remember remember...
Topic: When western countries introduce capital controls (Read 1036 times)
remember remember...
We genuinely need a real trustless format to exchange any currency anywhere to bitcoin and make it untraceable.
This seems like a relevant place to share a link to our recently-announced plans for B&C Exchange. B&C will be a trustless, reputation-based decentralized exchange that is capable of trading native cryptoassets. It will be entirely controlled by users who own cryptoequity in the form of "BlockShares", which allow its holders to earn Bitcoin from the transaction fees paid on B&C Exchange.
The exchange will be using NuBits as a synthetic USD substitute for its trading pairs, thereby resolving one of the fundamental issues decentralized exchanges have, which is a lack of stable fiat tokens. NuBits have closely held a $1.00 US peg since September 2014.
We'd enjoy hearing everyone's thoughts on the B&C Exchange design document and proposal. B&C Exchange will be developed by the same group of developers that has guided Peercoin and NuBits development in the past.
I skimmed the thread, it seems like this is only a crypto exchange.
When people ask "how do I buy Bitcoin?" the answer needs to be: "download xyz application from abc website and then send money from your bank account via SEPA or ACH to the account that is presented to you. You'll receive your Bitcoin in a few minutes."
We genuinely need a real trustless format to exchange any currency anywhere to bitcoin and make it untraceable.
This seems like a relevant place to share a link to our recently-announced plans for B&C Exchange. B&C will be a trustless, reputation-based decentralized exchange that is capable of trading native cryptoassets. It will be entirely controlled by users who own cryptoequity in the form of "BlockShares", which allow its holders to earn Bitcoin from the transaction fees paid on B&C Exchange.
The exchange will be using NuBits as a synthetic USD substitute for its trading pairs, thereby resolving one of the fundamental issues decentralized exchanges have, which is a lack of stable fiat tokens. NuBits have closely held a $1.00 US peg since September 2014.
We'd enjoy hearing everyone's thoughts on the B&C Exchange design document and proposal. B&C Exchange will be developed by the same group of developers that has guided Peercoin and NuBits development in the past.
The 64BTC question though is how to decentralize and deregulate the exchange options - because those controls can kill domestic currency exchanges in any nation. There has to be some protocol developed to bypass this entirely. The closest would be the local bitcoin trading option. We genuinely need a real trustless format to exchange any currency anywhere to bitcoin and make it untraceable.
Government control over domestic currencies can become so bad that no business will touch bitcoin which kills its capacity for mainstream. Otherwise we accept those controls. What's a real solution?
Government control over domestic currencies can become so bad that no business will touch bitcoin which kills its capacity for mainstream. Otherwise we accept those controls. What's a real solution?
How is this possible? (bolded part of your post)
Trustless and decentralised blockchain-to-blockchain transactions will be possible fairly soon, I'd say. There are people developing that as we speak and it sounds like they're very close. Although it may be some time before the code finds its way into Bitcoin's core (good news for fans of altcoins, though). Cash-to-blockchain without any third party, on the other hand, could take considerably longer. It's going to take some real genius to solve that one.
Fiat cash to digital should be solved this year I think, by at least one project. Bitsquare is one, but there are others.
Here's the general blueprint for solving the problem:
http://pastebin.com/SsLrxVP6
The only thing missing is the reputation system, which is a critical component - in this example Jorg could easily take 50% all day long, with no intention of ever actually transferring funds, and Alice would have no idea that she's dealing with a scammer.
This would make the fiat to crypto gateway censorship-resistant as well as make market manipulation more difficult, assuming it becomes the de facto method of moving between fiat and crypto.
The 64BTC question though is how to decentralize and deregulate the exchange options - because those controls can kill domestic currency exchanges in any nation. There has to be some protocol developed to bypass this entirely. The closest would be the local bitcoin trading option. We genuinely need a real trustless format to exchange any currency anywhere to bitcoin and make it untraceable.
Government control over domestic currencies can become so bad that no business will touch bitcoin which kills its capacity for mainstream. Otherwise we accept those controls. What's a real solution?
Government control over domestic currencies can become so bad that no business will touch bitcoin which kills its capacity for mainstream. Otherwise we accept those controls. What's a real solution?
How is this possible? (bolded part of your post)
Who knows but if we can solve this things will be looking very bright.
Certain governments actually enforce capital control to regulate cash flows in and out of the country to prevent currency manipulation and to certain extent protect their economy. This includes fx exchange, in general such as limiting the volume that can be traded at certain period.
And eventually they'll treat BTC in exactly the same way. I'm sure there'll be black market ways of buying in and cashing out, but whatever official exchange channels there'll be will be no more or less restricted.
There is a difference - If you are trying to take dollars / fiat currencies out of a country, there is a chance that you may be stopped at the border and your money may be seized. With Bitcoin, you just have to type the destination address and click send.
If you saying that there is a difference I dont think there will be much different, from your statement you can really do the transfer too and it safer than bitcoin address because there is a proof from a bank that you transfer from and in Swiss I think their security must be very tight when it comes to privacy but with bitcoin address may be it can be hacked by someone so it doesnt guarantee your money will not be siezed
Certain governments actually enforce capital control to regulate cash flows in and out of the country to prevent currency manipulation and to certain extent protect their economy. This includes fx exchange, in general such as limiting the volume that can be traded at certain period.
And eventually they'll treat BTC in exactly the same way. I'm sure there'll be black market ways of buying in and cashing out, but whatever official exchange channels there'll be will be no more or less restricted.
