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Author Topic: German article translation from the aptly named "FADE" (BVDW)  (Read 888 times)
Mike Caldwell
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The Casascius 1oz 10BTC Silver Round (w/ Gold B)

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June 03, 2011, 03:16:06 AM

Based on my limited knowledge of German, but much more intelligible and true to message than the bare results of Google Translate.  I am willing to edit the original post to update for better translation quality if anyone wants to provide better translation of parts, especially near the end.

The Federal Association of the Digital Economy (BVDW) discourages consumers from using the method of payment known as Bitcoins. Bitcoins have the potential to harm society over the long term through tax evasion, money laundering and illegal transactions. For the safety of consumers and in the interest of all market participants, BVDW recommends trusting the tried and tested methods of payment for online transactions in e-commerce. More details in the current statement of BVDW Vice President Christopher N. von Dellingshausen, or on the BVDW website

BVDW Vice President Christoph N. von Dellingshausen:

"The Federal Association of the Digital Economy warns consumers against the use of Bitcoins as a method of payment. For one, issuing and control of cash in our society is a sovereign function. By using Bitcoins as payment the necessary review by the State in case of tax fraud or money laundering is impossible. Therefore Bitcoins are simply dangerous and have the potential to harm society as a whole just sustained by fraud, money laundering or other illegal businesses.

"Second, an automated control over the quantity of the money supply as there is in the case of Bitcoins would hinder any economic policy efforts and deny them any influence.  
Virtually every consumer in the wake of the financial crisis may already know the extraordinary importance of economic policy for society, the companies and institutions.

"We expect that substitute currencies such as Bitcoins will banned sooner or later by the legislature, because it sees a responsibility to protect its citizens and society far-reaching. For the safety and welfare of consumers, and also in light of the interests of distributors and operators of online stores, there must exist regulation for methods of payment. We operate in a virtual environment, but with real transactions. Excluded from this, of course, are limited points and miles scheme or similar customer loyalty programs, which happen to pay similar compensation to a limited extent within a transaction between the user and service provider.

"The real economy must not become a monopoly game. The BVDW recommends that all market participants to continue to rely on the proven means of payment for online transactions in e-commerce or online barter. An accumulation of Bitcoins as a monetary reserve could one day be validated at some later date by state intervention.

"In addition, the EU legislative process seeks to identify the Payment Services Directive (PSD) and has already initiated the first important steps for cross-border payments. The concept of Bitcoins seeks to serve this function.  By will shape the policy, however, cross-border payments as easily, efficiently and safely as possible, the policy while enhancing competition by new entrants gain access to payment markets. The legal basis for the Single Euro Payments Area, therefore, is the Payment Services Directive, the legal basis for the creation of an EU-wide internal market for payments

"Certainly, this policy makes the work of creating an individual payment service more difficult, but overall, it proves to serve for a transparent and trustworthy market perspective. In the future, certain destructive forces will regularly express an interest in releasing their own new currency to provide freedom from state control. Based on recent events and reports in the media about the use of Bitcoins as payment, we experience the result of a first wave of a currency discussion, the intensity of which will continue to expand in the next two to three years."

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper or hardware wallets instead.
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