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Thread: Remember the good old days of Anonymity

  1. #1
    Unobtanium EE_'s Avatar
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    Remember the good old days of Anonymity

    Why Bitcoin’s Path to Boring Maturity Starts in New York
    By Joshua Brustein July 17, 2014

    The impact of New York’s regulations for virtual currencies won’t stop at the state line. Regulators across the country puzzled over how to handle Bitcoin and its ilk will likely view the state’s rules as a template, and so the proposal released on Thursday (PDF) might end up shaping the national landscape.

    As written, New York’s rules would legitimize Bitcoin while taking another step toward its rational endpoint: a dull and possibly practical financial instrument devoid of counterculture cred. Licenses—adorably named BitLicenses by the state—would be required to be held by companies that provide financial services; businesses that just accept payments in virtual currencies won’t need a license. Bitcoin transactions of more than $10,000 must be reported to state officials, and businesses would need to keep detailed records of every transaction involving the virtual currency, including the names and physical addresses of all parties involved, the amount of value changing hands, and “a description of the transaction.”

    Anonymity was one of the initial appeals of Bitcoin, but you hear less and less about this virtue the more it shifts from being a libertarian craze to a financial craze. In this sense, Bitcoin is following the traditional path of the aging radical. As a youngster it set out to smash the system, keep the government out of its business, get a little high, and so on. But over time it starts thinking more practically, decides there are advantages to being co-opted by Wall Street after all, and develops a taste for really expensive shoes.

    That doesn’t mean there’s not a Che Guevara poster hanging in the basement. Benjamin Lawsky, New York’s superintendent of financial services, says he wants to set up “common sense rules of the road.” But he isn’t forgetting Bitcoin’s roots. In addition to the standard press release, he took to Reddit to explain himself. The response was a mixture of angry suspicion and appreciation that Lawsky was so thoughtful to visit the website.

    Bitcoin’s libertarian days are a fading memory, and anonymity was always the leading candidate as the principle most likely to be sacrificed. Is adhering to such regulations selling out? Maybe it’s better to think of it as buying in.
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    Gold Half Sense's Avatar
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    Re: Remember the good old days of Anonymity

    A bunch of 1's and 0's "decided" to be co-opted by Wall Street? So Bitcoin is the world's first retarded A.I.?

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    Unobtanium EE_'s Avatar
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    Re: Remember the good old days of Anonymity

    Quote Originally Posted by Half Sense View Post
    A bunch of 1's and 0's "decided" to be co-opted by Wall Street? So Bitcoin is the world's first retarded A.I.?
    I thought bitcoin was supposed to destroy the bankers? Wall Street bankers are embracing bitcoin in a big way...it doesn't sound like things are working out as planned in the libertarian wet-dream?

    I knew the bankers were in on this all along!
    With so many dollars floating around the world and looking for ways to be moved and laundered, once digital currencies are the accepted norm, it will be even harder to move money around anonymously.
    Is there any doubt tptb want a cashless society?



    This sounds like a new way to suppress the price of gold like the ETF's did.
    No need to hold real gold anymore when you can hold bitcoins that represent gold.

    The New Bitcoin Model

    "Bitcoin can be used for alternative investments ... and to represent other types of assets, such as stock or gold." -Bill Barhydt, CEO of Boom Financial

    The applications of bitcoin go way beyond its use as an alternate currency. This leads to the third, and most complex, area of interest to investors. That said, it may be the area that generates the best return on investment in the long term. I refer to this as investing in the "decentralized trust model" of bitcoin. This new system leverages peer-to-peer computing and cryptographic techniques to create a new model for transactions that is both elegant and extremely useful.

    It turns out that the bitcoin block-chain (which is a decentralized general ledger of bitcoin transactions) can be used to represent any type of asset, including traditional currencies, stocks, deeds and titles. It can even be used for alternative investments, like baseball cards, or used to place gambling bets. Companies are now starting to emerge, taking advantage of this new phenomenon. Two of the earliest pioneers: Ethereum and Colored Coins. Both start-ups combine earlier work in "smart contracts" (computer protocol that verifies transactions) with bitcoin's decentralized computing model to create a new platform for decentralized smart contracts.

    Colored Coins uses the currency itself to represent other types of assets, such as traditional currencies, stocks or gold, which can be stored inside the bitcoin block-chain. Colored Coins provides extensions to bitcoin for these new asset types to be bought and sold via the standard bitcoin system.
    http://www.cnbc.com/id/101711220
    TRUMP WILL WIN BY A LANDSLIDE!
    You can forget about making America great again, it ain't gonna happen.

    The NWO is here, and you all stood in line for it!

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    Gold Half Sense's Avatar
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    Re: Remember the good old days of Anonymity

    If you don't hold it...
    ...Ponce

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