Please give the community a chance to review it for grammar prior to posting to reddit. Thanks. I am trying to get this out in a timely manner for the Bitstamp news.
Mt. Gox having their
(its?) US bank accounts seized.
Bitstamp, had their
(its?) hot wallet compromised
Before diving into how crypto currency exchanges will work in the future, lets review how the roles that traditional exchanges perform today (work
I have thousands of dollars locked up on Bitstamp that are completely inaccessible (now
) because their service
If we want to have even the slightest bit of privacy we need to divide the exchange functionality among hundreds of parties whom
(who) are unlikely
just like the IOUs that currently exist on the exchanges('
) internal databases.
everything but a
(an) unfixable software bug
BitShares matures to the level Bitcoin is at today you can
to a decentralized, trust-free,
(take out this comma) exchange then the remaining
cancel out any extra fees associated in
(with?) the BitUSD / GatewayUSD spread.
Users would end up paying a small variable conversion cost as the
(they?) exit from BitUSD to fiat USD through GatewayUSD
BitShares will be a fully operation
(operational?) exchange with