Mt Gox & Britcoin have sold out to The Big Brother

[fuzion2]

Wow, this is surprising.

[1713540551]

1713540551

[1713540551]

1713540551

[1713540551]

1713540551

[1713540551]

1713540551

[1713540551]

1713540551

[iamzill]

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

Well said, sir.

I've converted foreign currencies in cash in small local shops and it's quick and easy. It's only a matter of time before they start accepting bitcoin, provided that:
1. the price stabilize
2. there are large and legal major exchanges in every country
3. they're tech savvy

[Stramash]

I have used Britcoin and it is an excellent service, fair play to the guy for doing it. To charge fees it has to be legal, which is fair enough I think. It would also give traders a bit of protection.

[goodlord666]

There's no need for MtGox, etc. to challenge authorities as they help establish bitcoins as a widely accepted commodity.

[crawdaddy]

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.

That’s just because they think inside the box and not outside it. The answers to fix the problems you have highlight exist. You just have to have an imagination. I know that can be hard at times because most of us went to government school and imagination is outlawed there, but imagination can set us free.

[TheFoxyShortBus]

While I personally feel that "bending over" to a governmental authority is a terrible idea, as it corrupts all great ideas, in reality, there is almost nothing that any government can do to stop the use of bitcoins for illegal or legal activity except to outlaw exchanges in their own country. An example would be the US making it illegal for a bitcoin, USD exchange to be legal in the US, but one can just circumvent this by using an exchange in another county wired to a foreign bank account then sent to the US. No government can stop that essentially.

Also, tracing bitcoins is damn near impossible, yeah, you can find the trade in account on Mt Gox, but once it goes through a wallet or two, unless you keep a real close eye on it, its impossible to trace, hence why silkroad uses bit coins, almost impossible to trace.  Essentially, bitcoins are like a swiss bank account, unless you want somebody to know what you have, they aren't going to know.

[kdomanski]

/.../  Essentially, bitcoins are like a swiss bank account, unless you want somebody to know what you have, they aren't going to know.

Except the Swiss Frank doesn't loose 90% of it's value over 5 months. ;] We still need that BTC economy to increase stability and we need miners to be marginalized in that economy.

[Flyers66]

I wonder sometimes, can bitcoins really be traced? Don't people who are using them for illegal purposes know all of the ways to avoid being traced on cashout?

[TheFoxyShortBus]

/.../  Essentially, bitcoins are like a swiss bank account, unless you want somebody to know what you have, they aren't going to know.

Except the Swiss Frank doesn't loose 90% of it's value over 5 months. ;] We still need that BTC economy to increase stability and we need miners to be marginalized in that economy.

This is true, but I never talked about value, merely how the cryptography works making it almost un-traceable, its been compared to AES, which as to my knowledge even the government is unable to crack in any given time unless they luck out.

But, I can't lose money in bitcoin as I don't pay for power (thank you "free" electricity) and I bought my graphics cards for gaming, they just mine in my free time, but I assume the price will go back up, as things level off and bitcoins begin being used in other places as well.

[Ferroh]

If you want Bitcoin to be widely accepted, then the big exchanges need to cooperate with the government.

Bitcoin is not about facilitating some sort of underground shady movement of criminals. It is about reforming our monetary system legitimately.

[EhVedadoOAnonimato]

There's no need for MtGox, etc. to challenge authorities as they help establish bitcoins as a widely accepted commodity.

True, but there's no need to willingly and gladly cooperate with criminals either. You may behave neutrally and if they ever point a gun at you, then you obey. Particularly with states, which have to be somehow predictable.
The way I see it, it seems Amir for example has been begging for his majesty's blessing since the very beginning. And MtGox is now tracing all their users, holding ransom the money of those who do not agree until they submit their IDs. And I'm not aware of any actual threat MtGox has suffered that could justify such behavior. Meanwhile, even UBS, a big bank, resisted while it could against the US government, only surrendering its customers' data when the threat became really strong (suspension of their banking license in US).

I'm very suspicious about these exchanges, to say the least. Let's hope MoonShadow is right and my suspiciousness has no reason of being.

[crawdaddy]

If you want Bitcoin to be widely accepted, then the big exchanges need to cooperate with the government.

Bitcoin is not about facilitating some sort of underground shady movement of criminals. It is about reforming our monetary system legitimately.

Why cooperate with a den of wolves and thieves?

[bittersweet]

big exchanges need to cooperate with the government (...) Bitcoin is not about facilitating some sort of underground shady movement of criminals

You are contradicting yourself, sir.