Bloq Appreciation Thread

[BlindMayorBitcorn]

For anyone wishing to appreciate further:

https://www.reddit.com/r/Bitcoin/comments/4012hu/bitpay_is_actively_cooperating_with_chainalysis/

https://www.reddit.com/r/Bitcoin/comments/3mea6b/bitpay_is_blacklisting_certain_bitcoins_rejecting/?ref=search_posts

[European Central Bank]

It's not as if these guys have much choice is it? Banks and lawmakers must be itching for a reason to shut them down. I wouldn't wanna be their compliance team.

[BlindMayorBitcorn]

It's not as if these guys have much choice is it? Banks and lawmakers must be itching for a reason to shut them down. I wouldn't wanna be their compliance team.

I can certainly appreciate that.

[owm123]

For anyone wishing to appreciate further:

https://www.reddit.com/r/Bitcoin/comments/4012hu/bitpay_is_actively_cooperating_with_chainalysis/

https://www.reddit.com/r/Bitcoin/comments/3mea6b/bitpay_is_blacklisting_certain_bitcoins_rejecting/?ref=search_posts

Andreas Antonopoulos was asked about the blacklisting issue BitPay blocking transactions. This was his reply

we really need to address the issue of fungibility. Blacklists are inherently evil, as they seed control to the author of the blacklist and that control is absolute.

https://www.youtube.com/watch?v=ak1iojpiHpM&feature=youtu.be&t=33m6s

[BlindMayorBitcorn]

For anyone wishing to appreciate further:

https://www.reddit.com/r/Bitcoin/comments/4012hu/bitpay_is_actively_cooperating_with_chainalysis/

https://www.reddit.com/r/Bitcoin/comments/3mea6b/bitpay_is_blacklisting_certain_bitcoins_rejecting/?ref=search_posts

Andreas Antonopoulos was asked about the blacklisting issue BitPay blocking transactions. This was his reply

we really need to address the issue of fungibility. Blacklists are inherently evil, as they seed control to the author of the blacklist and that control is absolute.

https://www.youtube.com/watch?v=ak1iojpiHpM&feature=youtu.be&t=33m6s

Soon enough you can just stick 'em in that CT sidechain, and boom: be as nefarious as you want.

[BlindMayorBitcorn]

Does CT hide the addresses involved?

No, just the amounts.

Most importantly, this scheme is compatible with pruning and does not make the verification state for Bitcoin grow forever. It is also compatible with CoinJoin and CoinSwap, allowing for transaction graph privacy as well while simultaneously fixing the most severe limitation of these approaches to privacy (that transaction amounts compromise their privacy).

Ok.



Shh. That's what CoinJoin is for.

[unamis76]

Who are they blacklisting exactly and why? I find this rather odd. They may be losing revenue by blacklisting coins or addresses... If this is true they seem to be shooting themselves in their own feet.

[owm123]

Who are they blacklisting exactly and why? I find this rather odd. They may be losing revenue by blacklisting coins or addresses... If this is true they seem to be shooting themselves in their own feet.

I guess its better to reject few coins or address, rather then to anwser to feds or regulation, why, for example, they accept drug coins or something like this.

Bitpay is not the only one. Coinbase also was shown to be "very be interested" in what you do with your coins:

http://www.bitedge.co/blog/coinbase-restricts-users-for-gambling-transactions/

 

[PakistanHockeyfan]

It's no different than any other Bitcoin payment platform.

[fkjfld]

It's not as if these guys have much choice is it? Banks and lawmakers must be itching for a reason to shut them down. I wouldn't wanna be their compliance team.

I can certainly appreciate that.

[BlindMayorBitcorn]

It's not as if these guys have much choice is it? Banks and lawmakers must be itching for a reason to shut them down. I wouldn't wanna be their compliance team.

I can certainly appreciate that.

[The Sceptical Chymist]

I will be the first to admit that I don't often spend bitcoins like cash--I've come to view cryptocurrency as a speculation tool and as a store of value.  But I did buy some precious metals from Provident last year and I do believe the transaction was processed through Bitpay.  I'm not 100% sure.  It was fairly painless, though for some reason I had to transfer btc to my Xapo wallet, because Mycelium wasn't allowing the bitcoin to be withdrawn.

[Soros Shorts]

I'd like to know what kind of coins are being rejected by Bitpay. Can anyone shed any further details on some examples of rejected coins?

[foggyb]

I'd like to know what kind of coins are being rejected by Bitpay. Can anyone shed any further details on some examples of rejected coins?

Probably coins from known addresses involved in receiving stolen coins. Its hard to argue against blacklists, but where do you draw the line? It is immoral to do business with thieves.

[owm123]

I'd like to know what kind of coins are being rejected by Bitpay. Can anyone shed any further details on some examples of rejected coins?

Probably coins from known addresses involved in receiving stolen coins. Its hard to argue against blacklists, but where do you draw the line? It is immoral to do business with thieves.

Blacklists are very bad! Simply because they lead to sad possibility that mine bitcoins are not as good as yours, thus value of 1 btc != 1 btc.

Andreas Antonopoulos was asked already ask about BitPay blocking transactions. He said:

we really need to address the issue of fungibility. Blacklists are inherently evil, as they seed control to the author of the blacklist and that control is absolute.

https://www.youtube.com/watch?v=ak1iojpiHpM&feature=youtu.be&t=33m6s

[owm123]

I'd like to know what kind of coins are being rejected by Bitpay. Can anyone shed any further details on some examples of rejected coins?

There maybe many reasons. For example, Coinbase was rejecting gambling related transactions:

http://cointelegraph.com/news/coinbase-is-tracking-how-users-spend-their-bitcoins

[coaltin]

I'd like to know what kind of coins are being rejected by Bitpay. Can anyone shed any further details on some examples of rejected coins?

Probably coins from known addresses involved in receiving stolen coins. Its hard to argue against blacklists, but where do you draw the line? It is immoral to do business with thieves.

Anonymity is taking a troll on things and hard to differentiate between white coins and black coins

[foggyb]

Blacklists are very bad! Simply because they lead to sad possibility that mine bitcoins are not as good as yours, thus value of 1 btc != 1 btc.

Blacklists are not evil. Only people can be evil. Don't put blacklists on coins, put them on addresses instead.

[exstasie]

I'd like to know what kind of coins are being rejected by Bitpay. Can anyone shed any further details on some examples of rejected coins?

Probably coins from known addresses involved in receiving stolen coins. Its hard to argue against blacklists, but where do you draw the line? It is immoral to do business with thieves.

That's partly the issue -- tainting coins doesn't mean doing business with thieves. It especially hurts casual users like you or I, who don't pay for extensive taint analysis on coins we transact with. So, if we sell some Steam codes or physical coins on the forum and receive some "tainted" coins, how are we to know?

......And when we go to spend those coins? Coinbase might drop us as customers. Bitpay might tell our vendors to stop doing business with us. And maybe this is only the beginning.... hopefully LEO doesn't end up knocking at our doors.

[owm123]

Blacklists are very bad! Simply because they lead to sad possibility that mine bitcoins are not as good as yours, thus value of 1 btc != 1 btc.

Blacklists are not evil. Only people can be evil. Don't put blacklists on coins, put them on addresses instead.

How this solves this issue? All bitcoins have public history. Banning some address could also ban every coin which can be associated with a given blacklisted address.