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Author Topic: [2014-12-28] FDIC Operation “Choke Point”  (Read 560 times)
lyth0s
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December 29, 2014, 05:40:51 AM
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http://www.geekcipher.com/featured/fdic-operation-choke-point-could-bitcoin-be-the-answer/

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The U.S. House of Representatives committee on oversight and government reform released a staff report on the Federal Deposit Insurance Corporation’s (FDIC) involvement in the “Operation Choke Point” on December 8th, 2014. This report details how the FDIC is bullying payment processors and banks to stop working with many legitimate services that the FDIC doesn’t approve of, such as ammunition, payday loans, pornography, coin dealers and dating services.

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It is probably about time for these industries to start looking into cryptocurrencies such as Bitcoin and Monero for payment processing.

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January 23, 2015, 06:33:40 PM
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http://www.geekcipher.com/featured/fdic-operation-choke-point-could-bitcoin-be-the-answer/

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The U.S. House of Representatives committee on oversight and government reform released a staff report on the Federal Deposit Insurance Corporation’s (FDIC) involvement in the “Operation Choke Point” on December 8th, 2014. This report details how the FDIC is bullying payment processors and banks to stop working with many legitimate services that the FDIC doesn’t approve of, such as ammunition, payday loans, pornography, coin dealers and dating services.

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It is probably about time for these industries to start looking into cryptocurrencies such as Bitcoin and Monero for payment processing.

If possible, I would like to revive this thread. This has really important implications regarding BTC in the future. Insuring deposits by the FDIC is a terrible idea for BTC and its users. There are plenty of security measures currently available and many more to follow.

The FDIC makes lots of money every year off "insuring" bank deposits and anyone with 5 minutes of time can look up their records and will see that their reserves record is terrible and most of the time insolvent. I'd really hate to see the BTC community take this novel technology and run it through the same ol' meat grinder that is our current financial practice. One of the great purposes BTC could serve is to re-invent the way things are done, not implement it using the same goalposts and allowing the same people to run it.
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