Quote from: Armis on March 08, 2014, 06:01:36 AM

If you want to improve things I'm suggesting the following:

1) help find the money
2) encourage the various exchanges to adopt higher standards of security, responsibility, transparency, and accountability. They should be community certified, be bonded, have insurance, provide performance guarantees, provide better customer service, provide signed proof of solvency via the blockchain, provide regular audited statements, and the like
3) help develop a program that can search the blockchain for critical info
4) ask others to help the cryptocurrency industry in any of these 4 ways

That's a good constructive encouragement. Thanks.

Quote

as it stands right now, the situation that occurred at Mt Gox could happen at any other exchange, which places the whole cryptocurrency in a downward pointing spiral. Essentially, btc holders are slowly cashing in their coins in hopes that something material changes. But as time passes the realization of the btc protocol flaw (inability to find the money, resulting in unreasonably high risk) becomes painfully clear.

The blockchain is a perfect witness, it sees everything but if humans are unable to use it then it's useless large scale roll-out.

Mt.Gox is not the blockchain. It is good for Bitcoin if people remove their coins from exchanges. It is only bad for speculators. The counter-party risk inherent in current exchanges does not in any way detract from the value of Bitcoin or the Bitcoin blockchain, which is quite secure.