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Author Topic: Mt Gox & Britcoin have sold out to The Big Brother  (Read 2934 times)
tavi
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June 16, 2011, 04:34:21 AM
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Some interesting reading here:

http://www.forexyard.com/en/news/Bitcoin-exchanges-offer-anti-money-laundering-aid-2011-06-15T220113Z

Mark Karpeles, the chief executive of Tibanne Co of Tokyo, which operates Mt Gox, told Thomson Reuters that the company was not averse to cooperating with authorities. "As a company handling Bitcoins, it is not our intention of doing anything illegal," Karpeles said via email on Tuesday. "We sent a letter to the Drug Enforcement Administration to address this issue."

"Basically we explain what Bitcoin is, and the fact it's much more traceable than what the media has been saying."

Karpeles said Bitcoin transactions were in fact traceable. He said that while the system had been built to be anonymous, it was "really easy to track Bitcoins across the network."

He added that since most Bitcoin transactions flowed through Mt Gox, it was "much easier to see how the funds were cashed out, and locate the final target if there was need."

Amir Taaki, the founder of the Britcoin exchange based in London said he has already approached British regulators in an effort to obtain "legalized, regulated status."

"We want to make Bitcoin legal, not have it outlawed," he said. He said Britcoin also would be willing to help root out criminal activity, and was keeping account records.


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June 16, 2011, 04:36:49 AM
 #2

Britcoin has been all about sucking the government's unit from the very beginning. No surprise there. I wouldn't be surprised with Mt. Gox either. They are getting very large.
ChanneledDan
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June 16, 2011, 04:42:05 AM
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That's not really surprising. They're getting so big they'd eventually get shut down if they were suspected of accommodating money laundering.

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MoonShadow
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June 16, 2011, 04:51:00 AM
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I'll just leave this here...

"The Mole lives an exemplary life, obeying all possible laws, filing taxes, crossing the street only in crosswalks, holding a respectable job (maybe even a government job) … but on the side and in silence gives help to freedom causes and freedomistas. Or saves herself up for the day when a single act of sabotage or whistleblowing can bring down an enemy of liberty. "

http://www.backwoodshome.com/blogs/ClaireWolfe/2010/06/07/so-what-exactly-is-a-freedom-outlaw/

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
tavi
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June 16, 2011, 04:57:09 AM
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Ah, good ol' Claire, I gotta dust off that "things to do" book.
Thanks for the affirmation, but is it time yet?  Cool

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MoonShadow
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June 16, 2011, 05:00:26 AM
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Ah, good ol' Claire, I gotta dust off that "things to do" book.
Thanks for the affirmation, but is it time yet?  Cool

It's damn close.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
tavi
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June 16, 2011, 05:25:01 AM
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So hoping for the best, I'm still not happy about quotes like this one:

He said that while the system had been built to be anonymous, it was "really easy to track Bitcoins across the network."
...most Bitcoin transactions flowed through Mt Gox, it was "much easier to see how the funds were cashed out, and locate the final target if there was need."

Why the hell did he tell them that?
Now he's on the hook to deliver the goods.

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Grant
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June 16, 2011, 05:30:42 AM
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Mt Gox & Britcoin have sold out to The Big Brother

 Huh

You should change the topic to "Mt Gox & Britcoin make themself ready for serious-businesses to adapt bitcoin"

That article is excellent news for bitcoin.

tavi
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June 16, 2011, 05:46:05 AM
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Mt Gox & Britcoin have sold out to The Big Brother

 Huh

You should change the topic to "Mt Gox & Britcoin make themself ready for serious-businesses to adapt bitcoin"

That article is excellent news for bitcoin.

Oh, silly me. You put my mind at ease.

You mean to say that me worrying sick about yet another piece of evidence of this encroachment of fascism and M-Tux becoming a Konzentrationslager kapo, was all for nothing?

