So—I have thoughts on the MtGox collapse beyond just “What a bunch of silly morons.”
Exchanges fuck up. A lot. And I was dismissive of startups as financial institutions, but that actually shouldn’t matter that much.
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Big institutions are also awful with their security & their data.
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Getting things right most of the time isn’t enough when you’re a Bitcoin exchange, because the stakes are higher.
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There are trade-offs to reversibility in transactions, and there are trade-offs to irreversibility.
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Every breach at an exchange demonstrates the latter.
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Tentative conclusion: irreversibility and artificial centralization don’t play well together.
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