Read the article. Well wrote, except it's all wrong
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Let's start splitting hairs
Exchanges and wallets alike should be held to certain minimum standards, with fines for failing to adequately protect their infrastructure and customers.
Please name 3 big websites (regardless of the activity field) that have not been hacked! Yahoo, NASA, FaceBook, NSA, FBI, Capital One etc. This is the evolution of online security. Hackers get better. Online security needs to be improved. I agree that improper security protocols should be penalized, but put 3-4 mediocre hackers in a room and they can steal some crypto. It's not a solution. Imagine you have to pay a fine because your front door's lock was picked and thieves stole your dad's laptop. Doesn't really make sense. If you forgot the door opened ... then you're screwed !
Currently, there’s not any sort of “authority” that verifies the legitimacy of any particular upcoming project...
Is this guy serious ? Who will pick this "authority". Who will it respond to ? Who will audit it ? Better off trusting the ICO ...
A. Antonopoulos came with a interesting suggestion:
smart contracts ! They do an IEO and the funds are distributed in installments based on road map accomplishments. Did you do well so far ? Multisig between investors... you can have another 15%. Keep working hard and see you in 3 months for the next 15% if we decide you are on the right track. If not, return the remaining funds to us !
I HATE the idea of "regulatory authority" and what it means today.
We have this new great tech. Let's use tech to oversee it ourselves, not call for a "council of the elders" to guide us.
Listen to this guy:
https://www.youtube.com/watch?v=c2Gf_PHk530 and then read that article again and tell me you fell the same way