Topic: . - page 2. (Read 9762 times)
If they are considering this, it's because of potential backlash that they would see if they established a bitcoin regulatory body. They would get around this by allowing us to "self-regulate" by appointing some power-hungry bitcoin-using statists to act as a point of contact and report things to them that they need to be privy on.
I nominate Peter Vessenes
If they are considering this, it's because of potential backlash that they would see if they established a bitcoin regulatory body. They would get around this by allowing us to "self-regulate" by appointing some power-hungry bitcoin-using statists to act as a point of contact and report things to them that they need to be privy on.
This comes by way of someone close to Bitcoin discussions in Washington, DC. Apparently, FinCEN agents are looking for members of the Bitcoin community to form a self-regulatory organization with voluntary approval procedures to work with financial regulators.
If anyone at the Bitcoin Foundation sees this post, I would be willing to serve with such an organization.
If anyone at the Bitcoin Foundation sees this post, I would be willing to serve with such an organization.
Please involve me. I currently work in investment banking within the field of regulatory reporting and would seek compliance for my own platform as required.
[email protected]
I have an idea. Why don't we say that we are going to regulate it, but then we don't. It would give bitcoin enough breathing space to really blow up and be even harder to stop. Government can say "yea we are doing something about it" to the banks. If they start tainting and whatever we will move on to litecoin. If they start fucking with that we go to zero coin and so on. Fuck regulation. The end game is getting rid of the dollars anyways, but we gotta get there somehow
If anyone at the Bitcoin Foundation sees this post, I would be willing to serve with such an organization.
Please don't refer to regulating me as "serving" me.
Indeed. Taint removes one of the key properties of an ideal money from bitcoin: fungibility. If bitcoins became un-fungibile in practice, I'd seriously have to rethink the benefits of bitcoin, both as a transactional unit, and a store of value.
This full stop. I would go further and say. Fungibility is a required aspect of a medium of exchange. Period. It isn't something optional or cool it is the DNA of a medium of exchange. If Bitcoin doesn't have fungibility then it isn't a medium of exchange and as such is worthless.
I guarantee you the first time a merchant though no fault of their own accepts Bitcoins that later so "we need to control everything" cartel says "sorry those are tainted and worthless" that is the last time that merchant will use Bitcoin. The resulting new story will mean hundreds if not thousands of merchants will cross Bitcoin off their list before they even start.
It is death to a medium of exchange. Period. There is no other outcome.
Well said. It amazes me that some of our "leaders" are actually considering removing bitcoin's fungibility via institutional collusion. I am told there was a discussion on it at the 2013 conference so it's not a conspiracy theory, it's a legit proposal.
... that checked coins with a centralized taint list ...
Nobody of much significance to the Bitcoin economy would participate in such a scheme let me assure you. It makes no sense.
Famous last words... quoted for the record
Also, wopwop... get out of this thread
I usually put up with irrational bulls/bears but this guy is like a 13 year old forgot to take his Prozac and is spelling doom around every corner; just as bad as the people predicting $1000 around every corner.
I'm amazed at how much people here are insisting so much to make bitcoin more adapted and are failing quite fantastically
This movement is defintely showing signs of exhaustion and desperation
Do you have an example of such an insistence? This movement is defintely showing signs of exhaustion and desperation
everyone here is talking about fincen regulating bitcoin..
and here was me thinking bitcoin was free from national governments. i myself dont do drugs and hate the fact that bitcoin WAS (pre2012) propagandised as the drug dealers currency. but i far prefer the drug taint to be diluted down through natural mainstreaming efforts of adding new legit businesses to the mix. and NOT through regulating bitcoin, which would involve seizing coins/taxing coins which in the end would result in government ownership.
imagine the government taking 20% of your coins per year.. add on the coins seized through crimes, aswell as non crime related coins found in the same wallet address as crime tainted coins, within 5 years they own the majority stake.
hundreds of years ago a group of people volunteered that they needed a leader to control the masses and volunteered that some basic rules and laws should be in place to keep the peace.. now look how this volunteered group we call government own our FIAT spending arses!
oh well if bitcoin does become regulated by the bitcoin foundation.. there is always litecoin
and here was me thinking bitcoin was free from national governments. i myself dont do drugs and hate the fact that bitcoin WAS (pre2012) propagandised as the drug dealers currency. but i far prefer the drug taint to be diluted down through natural mainstreaming efforts of adding new legit businesses to the mix. and NOT through regulating bitcoin, which would involve seizing coins/taxing coins which in the end would result in government ownership.
