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Gox

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On 02/25/2014 02:22 PM, Lodewijk andré de la porte wrote:
> 2014-02-25 19:22 GMT+01:00 The Doctor <[email protected]>:
> 
>> 
>> Why would somebody trust a centralized entity that interfaces
>> with a decentralized system that deals with something people
>> perceive as valuable?  "Hey!  I'd rather work with a central
>> point of failure!"
>> 
>> I don't get it.
>> 
> 
> 
> I'd rather trust people that'd hang if they fail to secure a system
> than my PC which is guaranteed to be replaced if it fails within 2
> years, insured against fire, etc. (And is guaranteed to fail)
> 
> I did place coin elsewhere, luckily. But my trust in Mtgox was
> quite large. Mostly because of their combination of high fees and
> high volume. When I joined it was "If gox goes bust, everyone goes
> bust". Now it's not totally clear.
> 
> I hope others step in and buy mtgox. It'd net them the old
> customerbase. It'd make everyone feel much safer on other
> exchanges, even though they might not be. It's a lot of coin
> though. Can't believe they never checked their safe.
> 
> Their current website announcement is a straight offense too.
> Wouldn't suprise me if some of them go to jail for Criminal
> Neglegence.
> 

What I didn't understand until a few minutes ago is that MtGox wasn't
putting their transactions on the blockchain. Thus, the built-in
validation model that comes with bitcoin was being "worked around".
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