About strong move, security and responsibility from the point of view of speculant.
You all know what happened right after price bump in Jun 2011.
Mtgox got hacked.
Because unknown service coded on knees was not valued in hackers while bitcoin didnt have significant value. But since bump, MtGox security gained value in hackers' eyes. They realized that there are millions of dollars located there and nobody there doesn't mind about security. And we got what we got.
The same stuff with pirateat40, bitcoinica and others. Anonymouse nature of bitcoin destroys any responsibility in service owners mind.
There is no central authority in Bitcoin which will force services to complete identification and force to meet security standards like PCI-DSS like it is done in payment card industry by banks and VISA.
And what does Bitcoin Foundation do about that? Nothing. They just scream about bitcoin price gaining value 100500% in press release.
They dont realize that if Bitcoin will get $100 in value - 80% of bitcoin services will be hacked and scam people for money due lack of security and resposibility.
All major drops were due to or accelerated with some big service fuckup.
Bitcoin will not get enought liquidity on market until Bitcoin Foundation will not bring to community central advisory authority for bitcoin centralized services.
It must force services to meet security and responsibility standards.
It should put site seal for approved services which hints common users that service is verified and keeps security standards.
It should widthdraw site seal from services which ignore users complains or security standards and identification procedures. This will hint common users to be careful with this service.
I think I dont need to explain, that wide usage of Bitcoins needs price stability - coz everyone fear volatility.
And price stabilty only may be reached with enough liquidity on market.
But enough liquidity on market can't be reached without people trust in centralized services. They just scaried to do this. They fear scam.
So we need a service which will verify, identify and watch for keeping security stadards by existsting verified Bitcoin centralized services.
Please provide us with one. Thanks.
Sorry for not reading through all thread, but what you purpose is exactly what is now devaluing current ‘money’ and making bitcoin valuable by being different.
There is an issue in a very core of present ‘trust in authority’-based value storage/exchange system and until it is correctly addressed, this [alternative] concept has little, but quite certain value.
One can simply argue that the current worth of bitcoin is solely based on p2p, free will, free market value exchange model (it may be as hypothetical as you/others like you choose it to be) and while your proposal, correctly implemented, would certainly attract some comfortably big-pocketed users and even move the currency forward, it is nothing but a copy of existing model with different players (different only so far).
However, it is likely to discourage current majority from using it and will simply kill the fundamental idea of an individual(s) being solely responsible for their own worth. (Which i like).
Rather than propagate protected by the state/central authority/Jesus the god concept why not to leave it as it is and rely on a free will and free market model which is always at least morally clean and is in itself beautiful. Sure, we all are imperfect, but do most of us need ‘protection’ from ourselves? Time will tell
Saying that, i would like to see an attempt (and it is as sure as rain to follow) of BF/other entity to try and regulate bitcoin – this and majority’s reply to this (not price fluctuations/miners/future technology, etc) is what will make or break this concept.
