This is kind of neat, though I have to disagree when the guy at one point says, “This is the biggest story of all time.” (And he’s not saying it tongue-in-cheek.)
I got the link from Justin Ptak’s blog post over at Mises. I gather from the comments that Justin has been critical of Bitcoin. I am still very open-minded (and still collecting info for the article some of us are working on). But one comment from Justin’s thread actually struck a chord with me:
Please, this is supposed to be perfect according to all those arguments with me. This can never happen. People don’t get compromised. It’s secure and impossible to violate. Now here we have one lone user completely destroying a supposedly “sound” monetary system in a matter of seconds. Now we have an arbitrary group called administrator’s taking on pseudo-governmental power and rolling back transactions THEY believe are suspect. No trial, nothing, just the suspicion of faulty transactions.
Another reason I have little faith this “money” will survive for very long.
I have seen this particular critic (“J. Murray”) say things in the past about Bitcoin that struck me as non sequiturs. This one, however, seemed pretty serious. If the whole point of Bitcoin is that there is no central administrator, then yeah–how was it that the Mt. Gox people can reverse trades? Is it that users hand over their private keys when they place their coins under the custodianship of Mt. Gox, and the people to whom they coins were transferred didn’t actually receive the coins in an “outside” capacity, but merely got their account with Mt. Gox credited?