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MtGox customers surely ate not technical experts. Technical experts would hold their own wallet instead of handing it over to some guy in Japan who was publicly
by judk 12y ago
MtGox customers surely ate not technical experts. Technical experts would hold their own wallet instead of handing it over to some guy in Japan who was publicly known to be unable of running a secure website, let alone a financial exchange.
- nl 12y agoI think the "unable of running a secure website, let alone a financial exchange" part of your comment goes to the "dramatically underpriced the risk" part of my comment. Denying their technical expertise is more interesting. I've heard that theory often, and yet there are plenty of people I thought were technically proficient who lost money. Indeed, I have some (small) amount of money in another Bitcoin exchange - it is convenient. Perhaps the level of technical expertise of these users is roughly that of an average HN reader: ie, somewhat higher than the general population.
- nwh 12y agoOne of the core developers lost over 330 BTC to Mt Gox. Tell me they are not technical experts.
- logn 12y agoThe issue is much deeper than just Mt Gox. It's the entire cloud ecosystem. There would have to be a whole paradigm shift back to P2P and local computing before people stop trusting a Mt Gox. Just because BTC was a radical new P2P currency doesn't mean that all users suddenly realized that they should stop trusting cloud providers. And until there's a distributed BTC exchange, I don't think you can fault the users here.