Right, but they can peg the dollar to Bitcoin. Just show them of a graph of how the dollar has been extremely volatile against Bitcoin and suggest that pegging the dollar to Bitcoin would eliminate that.
Are you being sarcastic? Or are you no longer the Milly from 6 months ago who actually knew a lot of stuff? I choose to interpret that comment, not as something that would be successful, but rather as a suggestion for something that would be hilarious to watch them attempt. |
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Actually to FinCEN:
A financial institution or association of financial institutions that intends to share information...shall submit to FinCEN a notice described in Appendix A and shall be effective for the one year.
But not to the users
Which is why this tracking is going to happen, one way or another. Public outcry is merely going to cause them to do it with no public announcement. |
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You can't fix a currency to something (gold, oil, another currency) unless you have complete control over both the currency (supply, printing, inflation) and the reserve.
The US government can't control the supply of Bitcoin so trying to fix it to silver would be futile. So govt says 1 BTC = 1 oz of silver. Ok people are trading it for 10x that. It just makes the government look stupid and powerless. ...and that's why this forum needs to enable Spoiler tags. They'll never learn if you do their homework for them. |
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You have no idea how prices or currency work.
Start by Googling "supply and demand curves" and come back when you can explain how this could ever actually happen even if they wanted to do it.
Magic (they'll just pass a law) is not an acceptable explanation.
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Here's a quote (second paragraph): It’s a tracking system for Bitcoin ownership that would theoretically weed out ‘bad actors’ – like the Dread Pirate Roberts – from the legitimate Bitcoin business world. Their plan is to compile a database of the known identities associated with Bitcoin addresses in the hope that Coin Validation will become the one-stop-identity shop for law enforcement when trying to find out who’s doing something nefarious with Bitcoin, while providing a red-flag system for businesses who have customers trying to use Bitcoin that’s associated with illicit use.
“Essentially, we’ve been working with regulators for a structured approach for Bitcoin customers to be compliant,” says Waters. “We set up an API to work with their systems and we supply reporting tools they need for their databases. Which bitcoin addresses belong to a person? That’s the problem we’re solving.” This sounds to me like she directly interviewed the people involved. If franky1 is correct about the nature of Coin Validation, then it means that she fabricated the article out of whole cloth. On the other hand, franky1 is on my ignore list so I presume that happened for a good reason. |
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ok every CALM DOWN and take away the sniffing glue away from your noses
its seems 99% of people are reading "opinions" of what coinvalidation is about, and not reading the fact that it is just the writers opinion as oppose to the facts given directly from coinvalidation. this is known as chinese whispers.
so here goes, please remove tin foil hats and anything producing hallucinatory fumes... read twice and take regular breathes of fresh air to ensure the information is absorbed...
coinvalidation HAVE NOT personally talked much about what their system is, anyone trying to describe it as the abolishment of anonymity are totally wrong.
coinvalidation is a company (not the government) but a business advice company offering bitcoin businesses information on how to PROPERLY comply with AML/KYC in regards to sections of their business involving FIAT.
EG Exchanges
EG companies that convert BTC into FIAT for wages/stock/profit (tax purposes)
coinvalidation is NOT requiring identification of all bitcoin users. only the users that want to withdraw FIAT from legitimate exchanges above the AMLKYC thresholds.
coinvalidation is NOT about red flagging addresses with silk road taint.
now take 3 breathes of fresh air... relax... and now go back to your tinfoil hat conspiracy theories and glue sniffing activities about a new topic.
Did Kashmir Hill fabricate the quotes in her article? |
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Why couldn't this be a simple opt in or opt out?
What's going to happen is that every Bitcoin-accepting business in US jurisdiction is going to be told that they participate and enforce this database, or else they'll be prosecuted for violating money transmitter laws. |
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will one of the devs please say something!
question 1) WHY!?
question 2) you are FIRED!
One did: |
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Last I heard it was orders of magnitude too slow. |
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Incidentally, this should cause miners some concern; what if this leads to illegalising the use of mined coins if they cannot be associated with a miners "licence"? May as well start making the coins clean at the source, don't you think?
This is an attack on the Bitcoin model, pure and simple.
