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Author Topic: 2013-03-21 American Banker Magazine FinCEN spying, privacy workarounds  (Read 625 times)
marcus_of_augustus
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March 23, 2013, 11:04:37 PM
 #1

http://www.americanbanker.com/bankthink/fincen-spying-plan-invites-privacy-workarounds-1057728-1.html

Jon Matonis - on financial privacy., FinCEN workarounds.

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Although bitcoin was not singled out by name, the guidance appears directed at cryptocurrencies that operate in a peer-to-peer, distributed fashion such as Bitcoin.

The primary impact of the likely tighter compliance will be felt by the bitcoin-to-fiat exchanges operating in the U.S. and this will lead to jurisdictional competition, as seen in online casino gambling where the more entrepreneurial jurisdictions rose to dominance by embracing the technology early and not overregulating.

Almost serendipitously, discussions about adding privacy extensions to the Bitcoin cryptographic money protocol have been increasing lately.

Bitcoin is nonpolitical money and it falls outside the scope of reporting financial institutions. Since bitcoin does not provide user and transactional privacy by default, multiple bitcoin wallets and Tor, a client software and volunteer server network that enables online anonymity, can enhance privacy without modification to the core Bitcoin code. Nonetheless, code-modifying proposals for augmenting Bitcoin privacy have been introduced. One idea calls for automatic mixing techniques, which would periodically give all users the opportunity to shuffle coins among one another, making the money harder to trace without implicating individuals. Another concept is "coin control," a method for users to select which of their wallet’s multiple addresses to use as the "from address" (currently picked somewhat randomly by the client software).

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March 23, 2013, 11:17:41 PM
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Zerocoin, eh?  Smiley
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March 24, 2013, 02:30:13 PM
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Thanks, just heard about Zerocoin yesterday.  Could it be that now the Borg's resistance is futile?

"The future isn't what it used to be." - Yogi Berra
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March 24, 2013, 03:55:02 PM
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The Ribosomes are Getting Busy!
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