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"the department says it wants to make sure Bitcoin company customers’ funds are “safe and sound,” expressing concern about consumer complaints “about how quickl
by pmorici 13y ago
"the department says it wants to make sure Bitcoin company customers’ funds are “safe and sound,” expressing concern about consumer complaints “about how quickly virtual currency transactions are processed.”"
So, are they saying there are complaints that the transactions are processed too quickly? Because I've never had a BitCoin transaction take more than an hour or so to complete where as my regular bank routinely takes about 3 business days. Makes you wonder what their motivations are.
- josho 13y agoIt's doublespeak for we are taking an interest in this burgeoning opportunity and will likely be adding requirements to exchanges that will help to limit fraud, and ensure that the government gets whatever tax revenue they are obligated. Frankly, I see it as the powerful interests (banks/gov) taking their first step to assert their control of the new market. Someone less pessimistic may feel this is a good measure to ensure that something good will stay good by helping to keep fraud out of this new system.
- rsynnott 13y agoI suspect they're talking more about conversion (see MtGox's perennial problems with withdrawing real money, and recently even bitcoins).