

Ask HN: Do you think we'll ever be able to trust Bitcoin? - kiyanforoughi

The events at Mt. Gox the past few weeks (and months!) clearly show Bitcoins have a long way to go before gaining the mainstream&#x27;s trust. Do you even think they ever will?
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LoganCale
Mt.Gox's failure had nothing to do with the Bitcoin protocol and everything to
do with their own incompetence at running a financial exchange of that size.
Many people's losses could have been avoided if they followed common advice
and avoided treating exchanges like banks, instead taking their own
responsibility for the security of their private keys.

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robinhoode
No one has found a bug in the protocol that breaks bitcoin itself. What is
under attack are the layers on top of bitcoin, in this case the exchanges. We
will see more exchanges who make an effort to prove they are solvent, likely
via technical methods.

Put another way, some businesses running on bitcoin are still operating like
ordinary fiat businesses (e.g. fractional reserve of bitcoin). They will be
replaced by those that can leverage the blockchain, for it's security, and
therefore maintain a higher level of trust.

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tlrobinson
I still trust Bitcoin itself, but I (still) don't trust the Bitcoin ecosystem.

