Monday 14 April 2014

Staying Anonymous.

Some wonder why I choose to stay anonymous when launching XMM.

There are two reasons behind this.

1.  Security.
Publishing identity on a Forum is a very bad practice when come to security. This will make it easier for hackers to trace your computer, or search for your physically location.

If the size of XMM Fund grows bigger then my computer might become a target of attacks, worse come to worst it put my house and even myself under risk of robbery.

The following comic explain this concept fairly well.



Until the 'Multi-sign' a.k.a. M-of-N features get implemented in Ripple protocol, staying anonymous is the better and safer practice to protect the Fund, as well as my personal property and life.


2.  We believe in Transparency, Not Reputation
If you believe in reputation, think about Mt Gox.
Our history told us that even biggest bank might fail.

Hence, I prefer to build trust upon transparency, not reputation.

If you ask which gateway in Ripple that I trust most, it would definitely be btc2ripple. I do not know the company, I do not know who's the people behind it, and I don't really care. What I like about btc2ripple is their total transparency.

Btc2ripple publish all their Ripple wallets and Bitcoin addresses on their webpage. So, we are able to verify their Bitcoin reserve amount real-time, compare it with their BTC-IOU in circulation, then we could be sured that they are not facing solvency problem.
[Here's a good article to read about: In the Pursuit of Transparency]

The same principle of transparency apply when launching XMM. All trading accounts of the Fund had been published since the very first day. Anybody at any point of time can check the status of these accounts to verify the underlying value of XMM units. You can monitor each and every trading transaction if you wanted to.

After all, isn't Transparency one of the reason why people love Bitcoins and Ripple so much?