Re:Mt. Gox Finds 200,000 Missing Bitcoins
by forgottenpass on Friday March 21, 2014 @10:25AM
(#7442466)
A's premise is faulty. The accounting/fraud measures are not obviated. You have slow cash with a transaction log, that's it.
shenanigans that happen at the re-entry points to the conventional financial system
Those shenanigans aren't exclusive to exchanges. Exchanges are currently the epicenter of shenanigans because they're just high volume and operate on bitcoin as if it wasn't just a different asset in the conventional financial system.
People that are neither true believers nor in a specifically bitcoin focused business operate as normal. Bitcoin is just internet fun bucks that have to be liquidated. So the Bitcoin transactions get treated the same as any other transaction, as a result they carry the benefits of the processes created around conventional transactions.
shenanigans that happen at the re-entry points to the conventional financial system
Those shenanigans aren't exclusive to exchanges. Exchanges are currently the epicenter of shenanigans because they're just high volume and operate on bitcoin as if it wasn't just a different asset in the conventional financial system.
People that are neither true believers nor in a specifically bitcoin focused business operate as normal. Bitcoin is just internet fun bucks that have to be liquidated. So the Bitcoin transactions get treated the same as any other transaction, as a result they carry the benefits of the processes created around conventional transactions.