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https://twitter.com/zooko/status/863202798883577856 https://twitter.com/zooko/status/863202798883577856

by nawre 9y ago

jameskegel 9y ago
That about seals the deal for me.
- formula1 9y ago
  Seals what? People talking about big ideas that are hard to solve?
mrb 9y ago
Zooko was talking about doing KYC/AML at the exchange level. He did not suggest to weaken the Zcash protocol: https://mobile.twitter.com/zooko/status/863506504518914050 https://mobile.twitter.com/zooko/status/863506504518914050
- erpellan 9y ago
  Just like _actual_ cash! The bank doesn't scan the serial numbers on the money I deposit and yet they somehow correctly credit my account.
  - Mcphja 9y ago
    Cash counting machines in banks scan and record numbers to find bills that have already been flagged (such as those stolen from banks/ATMs), but that process is unrelated to the crediting of money to your account. General cash tracking is hypothetically possible, but it would not be trivial to implement.
  - valarauca1 9y ago
    They actually do. Well not _you_ but bills do get flagged if they're involved in crimes (like kidnapping or robbery). So when they're deposited in a bank the FBI can track the _relative_ location of criminals.
- kbody 9y ago
  Just like on the tweets mentions but zooko didn't reply to; what about just having a zaddr cleaning those coins? KYC/AML already exists on (most) exchanges.
wslh 9y ago
I don't think so, you can exchange your money through services like ShapeShift where it remains anonymous at the other end and you can make the exchange to fiat money via Localbitcoins. There are many other alternatives we can think of. I think it would be good to have an optional KYC/AML attached to cryptocurrency transactions. In this way they can be more popular and more connected to the regulated world.
- erpellan 9y ago
  KYC/AML applies to the person, not to the serial numbers printed on the bills they hand over.
  - wslh 9y ago
    I am not sure if you understood what I said. You can connect transactions with people.
- JumpCrisscross 9y ago
  > it would be good to have an optional KYC/AML attached to cryptocurrency transactions This is already the case, minus the optional part [1]. Broadly, I'd guess anyone involved with an unregulated money transmission operation is one pissed-off D.A. away from serious jail time. [1] http://www.coindesk.com/bitcoin-law-what-us-businesses-need-to-know/ http://www.coindesk.com/bitcoin-law-what-us-businesses-need-...
  - wslh 9y ago
    That article applies to US law.
    - JumpCrisscross 9y ago
      If you do anything with U.S. dollars, the United States claims jurisdiction.
      - 9y ago

https://twitter.com/zooko/status/863202798883577856 https://twitter.com/zooko/status/863202798883577856

by nawre 9y ago

https://twitter.com/zooko/status/863202798883577856 https://twitter.com/zooko/status/863202798883577856

jameskegel 9y ago

That about seals the deal for me.

formula1 9y ago
Seals what? People talking about big ideas that are hard to solve?

mrb 9y ago

Zooko was talking about doing KYC/AML at the exchange level. He did not suggest to weaken the Zcash protocol: https://mobile.twitter.com/zooko/status/863506504518914050 https://mobile.twitter.com/zooko/status/863506504518914050

erpellan 9y ago
Just like _actual_ cash! The bank doesn't scan the serial numbers on the money I deposit and yet they somehow correctly credit my account.
- Mcphja 9y ago
  Cash counting machines in banks scan and record numbers to find bills that have already been flagged (such as those stolen from banks/ATMs), but that process is unrelated to the crediting of money to your account. General cash tracking is hypothetically possible, but it would not be trivial to implement.
- valarauca1 9y ago
  They actually do. Well not _you_ but bills do get flagged if they're involved in crimes (like kidnapping or robbery). So when they're deposited in a bank the FBI can track the _relative_ location of criminals.
kbody 9y ago
Just like on the tweets mentions but zooko didn't reply to; what about just having a zaddr cleaning those coins? KYC/AML already exists on (most) exchanges.

wslh 9y ago

I don't think so, you can exchange your money through services like ShapeShift where it remains anonymous at the other end and you can make the exchange to fiat money via Localbitcoins. There are many other alternatives we can think of. I think it would be good to have an optional KYC/AML attached to cryptocurrency transactions. In this way they can be more popular and more connected to the regulated world.

erpellan 9y ago
KYC/AML applies to the person, not to the serial numbers printed on the bills they hand over.
- wslh 9y ago
  I am not sure if you understood what I said. You can connect transactions with people.
JumpCrisscross 9y ago
> it would be good to have an optional KYC/AML attached to cryptocurrency transactions This is already the case, minus the optional part [1]. Broadly, I'd guess anyone involved with an unregulated money transmission operation is one pissed-off D.A. away from serious jail time. [1] http://www.coindesk.com/bitcoin-law-what-us-businesses-need-to-know/ http://www.coindesk.com/bitcoin-law-what-us-businesses-need-...
- wslh 9y ago
  That article applies to US law.
  - JumpCrisscross 9y ago
    If you do anything with U.S. dollars, the United States claims jurisdiction.
    - 9y ago