5 ms·

Interestingly, these charges are published on the same day that the first decentralized Bitcoin exchange opens its public beta [0]. And, yes, the whole point of

• jrcii 11y ago
  The government is likely to win in the end. It's not yet regulated because of it's small circulation and young age. If it were the first thing in history the government could not figure out a way to regulate I would be surprised. http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?bill_id=201520160AB1326 http://leginfo.legislature.ca.gov/faces/billNavClient.xhtml?...
  • gosub 11y ago
    And failing that, government could declare "war on cryptocurrencies".
    • jMyles 11y ago
      The surest way for the government to lose.
  • kuschku 11y ago
    The things most bitcoin proponents dream about are... crazy. * No, you’re still going to pay taxes on your bitcoins. * No, if you fraud someone, you’ll still have to give them their money back. * No, bitcoin is totally meaningless if you can’t pay for food in it.
    • mhuffman 11y ago
      I have gold at my house. None of the local markets will except gold at the register for food. Is my gold meaningless?
      • chefkoch 11y ago
        I guess you would have no problem exchanging food for gold, but not at the rate you would like (or the market rate).
        • jerguismi 11y ago
          In my town, gold buyers buy gold at market rate, with cash. They sell gold at premium. It is quite easy and effortless to change your gold to cash, and then buy food from the market. With bitcoin it is a little different, bitcoin ATM's have usually quite ridiculous premiums. I think the most used one in our town has 5% both ways.
          • thaumasiotes 11y ago
            > In my town, gold buyers buy gold at market rate, with cash. They sell gold at premium. Who are they selling it to? Or by "market rate" do you just mean "the same rate that other gold buyers in the same town will pay"? Since gold buyers are large/frequent market participants who deal with rare/sporadic market participants, I would have been strongly inclined to bet that gold buyers would buy below market and sell "at market". The guy walking into a gold buyer's shop to sell his gold probably isn't just testing to see what kind of price he can get. The gold buyer will happily wait to sell his gold until the price is right, though. That's his job.
          • xorcist 11y ago
            Check out sites like localbitcoins. You can sell Bitcoins in cash pretty much anywhere in the world, even at a small premium. (How the Bitcoin ATMs survive in that environment I don't know.)
    • jMyles 11y ago
  • StavrosK 11y ago
    Because of all the successful drug regulation going on? :-P
  • drcross 11y ago
    >The government is likely to win in the end. Do you realise that there is more than one government in the world?
    • mahranch 11y ago
      To be fair, when it comes to financial regulations and banking, there are very few governments that would hold their ground and stand firm against U.S pressure. And those nations capable of standing their ground against the U.S (China, Russia, etc) wouldn't stand against them because it's in their best interests too. In fact, it appears Russia and China are becoming more strict on Bitcoins than even the U.S is. China and Russia don't like not having total control.
• icu 11y ago
  For those that don't know the acronym 'KYC' is 'ķnow your customer' and a core principle of Anti-Money Laundering (AML) laws. The idea is that if you know your customer, for example age, occupation etc, than you can--and are obligated by law to--flag suspicious financial activity to authorities. For example, large and infrequent international wire transfers to say Bermuda may look suspicious if your 'KYC' information tells you the account is owned by a teenager in Utah with no ties to Bermuda. This wouldn't look suspicious for someone in their 50s who has a business and family based in Bermuda.