Hacker News new | past | comments | ask | show | jobs | submit login

Thinking about this...

This tragic violation of the trust of users of Mt.Gox was the result of one company’s actions and does not reflect the resilience or value of bitcoin and the digital currency industry.

The best way to build trust in the 'resilience of Bitcoin' would be to leverage the blockchain technology to help document who lost what and monitor if/when any of those coins appear in the future. This is going to cost money as well as development time.

It's one thing wax pious about how and why this happened and to say it must never happen again etc. But the best thing the exchanges could do for their long-term credibility would be to each put up a chunk of cash and engage an expensive law firm to set up a trust and audit the whole affair as completely as possible. That's going to require a collective commitment of of a million dollars, or possibly a few million.

It's either that or get put under the microscope of existing financial regulators on their schedule, which (IMHO) will relegate BTC to the status of a disaffection currency that is only convertible in fringe markets.




Consider applying for YC's Spring batch! Applications are open till Feb 11.

Guidelines | FAQ | Lists | API | Security | Legal | Apply to YC | Contact

Search: