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Question: Should we be proactive about compliance?
Be proactive - 23 (65.7%)
Be reactive - 12 (34.3%)
Total Voters: 35

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Author Topic: Bitstamp is proactive about compliance  (Read 5638 times)
theonewhowaskazu
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October 10, 2013, 02:55:31 PM
 #21

Personally I have no problem with governmental regulation at the exchanger level, because its super easy to launder the Bitcoins after or before exchanging in or out. USD can already be easily tracked, so it makes sense to make the exchange process as clean as possible.

Can you provide a hypothetical example explaning how bitcoins can be laundered? To get started, let's assume I have been milking my neighbour's cows and selling the raw milk for bitcoins, falsely advertising it as mother's milk. There are several more-or-less illegal aspects of my business. I need to launder those coins. Please enlighten me. Let your creativity run wild. The end goal is to have the coins laundered, meaning I can convincingly demonstrate that my coins in fact originate from some sort of legal business.

1) Deposit your coins into blockchain.to / any other offchain web-wallet with a non-retarded mixing algy.
2) Withdraw your coins from that web-wallet to Coinbase.
3) Exchange your coins for USD.
4) Win at life (nonotreally).

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bernard75
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October 10, 2013, 06:23:11 PM
 #22

Personally I have no problem with governmental regulation at the exchanger level, because its super easy to launder the Bitcoins after or before exchanging in or out. USD can already be easily tracked, so it makes sense to make the exchange process as clean as possible.

Can you provide a hypothetical example explaning how bitcoins can be laundered? To get started, let's assume I have been milking my neighbour's cows and selling the raw milk for bitcoins, falsely advertising it as mother's milk. There are several more-or-less illegal aspects of my business. I need to launder those coins. Please enlighten me. Let your creativity run wild. The end goal is to have the coins laundered, meaning I can convincingly demonstrate that my coins in fact originate from some sort of legal business.

1. You open a webstore where you sell spells
2. Mix the coins
3. You buy yourself a lot of spells
4. ...
5. Profit!

Spells? Like in Harry Poter?
pedrog
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October 10, 2013, 08:53:51 PM
 #23

Personally I have no problem with governmental regulation at the exchanger level, because its super easy to launder the Bitcoins after or before exchanging in or out. USD can already be easily tracked, so it makes sense to make the exchange process as clean as possible.

Can you provide a hypothetical example explaning how bitcoins can be laundered? To get started, let's assume I have been milking my neighbour's cows and selling the raw milk for bitcoins, falsely advertising it as mother's milk. There are several more-or-less illegal aspects of my business. I need to launder those coins. Please enlighten me. Let your creativity run wild. The end goal is to have the coins laundered, meaning I can convincingly demonstrate that my coins in fact originate from some sort of legal business.

1. You open a webstore where you sell spells
2. Mix the coins
3. You buy yourself a lot of spells
4. ...
5. Profit!

Spells? Like in Harry Poter?

Yes, love spells, stop smoking spells, protection spells...

eldentyrell
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October 11, 2013, 07:50:53 AM
 #24

[You are free to not verify your account, and stop using bitstamp, but if you want a sustainable exchanger, it has to be legal and follow rules.

No, actually, we are not free to do that.  Bitstamp never emailed me about this policy (even though they've sent me dozens of emails in the past to confirm trades/withdrawals).

Now they've basically stolen my money and won't give it back unless I send enough high-resolution documentation to steal my identity to some dude in Slovenia.

I've offered to let them wire the funds to my US-based bank, which has full AML documentation for me on file and who will confirm that I am the signatory for the account.

I want to stop using bitstamp and get my coins back.  They're refusing to close my account.  Scam scam scam.

The printing press heralded the end of the Dark Ages and made the Enlightenment possible, but it took another three centuries before any country managed to put freedom of the press beyond the reach of legislators.  So it may take a while before cryptocurrencies are free of the AML-NSA-KYC surveillance plague.
bernard75
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October 11, 2013, 07:57:33 AM
 #25

Indeed, customers should be made aware of this.
And i dont mean on some page, which i have never seen before.
genjix
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October 12, 2013, 05:39:28 AM
 #26

They will keep asking for more and more, and it will impede the rest of Bitcoin. We need more dayjobs in privacy not tracking.
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