It is a very nice item, if only peter jackson hadnt ruined it for all of us.

Why does money suddenly make people gentlemen?

Depends on the regulations, the most we're seeing in terms of regulation is just AML stuff, which doesnt really help anyone except the tax man.

I see, so theyve separated the broker element of an exchange from the exchange part of it, where the brokers will be semi-decentralized and the exchange fully. Interesting to see where it goes, chris larsen obviously has a real motive, profit aside, to get this thing operational.

 

This is part of the reason the max blocksize was to be updated to deal with these payments clogging the system, why would anyone send fractions of a cent?

You can invest in making my site automated

I would like to know how they plan on attributing endless amounts of uncorrelated evidence to a particular person. I mean this is the point of it after all, to create a dossier on every person so they can go back and say " 'on soandso a date you did this', or 'how could you have been there if your phone information says you were here'", or if thats not their mission with TIA then what is.

Ripple sells itself as a decentralized exchange, but at some point it must interface with the banking system and it is then that FINCEN will regulate it out of existence. Unless Opencoin is proffering itself as the sole MSB in this, would not any broker of coin suddenly fall into hot water?

At some point the exchange must interface with a bank and it is then that it will be regulated and shutdown.

OP updated for clarification, its not nice to call people trolls who choose not to think for you.

Site design updated, more to come.

Turning electricity into cash could be viewed as laundering, but you'd still be regulated by fincen when you went to sell your coins.

The only trolls here are the ones still living under a bridge.

FINCEN covers anyone who transfers money between two parties, be it virtual or real, they are therefore a MSB and must be registered as such. The cost of doing so is millions of dollars on the state level, and anyone who trades USD or with americans must be regulated. Ripple and any decentralized exchange theory therefore will be illegal as no one within the network can afford to be regulated. Even if such a network existed on tor it must at some point interface with the banks and it is at that point that FINCEN can begin hanging people to scare the rest into submission.

According to FINCEN.

Edit:

I figured people would connect the dots. FINCEN requires anyone operating as a business who exchanges one currency for another to register as a Money Services Business, whose compliance costs millions of dollars. Naturally this would only allow a few key players to operate as such, therefore decentralized exchanges are not legally possible, and because the regulation is applied to anyone using the entry/exit points that are the banks it is not technically possible either to operate outside the bounds of regulation.

So this should make bitcoin mining illegal then for 99% of miners.

You're looking for a technologically advanced non-centralized-bank-based economy, otherwise known as nowhere.

The sky is falling!

This thread is now on their watchlist.