06 Apr '13, 8am

How vulnerable is Bitcoin payment processor BitPay?

Exchange Monopoly – The Achilles Heel of Bitcoins Although the bitcoin design is very good and descentralized, the exchanges are all virtually dependent of one single one: MtGox. Any other exchange are all shadows reflecting MtGox prices. All payment processors such as bitpay depend on MtGox. This is a single point of failure that would initiate a chain reaction towards an economic catastrophe. MtGox didn’t prove to be reliable at all, the DDoSes are an embarrassment and the MtGox mobile application is becoming abandonware. I am very worried about this deal with coinlabs. They claim that they will be able to seduce institutional investors and yadda yadda. Really? Will they really be able to handle all that extra traffic and be invulnerable to another DoS? It is embarrassing how a single DDoS made bitcoins from being praised in the media to “bitcoin hacked” overnight. Fuck ...

Full article: http://maxkeiser.com/2013/04/06/how-vulnerable-is-bitcoin...

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