Yifu now working with "famed banking family" to help government track addresses

[rocks]

My head just exploded reading this.

Sanitizing Bitcoin: This Company Wants To Track 'Clean' Bitcoin Accounts
http://www.forbes.com/sites/kashmirhill/2013/11/13/sanitizing-bitcoin-coin-validation/

After causing several million in losses for those who ordered chips (both delays and loss of assembly funds), Yifu is now working with old money bankers to start a firm who purpose is to create a system to help government track ownership of bitcoin addresses.

"Their plan is to compile a database of the known identities associated with Bitcoin addresses in the hope that Coin Validation will become the one-stop-identity shop for law enforcement when trying to find out who’s doing something nefarious with Bitcoin, while providing a red-flag system for businesses who have customers trying to use Bitcoin that’s associated with illicit use."

You can see where this would go, after being "opt-in" for a while, it will be legistlated that to use bitcoin in the US you have to validate all your addresses.

I'll let you decide for yourself if you think Yifu is continuing to support the bitcoin community and project.

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[Unacceptable]

My head just exploded reading this.

Sanitizing Bitcoin: This Company Wants To Track 'Clean' Bitcoin Accounts
http://www.forbes.com/sites/kashmirhill/2013/11/13/sanitizing-bitcoin-coin-validation/

After causing several millions in loses for those who ordered chips (both delays and loss of assembly funds), Yifu is now working with old money bankers to start a firm who purpose is to create a system to help government track ownership of bitcoin addresses.

"Their plan is to compile a database of the known identities associated with Bitcoin addresses in the hope that Coin Validation will become the one-stop-identity shop for law enforcement when trying to find out who’s doing something nefarious with Bitcoin, while providing a red-flag system for businesses who have customers trying to use Bitcoin that’s associated with illicit use."

You can see where this would go, after being "opt-in" for a while, it will be legistlated that to use bitcoin in the US you have to validate all your addresses.

I'll let you decide for yourself if you think Yifu is continuing to support the bitcoin community and project.

I thought I read that too.Holy fuck he's an asshole.He's worse than Josh Zerlan  

"One business is already committed: Guo’s Bitcoin mining equipment maker, Avalon. A big question is whether they can get others to sign on as they’ll need a network effect to make the database useful."

So,I'm assuming he's already gave up his customers info....................................

[Hiroaki]

I think this was just a matter of time. Governments want to know everything...
Besides this the blockchain is very interesting for data mining.

After all one bitcoin is still one bitcoin, no matter if someone, especially "Yifu" validates it-

[GodfatherBond]

I have no need to hide my identity, but basicly this is something Im not going to opt-in or accept. As Bitcoin develops something like this is sure coming... but for privacy concerned users - fortunately bitcoin is not us based and I doubt that companies all around the world are ready to jump in this kind of privacy violations. I have been quite polite, even as not so happy ex-Avalon customer...  but now I can show middle finger for those all involved in such f*cking idiotic "project". I really hope that Bitcoin gore dev team stays against about privacy violations or if not I hope all miners reject all plans supporting this kind of development lines possibly planned for.
 

[gmaxwell]

We're not going to be able to prevent well funded business people from attempting to promote horrific architectures against the long term interest of Bitcoin and the public... if we could, the same stupidity would have been prevented in the wider world and there would be less need for Bitcoin.

It's hard to count the number of times newbies have made proposals which would have centralized Bitcoin completely in the name of some fool result or another. Powerful businesses interests are now reliving the same history of bad ideas, but this time the bad ideas will be funded and they don't care if luminaries tell them that they're horrible ideas, they don't necessarily care about any of the principles that make Bitcoin a worthwhile contribution to the world.

It's not, of course, a question or "anonymity": thats silly. If you have "good" and "bad" coins, that destroys fungibility, rapidly everyone must screen coins they accept or risk being left holding the bag. Fungiblity is an essential property of a money like good and without it the money cannot remove transactional friction.  Privacy is also essential for fair markets: Without privacy your counter-parties and competition can see into your finances— get a raise and get a rent hike, and as long as there are power imbalances between people privacy is essential for human dignity.

