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Author Topic: Bitcoin-Central, first exchange licensed to operate with a bank. This is HUGE  (Read 117152 times)
davout
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December 08, 2012, 08:23:01 PM
 #301

It does sound like you do. Not sure how you can possibly not know. Smiley
Well, MtGox got kicked out of France with the CIC v. MACARAJA case in which it was argued that MACARAJA (the French company representing TIBANNE, the company behind mtgox) needed a license to operate a service where fiat was held on behalf of third-parties. That's all I know.

They then had an account in the UK at Barclays, which got closed by the bank a couple of months ago, and they now have an account in Poland which as of today is apparently still up and running.

Well, common sense tells me that Mt.Gox could not have possibly survived for so long with such a large turnover without securing itself a warm hole in the law (in a good way). Your claim of being the first "legal" exchange contradicts this conclusion so common sense does not work here!
Moving bank accounts periodically can also be a strategy.

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December 08, 2012, 08:49:03 PM
 #302

Fix the topic title please?

https://bitcoin-central.net/s/aqoba-partnership

only muppets choose to ignore people. if you are capable of stringing more than half a cobbled punchline together, there is plenty to be learnt from everyones experiences, not just the happily bemused, easily convinced & the cheaply paid off cheerwhores. -Edgar
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December 08, 2012, 08:54:28 PM
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Done, changed "as" to "with".

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December 08, 2012, 09:23:33 PM
 #304

no no no, fix the Credit Mutuel proper naming, not to be confused
Right

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December 08, 2012, 11:51:28 PM
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How do you know Gox's bank cares? Remember the bank is only seeing the withdrawals and deposits, they not seeing the bitcoins coming in and out, that are used to represent those dollars.

They're not just seeing withdrawals and deposits, they are seeing $20,000,000 a month worth of withdrawals and deposits. With that amount of money they know they are likely under the scrutiny of every regulatory body out there. It's likely why MtGox has had to resort to KYC and AML regulations as well, like a real bank.

And running graph theory analysis on the blockchain. Inputting the now known users-bitcoin-address pairs supplied by Gox, BitPay, Paymium (whoever) as fixed points makes such graph theory analysis much more successful .... just saying, the more data points that go in the better the analysis (i.e. the weaker the privacy of ALL bitcoin transactions become).

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December 09, 2012, 12:06:32 AM
 #306

I've personally attempted to get two of my regular restaurants on Polk street to accept bitcoin.  Apparently sales is not my thing.  I'm hoping this is a way to start using bitcoin without having to evangelize and harass people to accept bitcoin.

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December 09, 2012, 07:41:34 AM
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I've personally attempted to get two of my regular restaurants on Polk street to accept bitcoin.  Apparently sales is not my thing.  I'm hoping this is a way to start using bitcoin without having to evangelize and harass people to accept bitcoin.

That's what I'm worried about guys, don't turn this into a religion, Bitcoin's own virtues will come out by itself when the next recession comes along.

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December 09, 2012, 08:10:22 AM
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I've personally attempted to get two of my regular restaurants on Polk street to accept bitcoin.  Apparently sales is not my thing.  I'm hoping this is a way to start using bitcoin without having to evangelize and harass people to accept bitcoin.

That's what I'm worried about guys, don't turn this into a religion, Bitcoin's own virtues will come out by itself when the next recession comes along.

+1
Give us hoarders some time to buy more cheap bitcoins before you make the price explode through wider adoption please, kthx.

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December 09, 2012, 08:14:18 AM
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I've personally attempted to get two of my regular restaurants on Polk street to accept bitcoin.  Apparently sales is not my thing.  I'm hoping this is a way to start using bitcoin without having to evangelize and harass people to accept bitcoin.

That's what I'm worried about guys, don't turn this into a religion, Bitcoin's own virtues will come out by itself when the next recession comes along.

Blessed be thy blockchain? Church of Satoshi and Latter day coins.

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December 09, 2012, 08:15:19 AM
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How do you know Gox's bank cares? Remember the bank is only seeing the withdrawals and deposits, they not seeing the bitcoins coming in and out, that are used to represent those dollars.

They're not just seeing withdrawals and deposits, they are seeing $20,000,000 a month worth of withdrawals and deposits. With that amount of money they know they are likely under the scrutiny of every regulatory body out there. It's likely why MtGox has had to resort to KYC and AML regulations as well, like a real bank.

And running graph theory analysis on the blockchain. Inputting the now known users-bitcoin-address pairs supplied by Gox, BitPay, Paymium (whoever) as fixed points makes such graph theory analysis much more successful .... just saying, the more data points that go in the better the analysis (i.e. the weaker the privacy of ALL bitcoin transactions become).

This would be why some exchanges correctly implementing Bitcoin do not use individual BTC addresses for users.

