7 ms·

> They invented a very clever peer-to-peer payment system that also happens to enable fraud, tax avoidance, drug dealing and other sordid pursuits that governm

by ferdo 13y ago

> They invented a very clever peer-to-peer payment system that also happens to enable fraud, tax avoidance, drug dealing and other sordid pursuits that governments won't abide for much longer. This sounds like cash. What's the problem? The status quo is annoyed because Cash 2.0 is better than the swill they're handing out at banks.

etchalon 13y ago
Cash is regulated. Bitcoin isn't. Looks like that's gonna change pretty quickly.
- tlrobinson 13y ago
  US businesses that exchange Bitcoin are already considered money transmitters and thus subject to regulation. FinCEN issued guidelines earlier this year.
- ferdo 13y ago
  They can't really regulate Bitcoin but they can regulate the people that want to do biz with it in public.
  - deleted 13y ago
    [deleted]
    - etchalon 13y ago
      No one said they could stop it, only that they could regulate it.
- ihsw 13y ago
  "Bitcoin" encompasses multiple and distinctly separate concepts, namely: a transaction network, a currency, a wallet, and mining operations. Does the wallet in your pocket get regulated? No, that's silly. It's just a container for currency. Do the coins in your pocket get regulated? No, that's silly. It's just coins. Does the generation of money get regulated? Absolutely, it's more tightly controlled than most other activities are in humanity. How will they regulate BTC mining? It's not really possible, but they'll likely engage computer hardware vendors of all stripes and sizes (across the planet) to pool purchase order histories to the government. Do money transactions get regulated? Absolutely, it's another tightly controlled activity. How will they regulate BTC transactions? It's not really possible, but they'll likely engage BTC exchanges of all stripes and sizes (across the planet) to pool transaction histories to the government.
  - dragonwriter 13y ago
    > It's not really possible Both places this is used with regard to regulation, this claim needs to be justified. It seems to me it misunderstands what it means for it to possible to regulate something.
- beambot 13y ago
  Cash is "regulated" by the Fed... a quasi-governmental agency shrouded in secrecy. How is bitcoin any worse / different?
  - etchalon 13y ago
    Really?
- dragonwriter 13y ago
  > Cash is regulated. Bitcoin isn't. Bitcoin is covered by lots of existing regulations -- as keeps being demonstrated -- contrary lots of the hype advanced by proponents.
dnskw 13y ago
Nothing wrong with tax avoidance, drug dealing and certain other sordid pursuits.

by ferdo 13y ago

etchalon 13y ago

Cash is regulated. Bitcoin isn't. Looks like that's gonna change pretty quickly.

tlrobinson 13y ago
US businesses that exchange Bitcoin are already considered money transmitters and thus subject to regulation. FinCEN issued guidelines earlier this year.
ferdo 13y ago
They can't really regulate Bitcoin but they can regulate the people that want to do biz with it in public.
- deleted 13y ago
  [deleted]
  - etchalon 13y ago
    No one said they could stop it, only that they could regulate it.
ihsw 13y ago
"Bitcoin" encompasses multiple and distinctly separate concepts, namely: a transaction network, a currency, a wallet, and mining operations. Does the wallet in your pocket get regulated? No, that's silly. It's just a container for currency. Do the coins in your pocket get regulated? No, that's silly. It's just coins. Does the generation of money get regulated? Absolutely, it's more tightly controlled than most other activities are in humanity. How will they regulate BTC mining? It's not really possible, but they'll likely engage computer hardware vendors of all stripes and sizes (across the planet) to pool purchase order histories to the government. Do money transactions get regulated? Absolutely, it's another tightly controlled activity. How will they regulate BTC transactions? It's not really possible, but they'll likely engage BTC exchanges of all stripes and sizes (across the planet) to pool transaction histories to the government.
- dragonwriter 13y ago
  > It's not really possible Both places this is used with regard to regulation, this claim needs to be justified. It seems to me it misunderstands what it means for it to possible to regulate something.
beambot 13y ago
Cash is "regulated" by the Fed... a quasi-governmental agency shrouded in secrecy. How is bitcoin any worse / different?
- etchalon 13y ago
  Really?
dragonwriter 13y ago
> Cash is regulated. Bitcoin isn't. Bitcoin is covered by lots of existing regulations -- as keeps being demonstrated -- contrary lots of the hype advanced by proponents.

dnskw 13y ago

Nothing wrong with tax avoidance, drug dealing and certain other sordid pursuits.