I'm going old school... under the matress.
encrypted key paper wallet.. literally under the matress... only going this route cuz I have a waterbed.. Hence it is a non-trivial matter to actually get under the matress.
Sigg
What about if the bladder springs a leak ... your paper wallet may dissolve away or become illegible? I do NOT like paper wallets they are very fragile, fire, water, mold, chemical reactions, sunlight can all render them useless. For large amounts you must think more permanent solutions like engraving, stamping metals etc. http://www.youtube.com/watch?v=DX6L2MWrPKQThis is easy, cheap and private way to put codes on a relatively permanent media. |
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M1 is the the term you are looking for total quantity of currency in circulation (notes and coins) plus demand deposits denominated in the national currency held by nonbank financial institutions, state and local governments, nonfinancial public enterprises, and the private sector of the economy, measured at a specific point in time. National currency units have been converted to US dollars at the closing exchange rate for the date of the information. Because of exchange rate movements, changes in money stocks measured in national currency units may vary significantly from those shown in US dollars, and caution is urged when making comparisons over time in US dollars. Narrow money consists of more liquid assets than broad money and the assets generally function as a "medium of exchange
I don't completely disagree (or agree) but will say that bitcoin doesn't really fit precisely into any of these big-M definitions all that well because they were made up with fiat in mind ... for example we can say that there are exactly 10.XX million bitcoin units in existence. |
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Bitcoin is not a currency. It is a security service for transactions. Some of us are about rock Wall Street's world. Tell me what kind of relevance will licensing have for say the following: A security service designed to jump start economies in storm hit areas. Duration: 24 hours, 7 days, 1 month. A security service designed around economic fly wheels not conveyor belts. Mental breakdown for desk jockeys at FinCen: IMMEDIATE. A security service designed to exchange currencies without a server interface. Duration: nanoseconds. A security service which rewards computational work regardless of algorithm or purpose. Desk jockeys: Gimme the blue pill, this is too weird to handle. GTFO of our way is the message. Fuck the desk jockeys. They do nothing but impede solutions. Maybe they could ask us for permission to set rules on what they contributed nothing to. What gives them any right to even step in our space? FinCen think in obsolete absolute terms. Licensing belongs in the safety and medicine context. What will they do with virtual services designed to collapse in 24 hours, 7 days, 1 month. Lol. Innovate. Evaluate. Iterate. Guess, I missed the FinCEN "guidance" section in the C++ manual? Cryptographically secured informational transfer services blinking in and out of existence sound interesting. |
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Well done, looks better than i expected and the diction is concise and meaningful ... let's keep it that way.
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I like the sentiments of OP ... though 'network currency' can sound like 'networking marketing .... pyramid, etc.
"Internet Currency" could be more appropriate, useful and correct , since it operates on layer 4 and above, not on the network hardware anyway (yet?)
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Linux is to Windows as bitcoin is to govt. fiat ...
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This would prevent some strange rules, like requiring every miner to register at FinCEN.
OTOH, if you don't, you're in violation of FinCEN, they can go after this key group of people if they want to. The question is how practical it is to enforce this. There's already so many arcane laws, rules, regulations, guidances, by-laws, treaties, etc you are already in violation of .... they can "go after you" if they like anyway. |
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Monetary Freedom! Stealing hearts and minds one at a time.  |
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Govt.s will no longer be in control of the money supply in the foreseeable future. This is the best possible outcome, so it will happen.
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Debt ledger systems were around just as long any type of barter system.
Yes, many failed civilisations used debt ledgers, it is well documented. The diminishing marginal returns from the added complexity is what does them in. Modern Western world has basically recently morphed into a giant debt ledger system now that all the banks have been tied together in a risk sharing network of electronic ledgers and cash and assets held outside the ledger system is being outlawed. |
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As we all know it is in reality Wall St. that writes these regulations ... it looks to me like Wall St. wants a piece of the action.
They already fulfill the criteria, now they have the rules in place to their liking, they can play.
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Bank holiday extended to March 26 ... Cypriots vs. EUdiots
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Just to clarify, is there anything in this that affects the direct exchange of bitcoins for goods and services?
The guidance specifically states that is NOT a MSB or an activity regulated by FinCEN. That's good, Silk Road can ignore FinCEN then. |
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Inspirational.
Thanks for fighting the good fight Hal.
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bitcoin --->gold---->fiat.
Problem solved.
Of course! Ben Bernanke told us under oath that gold is not money. If it is not money, then it is certainly not "real money" either or is it? It seems they are starting getting diminishing return on legislation as well. It is getting more and more complicated because they have turned such a simple thing as money into much more complex one by all this money laundering BS and by adding more and more layers of BS that is self contradictory, sooner or later this heap of BS will fall down under its own weight. As lucid as ever Vlad .. this is precisely what is happening. It is the diminishing marginal returns of complexity effect and we are witnessing it as the slow motion collapse of the existing monetary system as more and more layers of complexity, regulation, jobsworth, BS, etc are piled higher and deeper, yet every move makes the situation worse not better. It has already begun to fall under its own weight. The legitimacy of the state is seriously undermined by all this arbitrariness of course, it is how banana republics evolve. |
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I am a certified Anti-Money Laundering agent. (AMLCA) What does this mean? Are you a policeman? |
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Right on cue ... I was picking that as soon as bitcoin got to around $0.5 bill the machinery of monetary oppression would roll into action.
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Wow, what are the implications of this? What do we need to do to be compliant?
Exercise regularly, yoga or pilates is good, stretch often, bend-over as much as you can .... always doff your hat to your superiors. |
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Soon, one would think. Cypriot/Russian relations have been pretty good for a long time - this banking clusterfuck will have quite an impact on that. I'd expect some interesting developments soonish: backpedaling, blustering, Turk-baiting, etc. The saving grace is probably the huge islamic population in Russia. I sure hope Putin didn't have any major personal stash in Cyprus. i think the Russians can hurt them in so many ways. here come the hacks. Yes, would be quite poetic to see the whole EU Commission, Troika, IMF, etc and attendant parasites locked out of their bank accounts for days on end ... how's your net security Barroso? van Rompuy? Lagarde?, are you feeling lucky messing with the hard-asses monies? Edit: "send a thief to catch a thief", russian mafia and llyod blankfein "doing God's work" springs to mind |
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