For a cookie, name the one from that "some."

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December 09, 2012, 10:03:44 AM
 #311

How do you know Gox's bank cares? Remember the bank is only seeing the withdrawals and deposits, they not seeing the bitcoins coming in and out, that are used to represent those dollars.

They're not just seeing withdrawals and deposits, they are seeing $20,000,000 a month worth of withdrawals and deposits. With that amount of money they know they are likely under the scrutiny of every regulatory body out there. It's likely why MtGox has had to resort to KYC and AML regulations as well, like a real bank.

And running graph theory analysis on the blockchain. Inputting the now known users-bitcoin-address pairs supplied by Gox, BitPay, Paymium (whoever) as fixed points makes such graph theory analysis much more successful .... just saying, the more data points that go in the better the analysis (i.e. the weaker the privacy of ALL bitcoin transactions become).

This would be why some exchanges correctly implementing Bitcoin do not use individual BTC addresses for users.

For a cookie, name the one from that "some."

Indeed, a subtle yet crucial point.

So davout does Bitcoin-Central require linking users ID to bitcoin addresses?
a) do you (or your regulators) intend to keep records of which users used which bitcoin addresses?
b) since the regulators are only concerned with the 'fiat' side of your business it seems they would not need to know what happens on the bitcoin side of the transaction graph, right?

Monetary Freedom - a basic human right
"Disarming money as a tool for tyranny."
"Disintermediating the State."
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December 09, 2012, 10:33:50 AM
 #312

So davout does Bitcoin-Central require linking users ID to bitcoin addresses?
a) do you (or your regulators) intend to keep records of which users used which bitcoin addresses?
b) since the regulators are only concerned with the 'fiat' side of your business it seems they would not need to know what happens on the bitcoin side of the transaction graph, right?

I'll answer in case these are non-rhetorical questions:

We live in Information Age, more info = more money. Of coz they keep all info they get.
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December 09, 2012, 10:34:08 AM
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I've personally attempted to get two of my regular restaurants on Polk street to accept bitcoin.  Apparently sales is not my thing.  I'm hoping this is a way to start using bitcoin without having to evangelize and harass people to accept bitcoin.

That's what I'm worried about guys, don't turn this into a religion, Bitcoin's own virtues will come out by itself when the next recession comes along.
when the " next recession comes a long? Isnt that a bit like saying you'll understand when the Titanic bangs another iceberg.. Another recession.. WE. ARE IN A recession THE recessions OF recessions WORLD wide. How could you have missed this. It doesnt make any sense.
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December 09, 2012, 01:32:49 PM
 #314


So davout does Bitcoin-Central require linking users ID to bitcoin addresses?
a) do you (or your regulators) intend to keep records of which users used which bitcoin addresses?
b) since the regulators are only concerned with the 'fiat' side of your business it seems they would not need to know what happens on the bitcoin side of the transaction graph, right?

The only static ID used by bitcoin-central is the BC account number (looking something like BC-U12345).

For convenience, Bitcoin-central provides also a bitcoin address that is renewed after each transaction to protect the user's privacy.

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December 09, 2012, 02:51:07 PM
 #315

For convenience, Bitcoin-central provides also a bitcoin address that is renewed after each transaction to protect the user's privacy.

Will this protect user's privacy if BC is forced to give this info to Big Brother?
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December 09, 2012, 03:04:50 PM
 #316

Off course not but we'll have to agree to dissagree.. Hey. . Its all cool..
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December 09, 2012, 03:25:32 PM
 #317

I can pretty much say with certainty that this new exchange floor will offer a better exchange rate  then all other exchange floors why? Because banks manipulate markets..But hey . lets just agree to disagree.. hey. And if it happens in france whos to say it wont / cant happen in another country and then we can all link up to the system at the request of cavity searches wether legitimate or for something to do we can all be linked up through the bankers exchange floors dealing in bitcoins and we can all have a big partayy..
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December 09, 2012, 03:29:45 PM
 #318

and we can aaa  aaa aaalll agree to disagree . hey..
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December 09, 2012, 05:32:13 PM
 #319

Will this protect user's privacy if BC is forced to give this info to Big Brother?

What do you think? If you want that kind of privacy, better avoid traditional banks altogether.
Finally, someone speaking some sense.
Bitcoin is a vibrant ecosystem with lots of possibilities, lots of options. Localbitcoins by Jeremias Kangas is the first that comes to mind.

Bitcoin is not about doing thing one way or another, Bitcoin is about giving people choice to do things the way they wish.

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December 09, 2012, 06:23:35 PM
 #320

Because banks manipulate markets.

Unless you can provide some specific examples, that statement is about as relevant as "Because banks give you savings accounts." Banks can't manipulate things as deviously as many people think.

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