.

[chydenius]

.

[vokain]

This is a lot more reasonable than one has usually come to expect. Watching with interest

[zerodrama]

Bitcoin Foundation - mono-archist hacks.

There's other ideas in play.

[zerodrama]

This is a lot more reasonable than one has usually come to expect. Watching with interest

As am I.  Back in the Moneypunk 1.0 days of the 1990s, we imagined that we were going to take down the nation-state, the Illuminati, the Warburg/Rothschild cabal, the Fed, and all the rest with our charming little server-based 'electronic currencies' that were no more database-driven websites that were one subpoena or capricious administrative decision away from being shut down.

Today, even though Bitcoin is distributed and has no single point of failure, the Moneypunk 2.0 community members are much more pragmatic and mature in their approach.  It appears that OECD regulators recognize this and are willing to give those of us who are more interested in making money by the boatload than in taunting Sauron the benefit of the doubt, even if begrudgingly.

Those who are offended by this process can migrate to Perfect Money, any of the alternative *coins, or fork the code and start their own True Scotsman system.  The cat is out of the bag and the horse has left the barn.  The code is in the wild, Satoshi's paper explains what the code does, and one can find countless recommendations for improving the protocol by googling the Bing.

The Same People arguing for the One True Scotsman are The Same People compromising everything they promised.

This is just the back of Wall Street's hand grabbing everything they put absolutely no effort into by de facto orders.

Not on my watch.

[Come-from-Beyond]

This comes by way of someone close to Bitcoin discussions in Washington, DC.  Apparently, FinCEN agents are looking for members of the Bitcoin community to form a self-regulatory organization with voluntary approval procedures to work with financial regulators.

If anyone at the Bitcoin Foundation sees this post, I would be willing to serve with such an organization.  

Fuck Washington, DC.
Fuck FinCEN.
Fuck Bitcoin Foundation.

[btceic]

This comes by way of someone close to Bitcoin discussions in Washington, DC.  Apparently, FinCEN agents are looking for members of the Bitcoin community to form a self-regulatory organization with voluntary approval procedures to work with financial regulators.

If anyone at the Bitcoin Foundation sees this post, I would be willing to serve with such an organization.  

Fuck Washington, DC.
Fuck FinCEN.
Fuck Bitcoin Foundation.

So long as one is not subject to US jurisdiction, this sentiment is a matter of personal taste.  However, if one transacts with Americans and especially if one resides within the USA, this sentiment can lead to unfortunate consequences, unless one has closed all of one's bank and credit card accounts.

Obviously, Bitcoin per se is beyond direct regulation, and all the regulation talk is about the USD/Bitcoin interface.  However, until we can pay for food, clothing, housing, etc. directly with Bitcoin—and I do not mean using Bitcoin to buy Gyft cards, as wonderful a development as that is—we will not escape that interface, if we want to integrate Bitcoin into our financial lives.  One day, perhaps, but not today.

FinCEN, the Fed, the US Treasury, FATF, et al. are notoriously jealous of their legacy system, as profoundly broken as it is, and if we insist on using it, then we will be subject to their regulations and statutes.  I'm not suggesting that this is a good thing.

What do the individuals who bluster impotently on these discussion boards think that they are achieving?  Waggling one's little bottom at Sauron does not make the Forces of Darkness quake in fear.  It makes the community look like a pack of snot-nosed little punks.

Real revolutionaries embrace disruptive engineering, entrepreneurship, and entertainment.

Rather than fling boogers at men with guns, badges, drones, and warrantless wiretaps, we should be spending our efforts developing P2P exchange networks, real financial services (including car loans and mortgages), full-service retail outlets (for food, clothing, and other consumer goods), and large-scale outreach initiatives to get the masses on our side.

Until then, and as long as Mt. Gox 'suffers a DDOS attack' every time someone refreshes its website more than twice in a minute, bluster makes us look silly.

+1

[Lohoris]

Fuck Washington, DC.
Fuck FinCEN.
Fuck Bitcoin Foundation.

So long as one is not subject to US jurisdiction, this sentiment is a matter of personal taste.  However, if one transacts with Americans and especially if one resides within the USA, this sentiment can lead to unfortunate consequences, unless one has closed all of one's bank and credit card accounts.

