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Author Topic: 2012-09-13 javelinstrategy.com - Virtual Currencies, Real Theft  (Read 1067 times)
julz
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September 14, 2012, 04:26:18 AM
 #1

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Virtual Currencies, Real Theft

Al Pascual
2012-09-13


https://www.javelinstrategy.com/blog/2012/09/13/virtual-currencies-real-theft/

Last week’s announcement of the theft of nearly $250,000 in Bitcoins from the virtual currency exchange Bitfloor served as a reminder of just how ripe virtual currency is for use as a criminal tool or target.  Recognizing this, the interest of regulators and law enforcement has been piqued – a reality that is likely to irritate active users of these currencies in the short term, with potentially positive long term effects on the virtual currency market.
...

BitInstant’s recent announcement of a network branded payment card will only serve to accelerate government intervention as the card would allow for the withdrawal of fiat currency at any ATM (in exchange for Bitcoins transferred to the card.)  This will only make Bitcoins even more attractive to criminals, as it would increase the ease of access and anonymity of the currency.
...

Javelin Strategy are also selling a report 'VIRTUAL CURRENCIES: A Global Gamble' which mentions Bitcoin
https://www.javelinstrategy.com/brochure/258
(for the bargain price of $1500 USD !)

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Stephen Gornick
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September 14, 2012, 05:09:15 AM
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I'm trying decipher this.

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In the end, those currencies that fail to adapt to upcoming regulation will be shuttered while those that remain may see the market as it now stands disappear. 

Which I take means that if the only reason the currency was gaining traction was because it could be used anonymously, once KYC is required for businesses that accept it those merchants will no longer have the customers.

Fair argument.  There's no doubt government could make the hassle of using bitcoin greater than its value to a merchant or to consumers.

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In its place will be an opportunity to supplant conventional means of payment by offering convenience unlike anything currently offered by established financial players.

I'm drawing a blank here.   If bitcoin can make it what offers "convenience unlike anything currently offered" wouldn't be hampered by the same KYC or other restrictions that impact Bitcoin?

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September 14, 2012, 05:54:03 AM
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rofl, $1500 for a report in which bitcoin is one of the 'companies' mentioned. Yeah, I'm sure it's stellar research.

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