I'm talking about exchanges, not the protocol itself. Every exchange seems to be a bespoke system and that is just begging for trouble. They should publish th

I'm talking about exchanges, not the protocol itself. Every exchange seems to be a bespoke system and that is just begging for trouble. They should publish their architecture, then publish their source code, and then make sure that smart people have tried as hard as they can to find all the weaknesses in their stuff, and then turn it into a business. Of course, there are business reasons not to do that: someone else can use your verified source, someone else can get a first-mover advantage, you might not get the smart people to pay attention, you might not know when it's ever good enough, and (the more pernicious idea) is the worry that seeing the source will give the attackers ways of attacking your stuff. They fail for the same reasons that secret crypto systems fail. I fully understand why they are doing it, but it's still doomed to failure.