There is a difference - If you are trying to take dollars / fiat currencies out of a country, there is a chance that you may be stopped at the border and your money may be seized. With Bitcoin, you just have to type the destination address and click send.
When western countries introduce capital controls?
Already. See Cyprus.
Already. See Cyprus.
The 64BTC question though is how to decentralize and deregulate the exchange options - because those controls can kill domestic currency exchanges in any nation. There has to be some protocol developed to bypass this entirely. The closest would be the local bitcoin trading option. We genuinely need a real trustless format to exchange any currency anywhere to bitcoin and make it untraceable.
Government control over domestic currencies can become so bad that no business will touch bitcoin which kills its capacity for mainstream. Otherwise we accept those controls. What's a real solution?
Government control over domestic currencies can become so bad that no business will touch bitcoin which kills its capacity for mainstream. Otherwise we accept those controls. What's a real solution?
How is this possible? (bolded part of your post)
Trustless and decentralised blockchain-to-blockchain transactions will be possible fairly soon, I'd say. There are people developing that as we speak and it sounds like they're very close. Although it may be some time before the code finds its way into Bitcoin's core (good news for fans of altcoins, though). Cash-to-blockchain without any third party, on the other hand, could take considerably longer. It's going to take some real genius to solve that one.
Certain governments actually enforce capital control to regulate cash flows in and out of the country to prevent currency manipulation and to certain extent protect their economy. This includes fx exchange, in general such as limiting the volume that can be traded at certain period.
And eventually they'll treat BTC in exactly the same way. I'm sure there'll be black market ways of buying in and cashing out, but whatever official exchange channels there'll be will be no more or less restricted.
well some of us did use it to become rich quickly, those are called early adopter, if you think that early adopters are all professional traders you are wrong, many of them are just a bunch of random guy who did the right thing, and mining it at launch
A lot of countries in the developing world have capital controls already. Bitcoin provides an elegant way to sidestep them.
many of them will end up not controlling bitcoin ever
You will understand why Bitcoin has use. If Bitcoins use to you is to get rich quick may a many a bear decimate your dreams.
A lot of countries in the developing world have capital controls already. Bitcoin provides an elegant way to sidestep them.
many of them will end up not controlling bitcoin ever
I don't know but eventually someone with the technical abilities will figure out a doable solution. I hope, anyway.
I keep thinking of something that's kind of automated but without the ability for tampering. Like an escrow option built into the blockchain itself so there's no need for all the confirmations...just both parties confirm and the bitcoin is not transferred unless and until both parties in the transaction confirm agreement. But then that doesn't quite solve the domestic currency exchange problem. ;-/
I keep thinking of something that's kind of automated but without the ability for tampering. Like an escrow option built into the blockchain itself so there's no need for all the confirmations...just both parties confirm and the bitcoin is not transferred unless and until both parties in the transaction confirm agreement. But then that doesn't quite solve the domestic currency exchange problem. ;-/
The 64BTC question though is how to decentralize and deregulate the exchange options - because those controls can kill domestic currency exchanges in any nation. There has to be some protocol developed to bypass this entirely. The closest would be the local bitcoin trading option. We genuinely need a real trustless format to exchange any currency anywhere to bitcoin and make it untraceable.
Government control over domestic currencies can become so bad that no business will touch bitcoin which kills its capacity for mainstream. Otherwise we accept those controls. What's a real solution?
Government control over domestic currencies can become so bad that no business will touch bitcoin which kills its capacity for mainstream. Otherwise we accept those controls. What's a real solution?
How is this possible? (bolded part of your post)
Certain governments actually enforce capital control to regulate cash flows in and out of the country to prevent currency manipulation and to certain extent protect their economy. This includes fx exchange, in general such as limiting the volume that can be traded at certain period. If you consider bitcoin coming into the picture, where you can actually have the option to buy the coins in local currency and then move on to another country to exchange it back to fiat, that is something which can bypass the norm and the control.
You will understand why Bitcoin has use. If Bitcoins use to you is to get rich quick may a many a bear decimate your dreams.
A lot of countries in the developing world have capital controls already. Bitcoin provides an elegant way to sidestep them.
The 64BTC question though is how to decentralize and deregulate the exchange options - because those controls can kill domestic currency exchanges in any nation. There has to be some protocol developed to bypass this entirely. The closest would be the local bitcoin trading option. We genuinely need a real trustless format to exchange any currency anywhere to bitcoin and make it untraceable.
Government control over domestic currencies can become so bad that no business will touch bitcoin which kills its capacity for mainstream. Otherwise we accept those controls. What's a real solution?
Government control over domestic currencies can become so bad that no business will touch bitcoin which kills its capacity for mainstream. Otherwise we accept those controls. What's a real solution?
Bitcoin is definitely not a get rich quick, well at least not anymore. Nowadays it is an investment and yes, in the future, it may be the thing that frees us from a western government captial controls. I wouldnt be so quick to denounce those who want to profit off it though.
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Excellent topic you raised, spazzdla!
There is an excellent argument for saying that Bitcoin's highest and best use is for people to take their money wherever they want, irrespective of .gov parasites wanting capital controls.
History often shows Capital Controls soon precede Human Travel Controls...
Excellent topic you raised, spazzdla!
There is an excellent argument for saying that Bitcoin's highest and best use is for people to take their money wherever they want, irrespective of .gov parasites wanting capital controls.
History often shows Capital Controls soon precede Human Travel Controls...
You will understand why Bitcoin has use. If Bitcoins use to you is to get rich quick may a many a bear decimate your dreams.
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