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> They’re centralised, regulated and transactions don’t even go on the blockchain. Of course. All of that is kind of unavoidable if you want to interface with

> They’re centralised, regulated and transactions don’t even go on the blockchain. Of course. All of that is kind of unavoidable if you want to interface with fiat.

vbezhenar 6y ago
Not really. I can buy bitcoins on localbitcoins and it's pretty decentralized.
- viraptor 6y ago
  The fact you got to the localbitcoins service and tell it who you do the exchange with makes it at least a centralised place of information.
  - 177tcca 6y ago
    So basically the consumer tech hasn't yet caught up with the technology, is what you're saying? Once there are enough people buying and selling for cash, you'll just need to find an old payphone, or some other known meeting place, if popular technical means are legislated away.
  - deleted 6y ago
    [deleted]
- robcohen 6y ago
  Under US law it is illegal to use localbitcoins. It’s a violation of money transmitter laws. https://kelman.law/blog/money-transmitter-licensing-for-u-s-crypto-companies/ https://kelman.law/blog/money-transmitter-licensing-for-u-s-...
  - gruez 6y ago
    Only if you're a business, right? Does offering to buy 500 euros off your friend because he have some left over from his european vacation make you a MSB?
    - yawnr 6y ago
      Your friend would be the money transmitter in this case and at that scale no one would care, but if he did it with 1000 “friends” then, well yeah. People have gotten arrested and charged for operating on localbitcoins without proper licensing.
      - PaulAJ 6y ago
        That isn't quite true. Money business laws only apply to people doing it as business, so your friend is in the clear de-jure as well as de-facto. One of the things a prosecutor would have to prove as part of the case is that this was in fact a business. Typically this would be done by showing that he had been listing both buy and sell on localbitcoins.com and/or by setting up a test purchase that showed he was dealing with anyone who showed up.
      - seibelj 6y ago
        There is a difference from selling a few cars to strangers, and setting up a car-selling business which would then be subject to a bajillion rules and regulations. The same for selling bitcoins. You can do it a few times but if you make it a business you become a MSB.

> They’re centralised, regulated and transactions don’t even go on the blockchain. Of course. All of that is kind of unavoidable if you want to interface with fiat.

vbezhenar 6y ago

Not really. I can buy bitcoins on localbitcoins and it's pretty decentralized.

viraptor 6y ago
The fact you got to the localbitcoins service and tell it who you do the exchange with makes it at least a centralised place of information.
- 177tcca 6y ago
  So basically the consumer tech hasn't yet caught up with the technology, is what you're saying? Once there are enough people buying and selling for cash, you'll just need to find an old payphone, or some other known meeting place, if popular technical means are legislated away.
- deleted 6y ago
  [deleted]
robcohen 6y ago
Under US law it is illegal to use localbitcoins. It’s a violation of money transmitter laws. https://kelman.law/blog/money-transmitter-licensing-for-u-s-crypto-companies/ https://kelman.law/blog/money-transmitter-licensing-for-u-s-...
- gruez 6y ago
  Only if you're a business, right? Does offering to buy 500 euros off your friend because he have some left over from his european vacation make you a MSB?
  - yawnr 6y ago
    Your friend would be the money transmitter in this case and at that scale no one would care, but if he did it with 1000 “friends” then, well yeah. People have gotten arrested and charged for operating on localbitcoins without proper licensing.
    - PaulAJ 6y ago
      That isn't quite true. Money business laws only apply to people doing it as business, so your friend is in the clear de-jure as well as de-facto. One of the things a prosecutor would have to prove as part of the case is that this was in fact a business. Typically this would be done by showing that he had been listing both buy and sell on localbitcoins.com and/or by setting up a test purchase that showed he was dealing with anyone who showed up.
    - seibelj 6y ago
      There is a difference from selling a few cars to strangers, and setting up a car-selling business which would then be subject to a bajillion rules and regulations. The same for selling bitcoins. You can do it a few times but if you make it a business you become a MSB.