4 ms·

Are there some 0s missing? $500K doesn't sound like any amount of money to open a "mature" trading platform.

patio11 14y ago
On the Bitcoin Software Maturity Scale, where hundreds of thousands of dollars routinely gets entrusted to 17 year olds coding bucket shops in Ruby on Rails and 80% of the global transaction volume is run through a company in Tokyo set up to trade Magic: The Gathering cards, a guy with financial industry and experience and enough money to pay for a single professional security audit is practically IBM.
- bdr 14y ago
  Your point is true, but fyi the M:tG aspect was long gone by the time gox was sold to Tibanne. It just happened to be a domain the original founder had around.
- jnbiche 14y ago
  And yet look at how the one YC-funded, quant-founded Bitcoin company is doing in terms of security and stability.
- GHFigs 14y ago
  Bitcoin Software Maturity Scale Ah yes, that scale that's numbered from 0 to 0.8 and then back to 0.7.
- gwern 14y ago
  > and 80% of the global transaction volume is run through a company in Tokyo set up to trade Magic: The Gathering cards Gasp! You're right! What other companies have I foolishly entrusted parts of my life to? /looks at his video game console, run by a company in Kyoto set up to sell handmade hanafuda cards Not you too, Nintendo! ;_; I don't know what to believe in now.
  - tnorthcutt 14y ago
    Video game console != currency exchange company.
    - gwern 14y ago
      That was not my point at all. My point was that patio11 is, shamefully, engaged in well-poisoning by bringing up the distant origins of MtGox, which have zero relevance to any consideration of MtGox's current professionalism, security, regulatory compliance, risks to users etc. (A point that you would think would be obvious to anyone on Hacker News, who is aware of how companies 'pivot' all the time.) It has changed too much, isn't even owned or run by the same people, and has a long enough and spotty enough track record to judge on its own. I illustrate the irrelevance and fallacy by applying the same well-poisoning to a pleasingly symmetrical example: another Japanese company which was also set up to deal with playing cards - Nintendo. No one would dream of judging Nintendo by its playing cards origin, because that was a long time ago, different people are involved now, and it has ample room to judge it since. Just like MtGox.
      - gwern 14y ago
        For example, MtGox shutting down trading is a great argument against its competence! But it shutting down trading has nothing to do with its origins as a card trading site. Bringing that up is pure rhetoric.
  - deleted 14y ago
    [deleted]

On the Bitcoin Software Maturity Scale, where hundreds of thousands of dollars routinely gets entrusted to 17 year olds coding bucket shops in Ruby on Rails and 80% of the global transaction volume is run through a company in Tokyo set up to trade Magic: The Gathering cards, a guy with financial industry and experience and enough money to pay for a single professional security audit is practically IBM.

bdr 14y ago
Your point is true, but fyi the M:tG aspect was long gone by the time gox was sold to Tibanne. It just happened to be a domain the original founder had around.
jnbiche 14y ago
And yet look at how the one YC-funded, quant-founded Bitcoin company is doing in terms of security and stability.
GHFigs 14y ago
Bitcoin Software Maturity Scale Ah yes, that scale that's numbered from 0 to 0.8 and then back to 0.7.
gwern 14y ago
> and 80% of the global transaction volume is run through a company in Tokyo set up to trade Magic: The Gathering cards Gasp! You're right! What other companies have I foolishly entrusted parts of my life to? /looks at his video game console, run by a company in Kyoto set up to sell handmade hanafuda cards Not you too, Nintendo! ;_; I don't know what to believe in now.
- tnorthcutt 14y ago
  Video game console != currency exchange company.
  - gwern 14y ago
    That was not my point at all. My point was that patio11 is, shamefully, engaged in well-poisoning by bringing up the distant origins of MtGox, which have zero relevance to any consideration of MtGox's current professionalism, security, regulatory compliance, risks to users etc. (A point that you would think would be obvious to anyone on Hacker News, who is aware of how companies 'pivot' all the time.) It has changed too much, isn't even owned or run by the same people, and has a long enough and spotty enough track record to judge on its own. I illustrate the irrelevance and fallacy by applying the same well-poisoning to a pleasingly symmetrical example: another Japanese company which was also set up to deal with playing cards - Nintendo. No one would dream of judging Nintendo by its playing cards origin, because that was a long time ago, different people are involved now, and it has ample room to judge it since. Just like MtGox.
    - gwern 14y ago
      For example, MtGox shutting down trading is a great argument against its competence! But it shutting down trading has nothing to do with its origins as a card trading site. Bringing that up is pure rhetoric.
- deleted 14y ago
  [deleted]