imagine the government taking 20% of your coins per year.. add on the coins seized through crimes, aswell as non crime related coins found in the same wallet address as crime tainted coins, within 5 years they own the majority stake.
hundreds of years ago a group of people volunteered that they needed a leader to control the masses and volunteered that some basic rules and laws should be in place to keep the peace.. now look how this volunteered group we call government own our FIAT spending arses!
oh well if bitcoin does become regulated by the bitcoin foundation.. there is always litecoin
Bitcoin is about bringing Sauron down. If you are just in it for the money, I don't think you get it, regardless of your long experience.
^^this +1
If we are using Sauron here to mean the European Central Bank, the Fed, the FATF, the IMF, et al., then the idea of a single protocol bringing that down is rather quaint. For that to happen, Bitcoin's adoption would have to be more widespread than moneypunk geeks, suburban 'anarchists', and the odd drug dealer and gun runner here and there. The Libertarian Party has a better chance of getting one of their own elected President of the USA than that has of happening.
This is not to say that the current regime is robust. It is rotting from the inside and has been for a long, long time. It is like a wooden bridge that is showing signs age and wear. If Bitcoin happens to be the last truck to drive across that bridge before it collapses—as well it may be... or not—to say that Bitcoin brought down Sauron would be overstatement.
Maybe not bitcoin by itself, but the concept of cryptocurrencies is INDEED a game changer. Even if their system wasn't "rotting", fast and free anonymous online transactions are going to win out over time simply because they appeal to the financial interests to all of us. There are people getting rich off doing things they otherwise couldn't with bitcoin - that says it all.
Quote
...how could anyone take seriously the idea that bitcoiners are going to usher in the New Age of Liberty and Freedom?
For the reasons stated above, they don't have to take us seriously. The people that don't want to use bitcoin can continue being regulated and pay excessive fees and taxes, and they won't do so well against those that do use bitcoin.
For a more clear picture of what I'm talking about: http://www.youtube.com/watch?v=pkDaJwat6ic
I'm sure you mean well, but this is very depressing:
It appears that OECD regulators recognize this and are willing to give those of us who are more interested in making money by the boatload than in taunting Sauron the benefit of the doubt...
If you are more interested in "making money by the boatload" than in tackling Sauron, I suggest that there may be better ways. Have you considered becoming a plastic surgeon, for instance?
Bitcoin is about bringing Sauron down. If you are just in it for the money, I don't think you get it, regardless of your long experience.
It appears that OECD regulators recognize this and are willing to give those of us who are more interested in making money by the boatload than in taunting Sauron the benefit of the doubt...
If you are more interested in "making money by the boatload" than in tackling Sauron, I suggest that there may be better ways. Have you considered becoming a plastic surgeon, for instance?
Bitcoin is about bringing Sauron down. If you are just in it for the money, I don't think you get it, regardless of your long experience.
This is a lot more reasonable than one has usually come to expect. Watching with interest
No, it's not.
This is how it happens. You don't put your people in with strangers.
You bring a minority of the strangers in to your organization. Assimilation I guess.
in b4 borg.
Why are people excited about gyft, yet ignore bit plastic and multiple other prepaid debit cards charged with bitcoins that allow you to use bitcoins everywhere rather than select retail chains?
bitplastic doesn't even have https enabled for the registration form... they have a broken image in their homepage, and they require a "security question", which is one of the main dangers to security ever.I wouldn't trust them with my money.
Indeed. Taint removes one of the key properties of an ideal money from bitcoin: fungibility. If bitcoins became un-fungibile in practice, I'd seriously have to rethink the benefits of bitcoin, both as a transactional unit, and a store of value.
This full stop. I would go further and say "Fungibility is a required aspect for a medium of exchange". Period. It isn't something optional or cool it is part of the DNA that makes something a medium of exchange. If Bitcoin doesn't have fungibility, then it isn't a medium of exchange, and is worthless, a failed experiment.
I guarantee you the first time a merchant though no fault of their own accepts Bitcoins that later the "we need to control everything" cartel says "sorry those are tainted and worthless" that is the last time that merchant will use Bitcoin. The resulting news story will mean hundreds if not thousands of merchants will cross Bitcoin off their list before they even start.
Loss of fungibility is death for a medium of exchange. Period. There is no other outcome.
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