I just realized that MtGOX has opened the doors for a completely new business models named "certification" of "insurance". This can be considered a good thing since we learn from the bad moments.
Certification
Isn't it time for a company with indepth knowledge of how to run a company that stores ginormous amounts of bitcoins to pop up.
This company can offer certification to companies willing to confirm to strict policies and procedures in handling bitcoins.
Companies like Bitstamp, Btc-e, Blockchain could then allow themselves to be certified so they can present the certification on the site.
This way we can trust that our bitcoins are safe if we use their services.
Insurance
Insurance amounts to nearly the same thing. A company willing to bail either "certified"companies handling Bitcoins.
Or personal insurance where you can get bailed out if a Bitstamp or BTC-e goes down like MtGOX did.
For X mBTC per month they insure you for Y BTC if a bankruptcy claim comes through and you can prove your BTC got stuck there.
Bitcoin banks
Companies storing and guaranteeing safe storage of wallets. You send password secured offline wallets through an SSL connection to that company.
Company stores it in some sort of vault and makes sure nobody can steal your coins.
Also providing retreival services where you request your wallet back and the wallets get streamed back once lifted from cold storage.
etc.
So HODL is good since we are really very early adopters. The technologies and companies are yet to come.
PM me if you want to buy the rights off me
Certification
Isn't it time for a company with indepth knowledge of how to run a company that stores ginormous amounts of bitcoins to pop up.
This company can offer certification to companies willing to confirm to strict policies and procedures in handling bitcoins.
Companies like Bitstamp, Btc-e, Blockchain could then allow themselves to be certified so they can present the certification on the site.
This way we can trust that our bitcoins are safe if we use their services.
Insurance
Insurance amounts to nearly the same thing. A company willing to bail either "certified"companies handling Bitcoins.
Or personal insurance where you can get bailed out if a Bitstamp or BTC-e goes down like MtGOX did.
For X mBTC per month they insure you for Y BTC if a bankruptcy claim comes through and you can prove your BTC got stuck there.
Bitcoin banks
Companies storing and guaranteeing safe storage of wallets. You send password secured offline wallets through an SSL connection to that company.
Company stores it in some sort of vault and makes sure nobody can steal your coins.
Also providing retreival services where you request your wallet back and the wallets get streamed back once lifted from cold storage.
etc.
So HODL is good since we are really very early adopters. The technologies and companies are yet to come.
PM me if you want to buy the rights off me
Once you add the costs of 'insurance' and 'certification' (regulation?) you eliminate the frictionless advantage of bitcoin.
Instead I think people need to learn a little bit of self-reliance.
Bitcoin allows YOU to be in control.
What ever happened to the desire for freedom? the desire to be in control of your own destiny?
I think you're looking at it the wrong way. I was merely suggesting that companies using bitcoin can have themselves certified by other companies if they choose to (no must). This allows companies to open up to the public and prove that they have secure measures in place. Look at certifications like "Protected by Verisign" and "ISO xxxx certified". Nobody is forcing you but a consumer might trust certified companies more.
Insurance can also be an option. If I'm a company managing loads of bitcoins. What if I get robbed? What if my cold wallet goes lost? Why not insure the risk?
If MtGOX was insured they wouldn't be in this mess. Insurance is also an option.
Again I'm not suggesting it MUST be certified (regulated) or insured. I'm suggesting that companies might want to be certified or insured to protect them from hacks or technical errors.
The bitcoin market is a free market but we must make sure MtGOX like stuff doesn't keep on happening.
How can you take control of your destiny if someone hacks your ass or burns your cold wallets... the only actions you can take is "protect yourself and hope for the best" or "Ask for assistance, expertise or someone willing to take your risk"