Phase 1, Complete. Onward with Phase-2

usabitcoinbuyer

newbie

Activity: 57

Merit: 0

Quote from: coinage on February 25, 2014, 12:05:47 AM

Good, but please let's remember that the actual solution will be "Phase 3," which can't arrive too soon: software & services using practical multisignature transactions, and also high-volume decentralized exchanges.

Wait... I thought Phase 3 was Profit!

I agree with the OP and the other sentiments here. I had a few BTC in Gox to trade with. I would have liked to scale up the trading size, but simply didn't trust them enough (and very glad in retrospect I didn't succumb to temptation).

Other players in the field may be more professional, but whether due to real growing pains or unwarranted FUD accusations, they all seem to have their issues. At the end of the day, the only place I currently trust with my BTC is my own wallet(s), stored on machine(s) only I control and have access to. Bitcoin has to progress beyond the need for that type of security policy, or it can't/won't realize its full potential.

DeathAndTaxes

donator

Activity: 1218

Merit: 1079

Gerald Davis

Quote from: coinage on February 25, 2014, 12:05:47 AM

Quote from: Melbustus on February 24, 2014, 11:01:10 PM

Whatever happens in the short-term dealing with this mess, I'm happy this phase is concluding. Gox was a holdover from early bitcoin, where clearly incompetent people/operations handled massive amounts of customer funds, and we've been needing to get sharply over that phase for a while now. This does so rather dramatically. I look forward to bitcoin moving into the next phase of adoption driven by far more professional entities.

Good, but please let's remember that the actual solution will be "Phase 3," which can't arrive too soon: high-volume Decentralized Exchanges and practical Multisignature Transactions.

As long as we're in Phase 2 (Competent professional people/operations HANDLING massive amounts of customer funds) the true promise of cryptocurrencies is still unrealized, and massive losses/thefts/freezes can still occur.

"Phase 3" companies, however, can arise to provide rich capabilities for bitcoin storage & exchange, BUT would be unable to abscond with significant funds because users could choose to retain full control of their transactions. Bulletproof multisignature capabilities can make that possible.

Or just do business with a company which never holds customer bitcoins and offers same day wires so any late payments become obviously rather quickly.

coinage

member

Activity: 60

Merit: 10

Quote from: Melbustus on February 24, 2014, 11:01:10 PM

Whatever happens in the short-term dealing with this mess, I'm happy this phase is concluding. Gox was a holdover from early bitcoin, where clearly incompetent people/operations handled massive amounts of customer funds, and we've been needing to get sharply over that phase for a while now. This does so rather dramatically. I look forward to bitcoin moving into the next phase of adoption driven by far more professional entities.

Good, but please let's remember that the actual solution will be "Phase 3," which can't arrive too soon: software & services using practical multisignature transactions, and also high-volume decentralized exchanges.

As long as we're in Phase 2 (competent, professional people/operations HANDLING massive amounts of customer funds) the true promise of cryptocurrencies is still unrealized, and massive losses/thefts/freezes can still occur.

"Phase 3" companies, however, can arise to provide rich capabilities for bitcoin storage & exchange, BUT would be unable to abscond with significant funds because users could choose to retain full control of their transactions. Bulletproof multisignature capabilities can make that possible.

Morbid

legendary

Activity: 1202

Merit: 1015

well all these “incompetences” began as soon as fincen started to breathe down gox neck. gox could have been scrutinised by all sort of agencies over money laundering, silk road criminal ties as well as being a scapegoat for all the media and pleasing the central banks discrediting bitcoin technology even further. we need to watch out for when they start to bully exchanges such as crypty, bitstamp etc. i have feeling there are more show trials to come after this.

bitcool

legendary

Activity: 1441

Merit: 1000

Live and enjoy experiments

+1.

No fractional reserve. Bitcoin community deserve the highest standard of transparency, because of bitcoin.

Quote from: bitcool on February 06, 2014, 07:53:33 AM

Bitcoin community should have zero tolerance on BTC withdrawal problem, it's a telltale sign of fractional reserve and insolvency, no matter what they say.

n8rwJeTt8TrrLKPa55eU

hero member

Activity: 588

Merit: 500

Quote from: Melbustus on February 24, 2014, 11:01:10 PM

Whatever happens in the short-term dealing with this mess, I'm happy this phase is concluding. Gox was a holdover from early bitcoin, where clearly incompetent people/operations handled massive amounts of customer funds, and we've been needing to get sharply over that phase for a while now. This does so rather dramatically. I look forward to bitcoin moving into the next phase of adoption driven by far more professional entities.

Seconded. This moment is one of the last great buying opportunities, the ecosystem has finally cast off a giant anchor that was weighing it down. Short term pain, for long term gain.

ChuckBuck

hero member

Activity: 1372

Merit: 783

better everyday ♥

Looking forward to Phase-2.

Although Mt. Gox was there for Bitcoin's beginnings, in order to move onto the future, this had to be done.

I'm glad all the major players in this industry decided to stick together through Gox's impending death. Their incompetence has been on display for a long while now, and now it's time to shutter it's doors.

Sad to see a part of history gone, but glad to see the sunshine through the dark clouds.

pungopete468

hero member

Activity: 1470

Merit: 504

Absolutely.

Transparency is a must when "all sales are final." There's no insurance on our Bitcoin deposits. Transparency is essential...

Melbustus

legendary

Activity: 1722

Merit: 1004

http://blog.coinbase.com/post/77766809700/joint-statement-regarding-mtgox
http://www.circle.com/2014/02/24/joint-statement-regarding-insolvency-mt-gox/
http://blog.blockchain.info/2014/02/25/joint-statement/
http://www.reddit.com/r/Kraken/comments/1yux6n/joint_statement_regarding_mt_gox/

Whatever happens in the short-term dealing with this mess, I'm happy this phase is concluding. Gox was a holdover from early bitcoin, where clearly incompetent people/operations handled massive amounts of customer funds, and we've been needing to get sharply over that phase for a while now. This does so rather dramatically. I look forward to bitcoin moving into the next phase of adoption driven by far more professional entities.

As a step in the right direction, people have been talking more and more about proof-of-reserves for bitcoin financial entities. I think that's a great way to go; we, as customers, should all be demanding that companies use bitcoin's unique features to push the envelope on transparency, bolstering the integrity of the bitcoin ecosystem directly, while also highlighting one of bitcoin's key strengths in contrast to the fiat financial system.

Topic: Phase 1, Complete. Onward with Phase-2 (Read 1369 times)