3 ms·
I agree. I think every bitcoin transaction should be reviewed by finely trained employees of Finance Security Agency (FSA). Amongst other things they should mak
by TrainedMonkey 13y ago
I agree. I think every bitcoin transaction should be reviewed by finely trained employees of Finance Security Agency (FSA). Amongst other things they should make sure:
1. Correct amount of bitcoins were withdrawn from source bitcoin wallet.
2. Correct amount of bitcoins were deposited into target wallet.
3. Both target and source wallets are valid.
4. Etc.
AFAIK, bitcoin is currency and FX market is in generally way less regulated compared to securities market. Thus any regulation introduced would be targeting money transfers between individuals, rather than exchanges[1].
[1] We probably should regulate exchanges, as of right now it is super simple for exchanges to make profit on their customers. Consider following strategy, whenever bitcoin order comes in that moves market exchange would execute small order in same direction before customer order, reverse order as soon as larger order moved market. Instant profit.
- sln 13y agoI really want to believe this comment is a joke... Everything that you mention that needs to be "regulated" is already regulated by the bitcoin protocol itself. In fact, the whole point is to replace regulation with strong cryptographic proof.
- dllthomas 13y ago3 might not be enforced by the protocol if we're using a broader definition of "valid".
- TrainedMonkey 13y agoGood sir, surely you jest, how else we will maintain security of this nation if FSA will not monitor and double check every single transaction? What if some bitcoins will go missing in transit from source to target wallet? First part of the post is indeed a joke, I am pretty sure comments on FX markets and strategy that exchanges could use to game the customers are accurate.
- kudu 13y agoI think the first part /is/ a joke.