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The e-mail I just sent to the author of that post: "Ms. Kaminska, In your recent post (http://ftalphaville.ft.com/2014/03/03/1787992/magic-the-undercapitalise
by thinkcomp 13y ago
The e-mail I just sent to the author of that post:
"Ms. Kaminska,
In your recent post (http://ftalphaville.ft.com/2014/03/03/1787992/magic-the-undercapitalised-gathering-online/ http://ftalphaville.ft.com/2014/03/03/1787992/magic-the-unde...), which I found via Brad DeLong’s web site, you described Bitcoin as "totally unregulated" and "completely unregulated" a number of times. Such characterizations are completely erroneous, and you should probably correct your post.
Unfortunately, many people are under the impression that Bitcoin is unregulated because its various proponents (such as Marc Andreessen, the Bitcoin Foundation, etc.) have done an excellent job convincing the world that it’s so new and supposedly novel that no regulations could possibly apply. That’s not even close to true. In the United States, numerous Bank Secrecy Act statutes, 18 U.S.C. § 1960, and a state money transmission framework involving 47 different state laws all apply. The problem is that the state laws are hugely problematic, the regulators are bumbling fools, the entrepreneurs and their venture capitalist backers are exceptionally cunning in their efforts to evade regulatory scrutiny, while the press utterly refuses to write about what is actually going on. My company is the plaintiff in two federal lawsuits over the issue, one of which has set the record for the most-delayed, non-stayed motion to dismiss in California federal judicial history (764 days and counting):
http://www.plainsite.org/dockets/index.html?id=716056 http://www.plainsite.org/dockets/index.html?id=716056
http://www.plainsite.org/dockets/index.html?id=2434524 http://www.plainsite.org/dockets/index.html?id=2434524
If you’re interested in the issues, I would suggest that you read my recent comment letter to the Consumer Financial Protection Bureau, which can be found here:
http://www.thinkcomputer.com/20140214.cfpbcomment.pdf http://www.thinkcomputer.com/20140214.cfpbcomment.pdf
You may also find this article on my personal web site about Mt. Gox specifically and the role of Iowa’s state regulators of interest:
http://www.aarongreenspan.com/writing/essay.html?id=101 http://www.aarongreenspan.com/writing/essay.html?id=101
Feel free to let me know if you have any questions.
Aaron"
- ghshephard 13y agoWhile you may take issue with coinbase, or MtGox, can you accept that a cryptographic proof-of-work solution to the byzantine general's problem, that implements a general consensus ledger of forth-like script applications, is not a "currency" per se, but a mechanism in which currencies can be implemented upon? I.E. Regulate the companies that are engaging in currency like transactions on top of the bitcoin ledger, but don't be too quick to attempt to regulate bitcoin itself.
- thinkcomp 13y agoNo.
- kovacs 13y agoAaron you come across so angry and prickly that even people that may agree with you do so begrudgingly. In this case you're simply wrong to not even agree and cannot expound beyond a simple "No", like a 2 year old that doesn't want to share their drink box. The fact is he's right, there's nothing about bitcoin and the technology itself that should fall under scrutiny until it's used in monetary transactions. It's almost as if you didn't even read that questions because your answer is just flat wrong. I respect what you've done to disseminate the information regarding the complete failure of government to clarify and enforce laws around finance but you may want to reconsider your tone because it's not going to help you to further that cause.
- dcc1 13y agoHe's a legal troll a parasite on innovation not to different from patent trolls, don't entertain him.
- thinkcomp 13y agoYou have it backwards.
- hnnewguy 13y ago>because your answer is just flat wrong His answer to "Can we agree?" is wrong?
- thinkcomp 13y agoSo first of all, you have to keep in mind that I'm in the middle of litigation related to these issues. I am careful about what I say. Second of all, the question posed here was both presumptuous and awfully vague. I'm not about to go on the record in response to that kind of question other than to reject it. I'm sorry if that makes me come off as prickly--I have to put other considerations ahead of public perception.
- mattlutze 13y agoIs this a good synopsis of your lawsuits? http://thenextweb.com/insider/2013/05/07/zuckerberg-nemesis-aaron-greenspan-sues-facebook-again-plus-the-rest-of-silicon-valley/#!ALwaQ http://thenextweb.com/insider/2013/05/07/zuckerberg-nemesis-... How does the suit relate to your experience with FaceCash?