Click to be Added / Removed.
Posted on 02/24/2014 7:28:46 PM PST by Aria
The Coinbase Blog
Coinbase is a digital wallet that allows you to buy, use and accept bitcoin currency.
Subscribers Joint Statement Regarding MtGox Feb 24th, 2014 The purpose of this document is to summarize a joint statement to the Bitcoin community regarding Mt.Gox.
This tragic violation of the trust of users of Mt.Gox was the result of one company’s actions and does not reflect the resilience or value of bitcoin and the digital currency industry. There are hundreds of trustworthy and responsible companies involved in bitcoin. These companies will continue to build the future of money by making bitcoin more secure and easy to use for consumers and merchants. As with any new industry, there are certain bad actors that need to be weeded out, and that is what we are seeing today.
We are confident, however, that strong Bitcoin companies, led by highly competent teams and backed by credible investors, will continue to thrive, and to fulfill the promise that bitcoin offers as the future of payment in the Internet age.
In order to re-establish the trust squandered by the failings of Mt. Gox, responsible bitcoin exchanges are working together and are committed to the future of bitcoin and the security of all customer funds. As part of the effort to re-assure customers, the following services will be coordinating efforts over the coming days to publicly reassure customers and the general public that all funds continue to be held in a safe and secure manner: Coinbase, Kraken, BitStamp, Circle, and BTC China.
We strongly believe in transparent, thoughtful, and comprehensive consumer protection measures. We pledge to lead the way.
Bitcoin operators, whether they be exchanges, wallet services or payment providers, play a critical custodial role over the bitcoin they hold as assets for their customers. Acting as a custodian should require a high-bar, including appropriate security safeguards that are independently audited and tested on a regular basis, adequate balance sheets and reserves as commercial entities, transparent and accountable customer disclosures, and clear policies to not use customer assets for proprietary trading or for margin loans in leveraged trading.
The following industry leaders stand by this statement:
Fred Ehrsam — Co-founder of Coinbase
Jesse Powell — CEO of Kraken
Nejc Kodrič — CEO of Bitstamp.net
Bobby Lee — CEO of BTC China
Nicolas Cary — CEO of Blockchain.info
Jeremy Allaire — CEO of Circle
I’ll stick with gold or silver. Bitcoin sounds just too much like a ponzi scheme. It’s kinda like Amway meets the Fed. The worst of both worlds.
I wish I had enough to my name to be faced with the choice. Plain old dollars will continue to do for me, for now.
The Great Bitcoin Crash will certainly make a splash, if this thing inflates in nominal value. Because then it would indeed be a Ponzi and latecomers will take a bath.
Who needs to pull a plow when a person can just watch youtube videos and tap on a button all day long? Kinda like flipping a light switch on and off all day. Heck, that kind of ‘mining’ produces REAL wealth completely equivalent of the labor involved in pulling a plow, or scratching flakes of metal out of the dirt to make that plow ;)
http://www.wired.com/wiredenterprise/2013/09/bitcoin-homeless/
Just buy some silver dollars. They are going for about $25 each with shipping and commission and will always be worth the price of an ounce of Silver.
Just commit to buying 4 coins a month. Who knows, they may be worth something some day and unlike bitcoin, they will always be worth the price of an ounce of silver.
I still make it and bake it, though.
At this point in history, I'm not big on currencies.
I am working my arse off in the garden, though, in anticipation of the spring equinox and the last freeze date.
/johnny
I have about 12-15 head of deer making themselves at home in my garden eating the winter cover crop almost every night now. This just started a few weeks ago. They ate about 1/3 of my garlic in the first couple of nights. Looks like I’ve got a bunch of 10’ fencing to do here real quick. I think they know it’s not deer season (as do my neighboring Obama worshipers).
BTC Bump!
Well, now, after such a generic statement of fiduciary responsibility which promises, well, basically nothing, I’m totally at ease now. BTW, to show just how generic and meaningless this statement is, I modified it by substituting “investment” for “bitcoin”:
“The purpose of this document is to summarize a joint statement to the investment community regarding Bernie Maddoff & Jon Corzine.
This tragic violation of the trust of users of these two firms was the result of two companys’ actions and does not reflect the resilience or value of the investment industry. There are hundreds of trustworthy and responsible companies involved in investment. These companies will continue to build the future of money by making investments more secure and easy to use for consumers and merchants. As with any new industry, there are certain bad actors that need to be weeded out, and that is what we are seeing today.
We are confident, however, that strong investment companies, led by highly competent teams and backed by credible investors, will continue to thrive, and to fulfill the promise that investment offers as the future of payment in the Internet age.
In order to re-establish the trust squandered by the failings of Maddoff/Corzine, responsible investment exchanges are working together and are committed to the future of investment and the security of all customer funds. As part of the effort to re-assure customers, the following services will be coordinating efforts over the coming days to publicly reassure customers and the general public that all funds continue to be held in a safe and secure manner: NASDAQ, et. al.
We strongly believe in transparent, thoughtful, and comprehensive consumer protection measures. We pledge to lead the way.
Investment operators, whether they be exchanges, bank services or payment providers, play a critical custodial role over the investments they hold as assets for their customers. Acting as a custodian should require a high-bar, including appropriate security safeguards that are independently audited and tested on a regular basis, adequate balance sheets and reserves as commercial entities, transparent and accountable customer disclosures, and clear policies to not use customer assets for proprietary trading or for margin loans in leveraged trading.”
Do you have any bitcoin?
Click to be Added / Removed.
9% of GDP? Please explain further.
Bitcoin reminds me of derivatives. A lot of people made a heck of a lot of money and the taxpayers covered the losses. If our treasury gets into Bitcoins I see the same thing happening.
This article my help explain.
http://www.lewrockwell.com/2014/02/charles-hugh-smith/banks-are-obsolete/
Throw in the bailouts and the former Goldman crew now running hedge funds as personal ATM’s. The inflation of the currency by the Federal Reserve Bank and I’m sure we could not count what has been stolen from hard working folks. Much more than 9%, hope this helps you understand.
Which derivative losses do you think the taxpayers covered?
They're calling for the elimination of all banks.
They didn't say central banks took 9% of GDP.
Throw in the bailouts
The bank bailouts were repaid. The Treasury made money on bank TARP.
and the former Goldman crew now running hedge funds as personal ATM’s.
Not sure what you mean. Plenty of hedge funds, not all were involved with Goldman.
The inflation of the currency by the Federal Reserve Bank and I’m sure we could not count what has been stolen from hard working folks.
Stolen how?
Todd, you’re a smart fella.
The Fed are printing or digitally creating 80 billion a month. You know as well as I what that does to the value of the dollars you and I hold. This is stealing in my book.
$65 billion.
You know as well as I what that does to the value of the dollars you and I hold.
What does it do?
This is stealing in my book.
What is stealing? Why?
Sorry FRiend,
I have no time to explain this to you.
Your feelings aren’t that complicated.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.