Blockchain Peter Smith: do not believe the centralized custody bitcoin service

Blockchain Peter Smith: do not believe the centralized custody bitcoin service Peter Smith (Peter Smith) and the Stanford University Susan Eich (Susan Athey) bitcoin the latest case study in the Disrupt New York conference. In the past few months, Mt.Gox collapsed, while bitcoin market capitalization has shrunk by nearly half. Based on the current reality, whether bitcoin can continue to survive?

According to our two experts, bitcoin as a whole will still continue to exist. But Mt.Gox may prove to us, the company bitcoin way is wrong.

“On the entrepreneurial companies how to use bitcoin protocol, Mt.Gox brings a completely different idea.” Smith said, “there are two ways. The first one is the centralized management of the company. If you will send bitcoin bitcoin Mt.Gox, they will transfer to a main account. If I can trust others to deal with my bitcoin?”

If you use another way, you can rely on other companies like Blockchain. The software provided by Blockchain can be more effective and safer to manage your bitcoin. These bitcoin users self management of public and private keys. That is to say, if you do not know the private key, it will not enter the bitcoin wallet. Smith to support such services. Blockchain’s chief operating officer, proposed this idea is not surprising, but EICH also expressed support.

The user does not need to save a lot of money in the centralized service.” She said, “Mt.Gox has repeatedly frozen pay.” In other words, everyone should anticipate Mt.Gox will eventually lead to failure.

Trading in centralized services should be just a pastime, and you should know the risks. If you only want to hold a small amount of bitcoin, then provides some suggestions to help you Smith, as far as possible to reduce the risk.

“If you buy a bitcoin exchange in centralized custody, it shall immediately be transferred to these coins you can open and private key management service.” He said.

Non tech enthusiasts of this idea is not too familiar with centralized custody. In this area, there are a lot of work to do the whole industry. Kinm Cutler (Kim-Mai Cutler) said the question, whether bitcoin startups can combine to form a bitcoin association.

“In the background, I explained to some Mt.Gox centralized service and you can have independent key management service.” Smith said, “the whole industry can be improved in many aspects. I hope the bitcoin foundation to play a more active role. They are money laundering work a lot, but I hope that they can take more measures to protect consumers.”

The seminar also introduced the latest Blockchain, Blockchain and the current operation is very good. “People ask, when do you go to the financing? In fact, we are making money every month.” Smith said, “we are a company can get revenue, the revenue sources we have a team of 20 people.”

Finally, the group also discussed can be replaced by other virtual currency bitcoin. Smith said the bullish on dog coins. “Virtual currency on alternative bitcoin, I love the dog coins. Through the sale of an inflatable penguins, I get 3600 dog coins.” He said.

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