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Author Topic: bank  (Read 618 times)
reg
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November 24, 2011, 12:07:55 PM
 #1

i am very confused about the problem of anonimity, in converting to fiat curriencies! using exchanges seems to require verification with the relevant authority which detractsfrom the origional principal. why cant someone who has a lot of bitcoins set up a virtual bank? initially limit the conversion amount to quite small amounts ie below radar height but transfer cash for bit coins to a wallet. small cash transactions in any currency are never refused by traders neither do i have to prove their origin. why would that not work?
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cbeast
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Let's talk governance, lipstick, and pigs.


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November 24, 2011, 12:26:30 PM
 #2

i am very confused about the problem of anonimity, in converting to fiat curriencies! using exchanges seems to require verification with the relevant authority which detractsfrom the origional principal. why cant someone who has a lot of bitcoins set up a virtual bank? initially limit the conversion amount to quite small amounts ie below radar height but transfer cash for bit coins to a wallet. small cash transactions in any currency are never refused by traders neither do i have to prove their origin. why would that not work?


You got it.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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