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> > > code security-wise and push it live than it is to create code that is
> > > actually properly implemented for a banking environment to handle both
> > the
> > > large amounts of money and the quite serious number of attacks that will
> > > take place once the amount of money available is established.
> > >
> > > In a competitive environment, the folks who take short cuts will save
> > > money in the short term, and thus will be more likely to pick up users
> > > than a more expensive equivalent that actually did the security
> > correctly.
> >
> >         And in the long term they will be out of business.
> >
> Or not. If it were up to most regulators, definitely not.
> Mtgox was never in a highly competitive environment. If it were it wouldn't
> have been on top so steadily with so little improvements in service
> rendered.

The service rendered was trade volume. It seemed to do that quite well.

> >         Although that's not the whole picture. In this case, a different
> >  problem
> > is that people are using a *centralized* exchange as a bank to keep their
> > supposedly *decentralized* e-money.
> This is offtopic to be honest. Whoever needed a money that was totally
> centralized, and why does he/she think Bitcoin is it? It's much much much
> more decentralized than any other currency. The fact that it's not useless
> now is what sets it apart from things like the LibertyDollar, so I'd say
> it's working just fine. Can't stand this sort of underinformed bullshitting.

I'd argue that centralized systems provide, on averge, a larger anonymity
set and privacy in the majority of cases than decentralized ones. In particular
exchanges that everyone believes are 'incompetent' are a wonderful place to
get a lot of cheap plausible deniability by making everyone else that uses 
it pay for it when the house of cards falls down.

Troy Benjegerdes                 'da hozer'                  [email protected]
7 elements      earth::water::air::fire::mind::spirit::soul        grid.coop

      Never pick a fight with someone who buys ink by the barrel,
         nor try buy a hacker who makes money by the megahash