vs other future cryptocurrencies) or
anti-competitve practices. Julian Assange (a guy that has read through thousands of leaked documents) agrees with me:
It’s not correct to put me in any one philosophical or economic camp, because I’ve learned from many. But one is American libertarianism, market libertarianism. So as far as markets are concerned I’m a libertarian, but I have enough expertise in politics and history to understand that a free market ends up as monopoly unless you force them to be free.
