Title: COINDESK: Regulation Could Help the Good in Bitcoin Overcome the Bad Post by: Wilikon on November 19, 2013, 05:40:27 PM http://www.coindesk.com/balanced-regulation-help-good-bitcoin-overcome-bad/
Translation: CoinValidation Title: Re: COINDESK: Regulation Could Help the Good in Bitcoin Overcome the Bad Post by: freet0pian on November 19, 2013, 05:50:07 PM F*ck all these regulation fetishists!
Maybe someday we can just live free (in a t0pia). Title: Re: COINDESK: Regulation Could Help the Good in Bitcoin Overcome the Bad Post by: corebob on November 19, 2013, 06:16:31 PM Privacy is a fundamental part of what the protocol and software is trying to achieve, and it goes a long way to achieve exactly this.
If that is tampered with, something like 80% of the source code becomes redundant. The decentralized aspect of bitcoin and the encrypted addresses would no longer be necessary. Pretty much the entire source code becomes inefficient and/or redundant. With this scenario a much more efficient model would be to use a handful of heavy duty data stores around the world and let all the users connect to them using "thin" clients. No need for a distributed network anymore. Transactions would be much faster and easier to fix, change and revert in retrospect. The funny thing is that by doing this, we would end up with what we already have today when we use online bank services or PayPal. The developers are of course aware of this, and I doubt that bitcoin users around the world are willing to take this path. Alternatives would pop up in no time. Title: Re: COINDESK: Regulation Could Help the Good in Bitcoin Overcome the Bad Post by: franky1 on November 19, 2013, 06:46:06 PM the government know that they only have juristiction on U.S individuals and U.S businesses.. the senate hearing clearly mentioned by each speaker that regulation at the "business exchange level" is required, which has not changed.
EG businesses that swap bitcoin for fiat. no where did the senate mention making all individuals public keys linked to a persons identity. no where did coinvalidation say that individuals public keys be in its database. coin validation are just business advisors, their ultimate plan is to ensure that U.S dollar exchanges such as bitstamp, MTGox comply with FIAT regulations in regards to the fiat side of the business. and if fully complying they will get listed as a legit business on the coinvalidation database. where silk road will get listed as illicit on the database. its not about individuals. its about business.. the other benefit of regulation is to stop the basement dwelling teentrepreneurs (teenage entrepreneurs) from thinking they can open up exchanges without regulations or proper experience (boiler room exchanges) so as long as the U.S government only patrol the U.S dollar gateways into bitcoin and leave us to self regulate bitcoin based on personal/moral judgements and choices of who and how we transact coins between each other. then that is the best we can hope for. Title: Re: COINDESK: Regulation Could Help the Good in Bitcoin Overcome the Bad Post by: corebob on November 19, 2013, 07:06:39 PM the government know that they only have juristiction on U.S individuals and U.S businesses.. the senate hearing clearly mentioned by each person that regulation at the "business exchange level" is required. EG businesses that swap bitcoin for fiat. no where did the senate mention making all individuals public keys linked to a persons identity. no where did coinvalidation say that individuals public keys be in its database. coin validation are just business advisors, their ultimate plan is to ensure that U.S dollar exchanges such as bitstamp, MTGox comply with FIAT regulations in regards to the fiat side of the business. and if fully complying they will get listed as a legit business on the coinvalidation database. where silk road will get listed as illicit on the database. its not about individuals. its about business.. so as long as the U.S government only patrol the U.S dollar gateways into bitcoin and leave us to self regulate bitcoin based on personal/morale judgements and choices of who and how we transact coins between each other. then that is the best we can hope for I don't think it will be that easy Quote Everyone should have the right to some degree of privacy, and most would agree with that assessment, but that privacy should not extend to masking egregious illegality, such as the production, trade and transfer of child pornography. With KYC in place, there is reason to believe that identities will be revealed, not to mention stored and analyzed. For taxes to work you have to reveal at least one of your addresses anyway. It comes to a point where a centralized solution, as described above, becomes a better choice. This is also the path Ernie Allen was arguing for when he suggested to improve existing technologies. |