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Offline fuzzy


This Hangout is w/ Bytemaster of the BTS SuperDAC

Please ask and vote on questions at the following Beyond Bitcoinx SubReddit:

Or better yet--Join us! Follow the twitter: @Beyond_Bitcoin

For updates on upcoming events, attend, record and report live from our Mumble Server!
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« Last Edit: December 11, 2014, 08:00:42 PM by fuzzy »
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Offline Thom

Here's one I would like BM to answer. It jumped off the page as I was perusing the nullstreet marketing newsletter.

Legal Compliance

Any company that takes deposits from customers and facilitates transfers among customers is heavily regulated in most countries.   These regulations include license requirements, bonds, insurance, know your customer laws, and anti-money-laundering compliance among others.   The BitShares block chain provides gateways with all of the tools necessary to comply with these regulations.

If you are in this business you are already maintaining a database tracking user deposits and your database is probably logging every single transaction and balance change.    Your database knows exactly who is owed what at any point in time.   You also have the power to seize or freeze user balances at the demand of law enforcement.    BitShares provides you with all of these features as well including:

  1) Ability to white list public keys that may control a balance of your asset.
  2) Ability to freeze all funds and stop all trading of your assets
  3) Ability to transfer any balance of your asset from any user to any other user
 
In other words, if you are operating a legally complaint crypto currency exchange, then you can easily expand your business to becoming a BitShares gateway. 

My question is, how are these toolkit features limited to gateways only, and what safeguards insure they cannot be used against non-gateway accounts / addresses?

There's probably many ways this could be accomplished, and I'd be shocked if there was any possibility non-gateway accounts could "fall prey" to asset seizure, but I would like this answered by BM explicitly given how onerous it sounds. Less technical types may be driven away if they hear "the ability to freeze assets is built into every BitShares client".
Injustice anywhere is a threat to justice everywhere - MLK |  Verbaltech2 Witness Reports: https://bitsharestalk.org/index.php/topic,23902.0.html

Offline speedy

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Here's one I would like BM to answer. It jumped off the page as I was perusing the nullstreet marketing newsletter.

Legal Compliance

Any company that takes deposits from customers and facilitates transfers among customers is heavily regulated in most countries.   These regulations include license requirements, bonds, insurance, know your customer laws, and anti-money-laundering compliance among others.   The BitShares block chain provides gateways with all of the tools necessary to comply with these regulations.

If you are in this business you are already maintaining a database tracking user deposits and your database is probably logging every single transaction and balance change.    Your database knows exactly who is owed what at any point in time.   You also have the power to seize or freeze user balances at the demand of law enforcement.    BitShares provides you with all of these features as well including:

  1) Ability to white list public keys that may control a balance of your asset.
  2) Ability to freeze all funds and stop all trading of your assets
  3) Ability to transfer any balance of your asset from any user to any other user
 
In other words, if you are operating a legally complaint crypto currency exchange, then you can easily expand your business to becoming a BitShares gateway. 

My question is, how are these toolkit features limited to gateways only, and what safeguards insure they cannot be used against non-gateway accounts / addresses?

There's probably many ways this could be accomplished, and I'd be shocked if there was any possibility non-gateway accounts could "fall prey" to asset seizure, but I would like this answered by BM explicitly given how onerous it sounds. Less technical types may be driven away if they hear "the ability to freeze assets is built into every BitShares client".

Here is how I see it:

The control is based on what type of asset it is, not on accounts or addresses. On the BTS blockchain, Bitstamp would be in control of all bitstampUSD, whereas they have no control over bitUSD. If you are worried about gateway control then you simply swap your bitstampUSD for bitUSD.

*I am being an optimist and imagining Bitstamp becoming a gateway :P
« Last Edit: December 12, 2014, 12:47:47 AM by speedy »

Offline fuzzy

I will add this to the subreddit
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Offline fuzzy

@speedy. I think you are right on bitstamp.  They have, for a long time, been one of the few who consistently retweet my bitshares related tweets.
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Offline fuzzy

bump
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Offline fuzzy

bytemaster is in Mumble now. 
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Offline fuzzy

37 people in as we speak.
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Offline fuzzy

40 in!
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Offline fuzzy

talking about vote!
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