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bittersweet
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June 16, 2011, 05:51:13 AM
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It is a good news indeed.
Now decentralized blackmarket exchanges will emerge, protected by TOR and other anonymous networks.
And having legal exchanges like Mt Gox and Britcoin is also very important. I expect it to work like this:

Blackmarket goods <-> Blackmarket exchanges <-> Cash <-> Legal exchanges  <-> Legal goods

My Bitcoin address: 1DjTsAYP3xR4ymcTUKNuFa5aHt42q2VgSg
Big Time Coin
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June 16, 2011, 05:58:09 AM
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Mt Gox & Britcoin have sold out to The Big Brother

 Huh

You should change the topic to "Mt Gox & Britcoin make themself ready for serious-businesses to adapt bitcoin"

That article is excellent news for bitcoin.

qft

You really think a bank like mtgox's doing $1mil a month in book, at least, is going to be able to NOT cooperate with govt. authorities like some kind of sit-in protester?  No, they have to pay taxes and comply with subpoenas, court orders, and regulations just like every other business.

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fascistmuffin
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June 16, 2011, 06:01:13 AM
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You mean to say that me worrying sick about yet another piece of evidence of this encroachment of fascism and M-Tux becoming a Konzentrationslager kapo, was all for nothing?


Hey, what's wrong with Fascism? At least they have great muffins there!

Jokes aside, I think it'd be silly for someone to think that their transactions are anonymous when they deal with mtgox. You have an account, you're ip is probably recorded when logging in. And to make it worse, you send your money to/from a Dwolla account, check, or other very traceable routes.
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June 16, 2011, 06:03:15 AM
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standard and totally expected. excited to see the evolution of bitcoin exchanges.
Desu
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June 16, 2011, 07:57:24 AM
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Of course, All good things sell out.
Just look at music.

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June 16, 2011, 08:07:18 AM
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Although it blows that mtgox and britcoin seem so reticent to give help to government agencies instead of just complying with them when they ask for information, this is not unexpected.

It is a good news indeed.
Now decentralized blackmarket exchanges will emerge, protected by TOR and other anonymous networks.
And having legal exchanges like Mt Gox and Britcoin is also very important. I expect it to work like this:

Blackmarket goods <-> Blackmarket exchanges <-> Cash <-> Legal exchanges  <-> Legal goods
This.

googlebot1
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June 16, 2011, 09:43:44 AM
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It is a good news indeed.
Now decentralized blackmarket exchanges will emerge, protected by TOR and other anonymous networks.
And having legal exchanges like Mt Gox and Britcoin is also very important. I expect it to work like this:

Blackmarket goods <-> Blackmarket exchanges <-> Cash <-> Legal exchanges  <-> Legal goods

BTC transactions "protected" by TOR can be trivially stolen by malicious TOR end nodes.
Macho
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June 16, 2011, 09:54:47 AM
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BTC transactions "protected" by TOR can be trivially stolen by malicious TOR end nodes.
Yeah, just like they can be "stolen" by the bitcoin node receiving the transaction Roll Eyes
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June 16, 2011, 09:59:13 AM
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It is a good news indeed.
Now decentralized blackmarket exchanges will emerge, protected by TOR and other anonymous networks.
And having legal exchanges like Mt Gox and Britcoin is also very important. I expect it to work like this:

Blackmarket goods <-> Blackmarket exchanges <-> Cash <-> Legal exchanges  <-> Legal goods

BTC transactions "protected" by TOR can be trivially stolen by malicious TOR end nodes.

Uhhh.... like how? Bitcoin transactions are cryptographically signed.

My Bitcoin address: 1DjTsAYP3xR4ymcTUKNuFa5aHt42q2VgSg
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June 16, 2011, 01:43:10 PM
 #19

The comment referred only to IP transfers, which are covered by the BTC spec. The more usual case of BTC-address to BTC-address transfers is secure over TOR.

TOR anonymity is usually overrated. It does secure you well for anything that doesn't interest the big agencies that much. If you've got something really evil to hide, using TOR is rather going to attract attention than the opposite. Many backbones and end nodes are intensively monitored and reveal a lot of useful information by statistical inference.
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June 18, 2011, 06:02:42 PM
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And mtgox got hacked today, some people lost their coins and dollars Sad Cry

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