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Author Topic: US patriot act  (Read 4254 times)
bracek
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May 01, 2011, 12:51:38 PM
 #1

I would like to hear your comments about this quote, 
regarding mybitcoin.com e-wallet service :

United States: Virtual Currency -The Legal Issues Are A Reality by Kobus and Schurko of Marshall Dennehey law office.
“An issuer of virtual currency [might be considered] a “financial institution” for the purposes of the PATRIOT ACT by virtue of creating and managing customer virtual currency [eWallet] accounts.”


In my interpretation,
it says that as soon as someone offers e-wallet management,
"might be considered" a financial institution, therefore liable to patriot act
and therefore could be shut down or whatever...

I intended to keep one half of my coins in e-wallet, and other half in bitcoin client
because
my main concern with keeping it all in bitcoin client is that even restoring a wallet can cause loss of bitcoins,
i read that somewhere on this forum...

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May 01, 2011, 01:18:05 PM
 #2

The miners issue the currency.

And frankly, I care little about what the US government might think.

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bracek
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May 01, 2011, 01:34:16 PM
 #3

The miners issue the currency.

And frankly, I care little about what the US government might think.

question here is if e-wallets are vulnerable to US law

and second question was :
is it true that restoring bitcoin client wallet can cause coin loss ?

goatpig
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May 01, 2011, 05:51:25 PM
 #4

question here is if e-wallets are vulnerable to US law

No idea. For all that I've seen, it's a possibility to keep in the back of your head.

Quote
is it true that restoring bitcoin client wallet can cause coin loss ?

Only if you used that wallet to send coins will your old backup of the wallet miss some coins, or maybe all of them. If the wallet is only used to receive coins, previous back ups are still valid. As such, consider the option of using a spending account and a savings account, which you mainly use to send coins to, and rarely use to send coins from, so that you don't have to update all your back-ups all that often.

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PLATO
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May 01, 2011, 09:06:44 PM
 #5

Our govt, having the PATRIOT act makes me think of Sid from Toy Story, if you bought him an M240 machine gun. It's immensely abusable. For instance, a US diplomat named Susan Lindauer brokered peace deals with Iraq, both pre- and post-9/11. Her CIA bosses ignored the peace deals, even though they offered everything including oil development contracts. When she started whistleblowing some 9/11 intel, she was charged with 'fraternizing with the enemy' or some such, and thrown in jail for a year with no trial or appeal. (In reality, an Iraqi diplomat bought her lunch a couple times).

Worthwhile interview with partial transcripthere
marcus_of_augustus
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May 01, 2011, 09:50:16 PM
 #6

If the US govt. has become an out-of-control criminal organisation does anybody really care what laws they pass anymore?

Until there is more evidence of checks and balances working, like govt. criminals going to jail, then they can be treated like a malignant entity that needs to routed around by legitimate commerce.

Simply put, jez feck em.

mewantsbitcoins
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May 01, 2011, 10:10:27 PM
 #7

I agree with moa. Have you people forgotten what happened to Julian and Wikileaks. Laws are there to protect the system. We are the threat and the system will do anything necessary to protect itself.
My advice is, if you engage in any activity assume that there will be efforts to close it down no matter legal status. You won't get a warning, nor a trial. Look what happened to mndrix and coinpal - shutdown! The only way to succeed is to be decentralized with no single point of failure.
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May 02, 2011, 03:41:43 AM
 #8

Looks like the whole "terrorist" ruse for patriot act must have been getting threadbare .... Osama Bin Laden's body has been dragged out of a morgue somewhere with much fanfare and imagery of the Sept. 11 spectacle to re-sear into the minds of the tax-slaves and keep them distracted from the financial criminals that are free to run amok, raping and pillaging ...

Edit: basically the CIA's most famous rogue agent has just been neutralised by the CIA

kiba
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May 02, 2011, 03:50:46 AM
 #9

Checklist of  Retarded/Evil Guberment:

1. Safety measure that increase the number of long security lines and inconvenience travelers for no reason. Check! Good thing terrorist fags are actually more incompetent than government security fags. God knows what their propensity would be in increasing target size for terrorists to strike for the purpose of  "increasing security".

2. Waging two wars and wasting American and civilian lives for the dubious purpose of increasing security. Check!

3. Becoming so incompetent that they seems evil. Check!

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May 02, 2011, 04:38:18 AM
 #10

By the way the reason they can get away with this is because the Constitution hasn't applied since 1933 - http://www.sourcewatch.org/index.php?title=State_of_national_emergency
kiba
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May 02, 2011, 04:59:58 AM
 #11

By the way the reason they can get away with this is because the Constitution hasn't applied since 1933

The constitution is just a piece of paper. It never protected anybody.

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May 02, 2011, 05:55:13 AM
 #12

With regards to an eWallet being shutdown:

Imagine an eWallet website that published its entire database, up-to-date, for anyone to download. Only catch is, it's encrypted (e.g. AES). In case the servers get taken down, the data will likely still be floating around in the ether, ready for any one of the trusted admins to grab, decrypt, and reimburse users.

Yeah, I know, crazy idea.

Timo Y
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May 02, 2011, 11:29:50 AM
 #13

Bitcoins are not issued by anyone. Not even by miners. Miners merely confirm transactions. Even a block award is nothing more than a confirmed transaction.

Patriarch Act thus not applicable.

GPG ID: FA868D77   bitcoin-otc:forever-d
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