2013-03-21 Wall Street Journal - Web Money Gets Laundering Rule

[labestiol]

http://online.wsj.com/article/SB10001424127887324373204578374611351125202.html?mod=WSJ_hp_LEFTWhatsNewsCollection

One of the fastest-growing alternative cash products is Bitcoin, an online currency launched in 2009 that isn't backed by a central bank or controlled by a central administrator. Currency units, known as "bitcoins" and consisting of a series of numbers, are created automatically on a set schedule and traded anonymously between digital addresses or "wallets." Certain exchange firms buy or sell bitcoins for legal tender at a rate that fluctuates with the market.

Seems like a good piece, informative, documented, balanced.

[TraderTimm]

Well, WSJ means that if there were any investment desks not aware of bitcoin -- they are now.

[thefiniteidea]

Who's this Charlie 'Sherm' guy?

 

(that was a great article, ie, I actually learned something "new"s)

[Herodes]

I think the article was rather good. It's what you could expect, it didn't tain bitcoin forcefully in a negative light, and the bitcoin representatives are talking well, I'm glad they didn't interview some anarchist wacko about it.

On the other hand, 'money laundering'... This phrase, terms or action is at this point, in my considered empty words. Who rules ? It's not the governments.. it's the banks.. The banks essentially have a free card to do whatever they damn please. 'Money laundering' is more about keeping tab and control about monetary transactions. If you're a small entity and getting charged with money laundering, you will look for a shitload of legal troubles, but if you're a huge international bank, you pay a fine, and then you're done with it - no big deal.. So, the system has really lost my trust at this point. It's a complete joke.

[EndTheFed321]

And the banks will tag the BTC miners as terrorists The Drones will have new targets 

[Yankee (BitInstant)]

Who's this Charlie 'Sherm' guy?

 

(that was a great article, ie, I actually learned something "new"s)

Me lol

[thefiniteidea]

Who's this Charlie 'Sherm' guy?

 

(that was a great article, ie, I actually learned something "new"s)

Me lol

Hehehe... i know who you are, dont worry... you're charlie 'sherm'  

[TheButterZone]

They must be passing around the 'Sherms, I've seen that typo all over the place. LOL

[Dabs]

And the banks will tag the BTC miners as terrorists The Drones will have new targets 

How will the drones know what to target or where? Will they aim at a mining pool or an individual miner? If it comes to that, the miners will have drone-hacking functions when it senses a drone is getting too close and SHA256 crack the drone's signal to make it literally crash.