[Note: I only wanted to discuss the implications of MtGox. Mods, please delete/move to the MtGox thread if not deemed worthy]
I got to thinking: this is pretty much a bank. I can pay and receive balances from Mt Gox, and it never hits my wallet. Very cool! In fact, anyone could get into bitcoins now, and never have to download the software. Non-techies could simply deposit at MtGox and use their balances as their 'wallet'.
MtGox: I'd suggest a data output for all trades with timestamp, price and size. With this info, apps can be created for sites like biddingpond.com which give live exchange rates. Would also like to put the exchange rate on my own sites and blogs. The graphs on MtGox aren't all that, let someone else run with the idea.
Imagine someone writing a blog about bitcoins, and having a live ticker to the current value vs. USD.
I got to thinking: this is pretty much a bank. I can pay and receive balances from Mt Gox, and it never hits my wallet. Very cool! In fact, anyone could get into bitcoins now, and never have to download the software. Non-techies could simply deposit at MtGox and use their balances as their 'wallet'.
MtGox: I'd suggest a data output for all trades with timestamp, price and size. With this info, apps can be created for sites like biddingpond.com which give live exchange rates. Would also like to put the exchange rate on my own sites and blogs. The graphs on MtGox aren't all that, let someone else run with the idea.
Imagine someone writing a blog about bitcoins, and having a live ticker to the current value vs. USD.
Good post TTBit, especially the part about MtGox functioning as an online financial institution. Other MtGox implications, besides the PayPal debacle, are jurisdictional. The bottom of the web page lists an entity that looks like it's registered in Panama, but I believe that large balances retained at MtGox would be subject to shut-down by the local jurisdiction, if they ever received enough pressure to do this. The issues would be:
1. does LibertyReserve support secondary account redemptions if the primary MtGox account became compromised/confiscated?
2. What happens to MtGox bitcoin balances if servers are confiscated?
3. does MtGox maintain backup servers or servers located in a different jurisdiction than the primary mgmt entity?