To stop this nonsense we have to make it impractical to pull off by changing the default behavior in the Bitcoin ecosystem: We consider the lack of a central authority to be an essential virtue, which means that we can't be protected by one either. We must protect ourselves. This means things like avoiding address reuse, avoiding centralized infrastructure, adopting— and funding!— privacy enhancing technology.

Miners can play a role in this as Bitcoin users, but also by supporting mining pools and methods that promote privacy.  They want to force people to use identified addresses so they can blacklist?  What happens when miners start deprioritizing transactions that use addresses that have been previously seen?

[Bitcoinorama]

It's bizarre how little research journalists consistently fail to do though. I mean a simple google search and it could have been an entirely different article!

And to some some extent, way more interesting!!

[Painful Truth]

Further reading material:

https://bitcointalk.org/index.php?topic=332918.0

https://bitcointalk.org/index.php?topic=333117.0

Lots comments:

http://www.reddit.com/r/Bitcoin/comments/1qj7sw/sanitizing_bitcoin_this_company_wants_to_track/

[helmax]

i dont like this chinese guy

[Bogart]

i dont like this chinese guy

I don't like this guy regardless of his nationality.

[Bicknellski]

i dont like this chinese guy

I don't like this guy regardless of his nationality.

He is an American.

[Carlton Banks]

I'm also imagining this angle: "Don't you want to discourage Bitcoin theft and CoinVault ransomware? This is the ONLY way to do it, you must hate Satoshi too!"

The solution is technical, as gmaxwell says. Bitcoin's power has always been that it solves real world problems with technical innovation (as well as us skinbags to provide the network effect and rational self interest, of course). Let's not stray from that line of reasoning, it has served us well, indeed given us more or less all of what we have with Bitcoin right now.

[superduh]

someone sue yifu's ass already to keep his scammer ass preoccupied. he looks to smug in the photo

[rocks]

someone sue yifu's ass already to keep his scammer ass preoccupied. he looks to smug in the photo

Considering how many people lost money in the ASIC chip scam due to his obviously illegal activities and business practices, it is rather surprising there has not been an organized effort to sue him. Even if you recieved your chips, they arrived so late that you lost all of their value.

[Milan77]

i dont like this chinese guy

I don't like this guy regardless of his nationality.

He is an American.

He is simply asshole, regardless nationality...

[Paladin69]

I was waiting for this to happen.  Didn't think it would come from Mr. "Bitcoin will change your life".

What a sell-out.  Is there any doubt he was benefiting from the Avalon delays?

[rpgman1]

Seems Yifu is a sellout after that ASIC mess he did. Okay more like a traitor to work with bankers (paper money).

[Bicknellski]

i dont like this chinese guy

I don't like this guy regardless of his nationality.

He is an American.

He is simply asshole, regardless nationality...

He is an asshole and an American of Chinese descent.

[Gator-hex]

Chinese state media supports Bitcoin, which is as good as saying the government does too.

This is the natural result of ASIC centralization of Bitcoin. I've warned about this for ages.

Well at least the price will rise with government backing but expect a power grab on the coin production as it becomes more valuable.

If you want a distributed coin network, you better keep mining those Litecoins boys!

[bassclef]

someone sue yifu's ass already to keep his scammer ass preoccupied. he looks to smug in the photo

Considering how many people lost money in the ASIC chip scam due to his obviously illegal activities and business practices, it is rather surprising there has not been an organized effort to sue him. Even if you recieved your chips, they arrived so late that you lost all of their value.

By delaying the chip orders so long, Yifu lost the trust of the Bitcoin community.

He singlehandedly destroyed the community mining projects and caused Bkkcoins, developer of the K16, to disappear without a trace with the firmware unfinished. This left Steamboat and Terrahash, both who took on great risk and hundreds of thousands of forum members' dollars to assemble miners, screwed. Terrahash took the money and ran, Steamboat gave partial refunds. Bkkcoins still has 8 of my bitcoins.

Yes, he refunded the chip orders. But he's done the Bitcoin community a huge disservice and we should actively work to boycott any business venture he chooses to be a part of.

I lost a lot of money due to his incompetence, and should we ever meet in person, the result will be less than cordial.

[helmax]

lol only say dont like some guy make me troll

anyway we have zerocoin
 for now nonsence mining litecoin