Post
Topic
Board Bitcoin Discussion
Phase 1, Complete. Onward with Phase-2
by
Melbustus
on 25/02/2014, 04:01:10 UTC
http://blog.coinbase.com/post/77766809700/joint-statement-regarding-mtgox
http://www.circle.com/2014/02/24/joint-statement-regarding-insolvency-mt-gox/
http://blog.blockchain.info/2014/02/25/joint-statement/
http://www.reddit.com/r/Kraken/comments/1yux6n/joint_statement_regarding_mt_gox/

Whatever happens in the short-term dealing with this mess, I'm happy this phase is concluding. Gox was a holdover from early bitcoin, where clearly incompetent people/operations handled massive amounts of customer funds, and we've been needing to get sharply over that phase for a while now. This does so rather dramatically. I look forward to bitcoin moving into the next phase of adoption driven by far more professional entities.

As a step in the right direction, people have been talking more and more about proof-of-reserves for bitcoin financial entities. I think that's a great way to go; we, as customers, should all be demanding that companies use bitcoin's unique features to push the envelope on transparency, bolstering the integrity of the bitcoin ecosystem directly, while also highlighting one of bitcoin's key strengths in contrast to the fiat financial system.