Post
Topic
Board Bitcoin Discussion
Re: The real problem with Exchanges/Services...it's quite simple.
by
rax
on 07/01/2015, 01:40:17 UTC
This is a fundamental flaw in the bitcoin banking system.  The anarchists will claim 'BUT HAVING REAL NAMES AND REAL PEOPLE GOES AGAINST THE TRANSPARENCY OF CRYPTOS!'  No.  You can't have it both ways.  Either you have accountability or you get taken to the cleaners.  The 'blind trust' system never works on the internet.  Never has.  Never will.

It could be done, but it'd involve every bitcoiner start using PGP to build a collective web of trust. Now that'd be a nice thing to see, but it ain't gonna happen. It's too much hassle and complexity for the avg Joe, just like generating high-entropy private keys or signing offline transactions.