They can't be confiscated. Unless they figure out the code to my brain wallet...
Mind-reading devices aren't a thing yet, are they?
Technically, it's true that brainwallet assets are immune to confiscation, but if you're sitting in jail for contempt, where's the victory? |
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You are correct about that and I will make the edit.
It is most unfortunate that being Canadian cannot be a benefit in this case.
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Perpetuating an incorrect observation that the Foundation selected the bitcoin.org Press List, a commenter named Milly Bitcoin left this comment on the Forbes site:
"Obviously the Bitcoin Foundation is political as they are now debating who should be listed as media contacts on the Bitcoin.org web site. If the Foundation wanted to stay nonpolitical they would not be posting media contacts and arguing over who should be listed. If they wanted to be transparent they would allow the public to read their discussion board instead of making it members only."
I commented after Milly explaining the situation.
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+1 Maria
I totally love it when regular people comprehend the bitcoin.
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Bitcoin is like the opera. You are going but you don't really understand it or you are hooked for life.
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From BLOGDIAL's "FinCEN sounds death knell for US based Bitcoin businesses" (it's worth a read): http://irdial.com/blogdial/?p=3488"Finally, this is a great opportunity for a country to cause Bitcoin startups to congregate in their territory. A 150 year moratorium on any law that touches anything to do with Bitcoin / Blockchain technology would create a new Hong Kong island of super prosperity, as it becomes the world’s hub for all Bitcoin business, and the trillions of dollars in Bitcoin flowing through it, leaving the pitiful democracies in the dust." |
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Well, the way I read it: An administrator is a person engaged as a business in issuing (putting into circulation) a virtual currency, and who has the authority to redeem (to withdraw from circulation) such virtual currency. emphasis added While it is possible to "destroy" Bitcoin units, nobody has the authority to redeem it. So there is no such thing as "administrator" of Bitcoin. Unfortunately, there is no silver bullet in the law. The law will be adjusted if the nuance of bitcoin doesn't fit the "redeem" and "administrator" paradigm. The goal is to bring exchangers directly under the MSB and MT regulations. No more casual preemptive compliance like Bitinstant because it will be required and they did it without declaring bitcoin real currency. Also, a decentralized convertible virtual currency has no single administrator as stated in the FinCEN guidance. |
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Glad to see Tradehill back in the bitcoin exchange business.
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I am sympathetic to this position. The opposing position comes from a belief that zero to no fees is the primary benefit of bitcoin.
The free market decides the BTC market price and the free market will decide transaction fees (based on desired transaction times). A state of no (or gradually increasing) block size limits avoids the market mechanism for pricing transaction times. It would be similar to letting the market decide the 21 million limit.
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Could somebody explain what this fund is doing in simple words? They took 2M5€ and bought Bitcoin with it? That cannot be it...
Basically IMHO they would have to act as kind of pass-trough for Bitcoin buying and selling. Any details available? When is (or did) their money gonna hit the exchange(s)?
They have been acquiring BTC over the last 6-9 months or even earlier, but they wouldn't say their entry price. I'm fairly certain that their average is sub-$15. This is just the first time they've talked about it for a formal announcement. The $3.2 million is an estimate based on current BTC assets of 80,000 at $40:1 BTC exchange rate. |
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I think offering a Bitcoin ATM and not accepting payment in Bitcoin would reveal a serious schizophrenic business vision on part of the bar owner.
Perhaps. I would think shop owners would find the profit margins on machines pretty good and the machines would act like advertising bringing in additional foot traffic. So even if the machines did not make much money selling bitcoins they could make money selling other stuff. +1 The Bitcoin Machines would generate a lot of traffic and I would definitely go to stores that had them (and use them). They're going to need to be bolted down a little better cuz they'll be stuffed full o' cash from all of the people wanting bitcoins privately. |
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Sure the makers of the BATM dream of selling thousands but I guess they are ahead of time with this. Either they pay bars to be allowed to put the machine there and earn the commissions or the bars are not ready for that yet.
I agree. It would be an incredibly hard sell to any bar/restaurant/retail shop owner. Also, what about laws governing currency exchanges? Would the new BATM owner not be regulated by these laws? Would they have to buy a BATM and a currency exchange license? Don't get me wrong, I would love to see these things in every other bar or restaurant. But it seems this project may be starting off on the wrong foot. I disagree. How is this any different than installing a regular vending machine that sells peanuts and condoms? Why do you automatically assume the worst and shout "Oh my God, it's a currency exchange machine and it's unlicensed!" People, it is a simple vending machine that sells intangible math puzzles. They could also build a machine that sells air guitars. It would be the same regulations. |
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Low-fee bitcoin heroes should take note that the privacy and anonymity theme is pervasive in this article. It is significant in that it is one of the few written pieces that anticipates the forced closure of digital-issuing mints by the authorities. What is explored is the establishment of a trusted central mint (ala digicash protocol) that operates anonymously and therefore can remain operational in the face of direct governmental threats and assaults. How does one audit the reserves of currency issuers if they don't know where they are or who they are? {similarly, voucher-safe has answered this question in a decentralized way by distributing the reserves instead of distributing the trust.} At the time, the authors were responding to the vulnerability of physical gold e-currency depositories such as e-gold. That's why they defined the roles of Bondsman, Escrow Agent, Fair Witness, and Arbiter. http://themonetaryfuture.blogspot.com/2010/03/toward-private-digital-economy.htmlThe video/audio presentation from DEF CON 12 can be seen here: https://www.defcon.org/html/links/dc-archives/dc-12-archive.html#wavyhill |
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So if transaction privacy is preferred then some method of mixing should be considered regardless of the exchange you use. This can be as simple as sending the coins to an Instawallet and manually splitting the amount up by manually withdrawing a fraction of that amount over a period of time. Or paying the fee to have Blockchain.info/wallet's mixer take care of it: - https://blockchain.info/wallet/send-anonymouslyExcellent points. Privacy is not by default. Many first time bitcoin users go to the honeypot Coinbase (and other eWallet sites) mistakenly thinking that it offers the same features as a standalone bitcoin client. "oh look, ma! It's super convenient. They even let me do a direct link to my US bank account, just like PayPal." |
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With money and currency there are three main costs: (1) time/convenience, (2) money and (3) privacy.
Coinbase is slower but very convenient, cheaper and less private than some alternatives.
That's true and there are trade-offs. However, since Coinbase is mostly frequented by newbies, it would be wise to understand their identity process and their wallet logs and their bitcoin address logs, especially if a brand new user is going directly from Coinbase to purchase a VPN for torrent downloading/uploading or to play online poker from the US jurisdiction. Don't you think? Thanks to the OP. http://www.paymentssource.com/news/swapping-bitcoin-privacy-for-banking-convenience-3013278-1.html |
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Nice article, Tony. Thanks for posting.
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