So—I have thoughts on the MtGox collapse beyond just “What a bunch of silly morons.”
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Big institutions are also awful with their security & their data.
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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Not sure there’s a strictly analogous situation to apply to DTC. Also MtGox definitely still morons. @noahmccormack
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@noahmccormack They’re definitely going to have a bazillion back-ups.
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@noahmccormack I also think DTC is way more important in the economy than MtGox was important for the BTC economy...
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@noahmccormack …so I think the institutions are not totally analogous + the problem is not analogous at all.
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