Quote from: Rogue Star on July 06, 2011, 05:09:04 AM

Quote from: cypherdoc on July 06, 2011, 04:36:41 AM

security is already a feature if you know what you're doing. and if you don't encryption of wallets will be a feature of the next version. ease of use is coming along with security. thats clear.

Trust: you don't have to trust anyone. thats what the block chain is for.

Mitigation: again, no risk if you know what you're doing

Transparency: way more than our Federal Reserve and banking system.

Security: Encrypted wallets won't go very far to protect anyone. Bitcoin needs more than that.

Trust: Trust in any part of Bitcoin is voluntary, and as such susceptible to human folly. So while there is a high degree of trust for the block chain, almost everything else has a markedly lower trust level. The point remains Bitcoin will have trust issues, but the voluntary trust is a huge leap forward IMO.

Mitigation: People often don't know what they are doing, so hand waving that it is not an issue isn't constructive.

Transparency: I agree, but at least some of the transparency is voluntary. I'd like to see more transparency from mtgox for example, even though I still trust the service and love the volume of trading there.

I know my counter points are external to Bitcoin, but they have to be addressed.

I've put some cursory thought into combining offline wallets, offline transaction creation, and online transaction processors but even that has problems (mainly user error, physical security). Having something like that would address some of my issues.

Security: There can be a private company in the future that comes out, and offers to secure these Bitcoins in a undisclosed , safe, offsite location. They can also opt-in to secure these funds up to a certain amount, sorta like how FDIC insured banks are insured today.

Mitigation: It is not Bitcoins fault that people don't know what they're doing. Once again read my statement above to understand how issues of safety and mitigation can be handled.

Transparency: IT IS NOT BITCOINS FAULT THAT MTGOX CHOOSES TO KEEP EVERYTHING BEHIND CLOSED DOORS. IT IS MTGOX'S FAULT.
If you want transparency go http://blockexplorer.com, if not send MTGOX's support an email with your complaints. Thanks.