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Why haven't the major bitcoin banks/exchanges banded together and made a set of standards, akin to PCI-DSS to define security standards and implementations for
by thrillgore 13y ago
Why haven't the major bitcoin banks/exchanges banded together and made a set of standards, akin to PCI-DSS to define security standards and implementations for these services? You would think that everyone would do it after MtGox sank. This is starting to leave bad joke territory and I hope it doesn't happen to Coinbase.
- gnaritas 13y agoIt can't happen to Coinbase, they're doing it right with 98% of funds in cold storage[1] and they allowed an outside security audit to prove it. [1] http://antonopoulos.com/2014/02/25/coinbase-review/ http://antonopoulos.com/2014/02/25/coinbase-review/
- Aqueous 13y agoI'm hoping for an actually independent security audit, because antonopolous, despite competing with CoinBase, has a stake in the entire nascent system being considered trustworthy, and therefore a conflict of interest. I'm not saying he wasn't telling the truth - I believe what he says about verifying that CoinBase was in control of its cold storage wallets - but I'm hoping that independent banking authorities can learn enough about BitCoin to conduct independent audits themselves, so that people who have no skin in the game can truly verify that CoinBase's cold storage procedures are adequate.
- wmf 13y agoThe resulting standards would probably be so expensive that they couldn't afford to implement them, or the standards would create an uncompetitive cost structure (see Coinkite). Also, security isn't lean.