Hacker News Reader

I think you think these multi-paragraph responses you're writing are convincing.

I think the best thing I can do for you is to be blunt about how unconvincing they are.

Very few people with Rails or appsec experience will read them and think that you know what you're doing with regards to security.

You should not be taking "thousands and thousands of dollars" from people. Full stop.

View on HN

I agree with everything that has been said so far, with the exception of the conclusion. I don't have a problem with zhoutong taking money. People putting their money in Bitcoin are investing in a currency that is two years old. Said another way, a currency that is younger than a $15 bottle of wine. All players in such a market by definition lack reputation, lack experience in handling currency, and lack experience in running a financial institution. Yes, zhoutong doesn't understand security and yes he is hand-waving. Yes, he needs to do his best to secure his app. Yes, he should invest money in an audit when it can afford it (if only because a security audit maps directly to better business for a financial institution). But do I feel bad for users who are putting their money into Bitcoinica? Not really. Trading in a currency that is only two years old is the NFL. Dealing with young and inexperienced financial institutions is part of the game if you chose to enter such a risky market.

Thank you for your guidance!

Reply on news.ycombinator.com