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More likely is that governments will allow Bitcoin 'traffic' to be funneled through exchanges, like Coinbase, that are FinCEN-compliant and responsive to law en
by blackbagboys 10y ago
More likely is that governments will allow Bitcoin 'traffic' to be funneled through exchanges, like Coinbase, that are FinCEN-compliant and responsive to law enforcement, while cracking down hard on peer-to-peer exchangers and anyone else who isn't diligent about collecting user data and responding to subpoenas.
IIRC, collecting information on customer's identities is a legal requirement of any money-transmitter with a nexus in the U.S., so any Monero exchanges are either going to need to collect user data (rendering the whole thing kind of pointless), blacklist all users in the U.S., or accept that they'll probably be relentlessly hounded by the feds.
- her 10y agoI wonder how though they could possibly target properly implemented crypto peer to peer exchanges?
- jbpetersen 10y agoSo what's the next step in the arms race when people move to decentralized exchanges like Bitsquare?
- blackbagboys 10y agoEither Bitsquare makes good with federal law enforcement, it freezes out all U.S. persons and severs any possible nexus with the U.S. (which would seem to be impossible without defeating the whole point of the exchange), or the feds eventually figure out a legal mechanism for shutting it down.