2014-01-30 Bloomberg - Bitcoin Needs Tighter Rules Than Banks, Say Prosecutors

[Denton]

http://www.bloomberg.com/news/2014-01-29/prosecutor-warns-of-wild-west-without-bitcoin-oversight.html

Virtual-currency firms should face regulations that are tougher than those for established financial-services providers because of their ability to hide criminal activity, according to law enforcement officials.

“Without stronger government oversight, we are allowing cybercriminals, identity thieves, traffickers of child pornography, and other malevolent actors to operate in a digital Wild West,” Cyrus Vance Jr., the district attorney for Manhattan, said at a hearing yesterday about possible state regulation of digital currencies.

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[marcus_of_augustus]

Yawn ...

... wouldn't it be great if people had to actually know what they were talking about before being asked to speak publicly? BTW what does it mean when someone puts "Jr." after their name, Jerk?

[BitDreams]

http://www.bloomberg.com/news/2014-01-29/prosecutor-warns-of-wild-west-without-bitcoin-oversight.html

Virtual-currency firms should face regulations that are tougher than those for established financial-services providers because of their ability to hide criminal activity, according to law enforcement officials.

“Without stronger government oversight, we are allowing cybercriminals, identity thieves, traffickers of child pornography, and other malevolent actors to operate in a digital Wild West,” Cyrus Vance Jr., the district attorney for Manhattan, said at a hearing yesterday about possible state regulation of digital currencies.

Give them every single rule their non-bankster-prosecuting hearts desire and with a smile upon our collective faces for ultimately, Bitcoin is self-regulating.

[thezerg]

Yawn ...

... wouldn't it be great if people had to actually know what they were talking about before being asked to speak publicly? BTW what does it mean when someone puts "Jr." after their name, Jerk?

...Jr. (junior) means their father has the same name.

[Entropy-uc]

Every bitcoin article on bloomberg/businessweek should be read with "We hate bitcoin and," added to the beginning.

Once you read it that way they all start to make sense.

[hilariousandco]

Since when do the banks and banksters play by the rules anyway?

[cr1776]

Yawn ...

... wouldn't it be great if people had to actually know what they were talking about before being asked to speak publicly? BTW what does it mean when someone puts "Jr." after their name, Jerk?

They used to say (even though it is not always true, but still funny):  "Jerk = Junior Educated Rick Kid". 

[Gabi]

And no tigher rules for HSBC?? 

[OneEyedJack]

Tighter than banks? Really?
Money laundering has been going on for a very long time, and whether it's cash or bitcoins it will still happen.
I see 2 sides to this coin though and they are both against bitcoin, but fighting each other on the same fight:

1) One side says that bitcoins are dangerous because they can be used for illegal purposes (which by the way you can do with cash, or any item that has value)
2) The second side (mind you they are both batting for the same team) say that every transaction is traceable because of the blockchain. I.E. Silkroad

So which is it folks. Are you scared or not? Make up your mind. Dangerous or a dream come true.

[hilariousandco]

And no tigher rules for HSBC?? 

Not when you've got billions to buy your way out of jail.