Obviously, Bitcoin per se is beyond direct regulation, and all the regulation talk is about the USD/Bitcoin interface.  However, until we can pay for food, clothing, housing, etc. directly with Bitcoin—and I do not mean using Bitcoin to buy Gyft cards, as wonderful a development as that is—we will not escape that interface, if we want to integrate Bitcoin into our financial lives.  One day, perhaps, but not today.

FinCEN, the Fed, the US Treasury, FATF, et al. are notoriously jealous of their legacy system, as profoundly broken as it is, and if we insist on using it, then we will be subject to their regulations and statutes.  I'm not suggesting that this is a good thing.

What do the individuals who bluster impotently on these discussion boards think that they are achieving?  Waggling one's little bottom at Sauron does not make the Forces of Darkness quake in fear.  It makes the community look like a pack of snot-nosed little punks.

Real revolutionaries embrace disruptive engineering, entrepreneurship, and entertainment.

Rather than fling boogers at men with guns, badges, drones, and warrantless wiretaps, we should be spending our efforts developing P2P exchange networks, real financial services (including car loans and mortgages), full-service retail outlets (for food, clothing, and other consumer goods), and large-scale outreach initiatives to get the masses on our side.

Until then, and as long as Mt. Gox 'suffers a DDOS attack' every time someone refreshes its website more than twice in a minute, bluster makes us look silly.

+1

+2

[oakpacific]

The problem is what will happen if  said organization fail to prevent some illicit behaviour technically unpreventable?

Also, anyone still spreading the Gox "fake DDOS" FUD is free to go to #gox to ask for a DDOS advisory report issued by Prolexic of any particular day from user neofutur, and then call Prolexic to check if it is legit.

[puffpuffpass]

seems legit.

[Come-from-Beyond]

So long as one is not subject to US jurisdiction, this sentiment is a matter of personal taste.

Half-measures will lead to complete fail of Bitcoin. 1st they regulate it, 2nd they shutdown it.

[BCB]

I'm aware of this also. Great idea. Hope it develops further.

[Razick]

Until then, and as long as Mt. Gox 'suffers a DDOS attack' every time someone refreshes its website more than twice in a minute.

Haha, sad but true.

[cryptoanarchist]

I think I already self-regulate my bitcoin usage. When I say:

Fuck DC
Fuck FinCEN
Fuck Bitcoin Foundation

...it's because I know they're full of power-mad psychopaths that would like to control bitcoin for themselves, and I want them to know I don't fear them at all.

I don't need permission from them to trade USD<->BTC, nor will I ever. They can jerk themselves off talking about regulations all they want, but they're just going to look dumb when none of it matters.

[Razick]

Bitcoin is a currency that knows no borders. They can of course regulate businesses and and their own citizens usage, but they have no authority over the currency itself.

tl;dr
fu america

Things have been screwed up, which is why we should work to un-screw them. America is still great place to live though.

tl;dr
fu you. 

[drrussellshane]

Ruck fegulations!

[Lohoris]

I don't need permission from them to trade USD<->BTC, nor will I ever. They can jerk themselves off talking about regulations all they want, but they're just going to look dumb when none of it matters.

Of course they do matter.
They can close down exchanges, they can close down business, and while this won't outright kill Bitcoin, it will make it much less useful and easy to use.

Ruck fegulations!

lol gg

[cbeast]

It sounds like they don't know how to incorporate Bitcoin into any other regulating agencies. With voluntary regulation, they have a point of contact to harass when something happens they don't understand. Who would be willing to stick their neck out like this? It would be better to wait for a sovereign nation to adopt Bitcoin. Then FinCEN would have little to say about it. They would either outlaw it and remain in the 20th Century, or embrace it and join the globalized economy.

[acoindr]

Of course they do matter.
They can close down exchanges, they can close down business, and while this won't outright kill Bitcoin, it will make it much less useful and easy to use.

Correction: they can close down US exchanges or US businesses. The United States != the world.

[CompNsci]

Likely a reasonable thing for some of the U.S. exchanges to do, to make sure they are in compliance. I suspect the rest of the world will ignore them.

[Severian]

This comes by way of someone close to Bitcoin discussions in Washington, DC.  Apparently, FinCEN agents are looking for members of the Bitcoin community to form a self-regulatory organization with voluntary approval procedures to work with financial regulators.

Translation: The commandant is looking for a few good kapos.