Quote:
Originally Posted by MindBomber
For arguments sake, let's assume Mt. Gox was an inside job.
I don't see what's preventing Blockchain.info from performing the same inside job.
Their trustworthiness may make it unlikely they will, but that doesn't preclude the possibility.
I want a mechanism to preclude the possibility or at least reduce the effect on individuals that lose coins, and protect all coins value by extension.
Fiat currency has such mechanisms; FDIC in the U.S. and CDIC in Canada.
Am I missing something?
I'm not trying to arrogantly argue, I WANT coins to work but this issue seriously undermines them.
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I don't think you know how bitcoin works. You can't double spend on the blockchain, they would see it and reverse the transaction.
Gox had a software problem and with Mark Karples at the helm, he fucked even more and it took him 2 years for Gox to admit that they fucked up.
Bitcoin protocal itself has no problems. Blockchain records every transaction.
Get it?