And a major ASIC manufacture is backing it. |
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You guys are missing the point... This means COIN TAINT. It is not "self regulation" it is a central Bitcoin Taint Organization that tracks which coins were used for illegal activities and puts them on a centrally-controlled taint list. Most large Bitcoin companies will participate. Say Dude A sells some pot on Silk Road. He receives the BTC and sends them to a mixer and then to Dude B via IRC-OTC after selling them for a wire transfer or something. Dude B sends them to somebody else. Eventually they wind up at Bitcoin100 Charity where they are sent to "Starving Kids in Moojoombo Village, Congo Fund." Representative of SKiMVC charity visits the kids and says " www.bitcoin100.org Bitcoin100 just donated $1,000 to us, so we have enough money to install a village well and you won't have to walk 5 miles a day for water anymore!" Yayy! Everyone cheering, people dancing! Next day, representative visits again, this time with sad look on her face. "Sorry, Bitpay wouldn't pay us for the Bitcoins, they just returned them, saying the Bitcoin Taint Council tainted them. We looked into the possibility of selling them on the black market OTC to people who didn't mind the taint, for lower than spot value, but our attorney advised against it saying we could be subject to massive fines or loss of our NPO status. Sorry, no well." Why were they tainted? By the time they had been sent to the charity, the council's blockchain explorer had tracked them and discovered they were (1) Used for Pot sale, which is illegal in some countries. (2) Sent through a mixer, all coins sent through mixers will be tainted. (3) Sold on IRC-OTC which violates AML/FINCEN regulations. I can think of a thousand scenarios where we could be screwed, including for "crimes" which are not really crimes. The War on Drugs will be extended to Bitcoins. Just like paypal, anyone who does not align with the subjective morality of the Taint Council will have their "account" frozen via blacklist. ALL miners will have their coins tainted unless they are registered as a FINCEN "money transmitter" and pay taxes. There will be a whitelist for mined coins. This isn't tinfoil hat worst-case scenario bullshit. This is what is actually being proposed by people high up in the Bitcoin World. Peter Vessenes warns that there will be no grandfathering of coins. So if any of your coins were used by PirateAt40 or a silk road pot-selling teenager in the past, they will be unspendable for 99% of merchants/receivers. This could be 1% of your stash or it could be 59%. Oh, who wants to make a bet? The Supreme Coin Taint Council will have a buyback option where you sell your tainted coins to them for 50% of spot. Then, they untaint the coins and release them back in to circulation. This is just what Paypal does. This is just what government regulatory agencies do. Most U.S. dollars have cocaine residue on them but I can still spend them just fine. Now we're trying to make BTC worse than the USD? Worrying about whether coins are tainted every time I receive them? What do you think this will do to the price of BTC if they can be randomly tainted with no prior notice? Beware of any "self regulation" talk because I can guarantee you they are talking about COIN TAINT. And if large businesses/organizations in the Bitcoin world start operating from a centrally controlled Taint List, I will sell all of my coins into other cryptocurrencies as well as precious metals - you should too, because that would be the end of bitcoin. Spot on, as we learned today. |
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I fervently hope you're right. The CoinJoin idea won't be helpful in the true nightmare scenario (which is pretty much described in the article): only greenlisted addresses can be used to buy goods and services in the USA (and in this scenario, also the EU, Russia, China and everywhere there's a decent sized economy). At this point Bitcoin would just die out as it would be offering little or nothing of interest (the greenlisting functioning as the third party, which collects fees etc, and who knows how long 'limited supply' would last). If people still saw the value in a blockchain they would just make government controlled ones.
On balance, my crystal ball says that outcome is very unlikely. But that's what the powers that be are going to be pressing for. The international part of the argument is the only thing keeping me optimistic. But think of it this way: such actions will not only dramatically suppress the growth of the Bitcoin economy, but also make all of us trying to keep using it feel like criminals.
Actually, some people are going full steam ahead with constructing exactly that nightmare scenerio, and making a buck while doing it: http://www.reddit.com/r/Bitcoin/comments/1qk8yl/bitcoinism_is_it_time_to_boycott_all_us_bitcoin/ |
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All businesses using this spynet will not reveal it publicly if they don’t want to be boycotted.
Not a lawyer or anything, but wouldn't the business have to disclose that they are sharing your information to a third party? Not if they are located in the USSA. |
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Does the protocol have any way for participants to negotiate on output size restrictions?
Either make all the outputs the exact same size, or maybe restrict them to something like integer (positive and negative) powers of two?
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rotff!!!
