Re:Excoin exchange's Bitcoins stolen, will be shutting down
by geofft on Sunday February 15, 2015 @03:49PM
(#9054052)
> If you believe this, you shouldn't be handling people's money.
That's true, but who's going to make that happen?
In traditional society, there are laws about who can be a bank and how carefully you need to treat people's money (and often government programs to reimburse customers when good-faith banking efforts fail). Quite a fraction of Bitcoin users are in Bitcoin because, to first order, they want to move away from that model.
So the free market needs to not let their money be handled by people who believe that, and it's not yet clear they care. Probably they will, in a few years.
That's true, but who's going to make that happen?
In traditional society, there are laws about who can be a bank and how carefully you need to treat people's money (and often government programs to reimburse customers when good-faith banking efforts fail). Quite a fraction of Bitcoin users are in Bitcoin because, to first order, they want to move away from that model.
So the free market needs to not let their money be handled by people who believe that, and it's not yet clear they care. Probably they will, in a few years.