Mt Gox & Britcoin have sold out to The Big Brother

[tavi]

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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[Anonymous]

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]

That's not really surprising. They're getting so big they'd eventually get shut down if they were suspected of accommodating money laundering.

[MoonShadow]

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/

[tavi]

Ah, good ol' Claire, I gotta dust off that "things to do" book.
Thanks for the affirmation, but is it time yet? 

[MoonShadow]

Ah, good ol' Claire, I gotta dust off that "things to do" book.
Thanks for the affirmation, but is it time yet? 

It's damn close.

[tavi]

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.

[Grant]

Mt Gox & Britcoin have sold out to The Big Brother

 

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]

Mt Gox & Britcoin have sold out to The Big Brother

 

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?

[bittersweet]

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

[Big Time Coin]

Mt Gox & Britcoin have sold out to The Big Brother

 

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.

[fascistmuffin]

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.

[done]

standard and totally expected. excited to see the evolution of bitcoin exchanges.

[Desu]

Of course, All good things sell out.
Just look at music.

[¢A$HÅ]

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]

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]

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

[bittersweet]

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.

[googlebot1]

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.

[Big Time Coin]

And mtgox got hacked today, some people lost their coins and dollars