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April 28, 2014, 10:34:03 PM |
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Something bother me with exchanges (or whatever online service that keep your bitcoin, without you having the private key) in general. They claim they keep your bitcoin in an account. So far so good.
But what proof do they have ? Obviously, we don't get the private key, because we need to use their online website to make transfer. So what proof that the amount of BTC we see is not monopoly money ?
I suspect Mt Gox not being destroyed by hackers, but by a classic bank rush triggered by breech of trust because of a small malleability attack. What prevent Mt Gox to tell you they have your bitcoin in your account, while they really possess 10% of it ? (As our banks does)
I don't want to discuss whether exchanges or bitcoin banks are trusthworthy, I only want to discuss, what is the proof that such company possess the BTC they claim they own us ? (Again, our normal banks obviously, don't have our money in the vault)
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