Ripple fined

[jaran]

http://www.fincen.gov/news_room/nr/pdf/20150505.pdf

“Virtual currency exchangers must bring products to market that comply with our anti-money
laundering laws," said FinCEN Director Jennifer Shasky Calvery. "Innovation is laudable but
only as long as it does not unreasonably expose our financial system to tech-smart criminals
eager to abuse the latest and most complex products.”

[Riverhead]

Translation: We aren't sure if the system allows us to collect all the tax revenue we're "due".

[luckybit]

http://www.fincen.gov/news_room/nr/pdf/20150505.pdf

“Virtual currency exchangers must bring products to market that comply with our anti-money
laundering laws," said FinCEN Director Jennifer Shasky Calvery. "Innovation is laudable but
only as long as it does not unreasonably expose our financial system to tech-smart criminals
eager to abuse the latest and most complex products.”

All that kissing up to the government just so they could get fined?

[julian1]

Bitcoin's model of anonymous, fully decentralized protocol signers is a huge advantage against this kind of regulatory action.

[jaran]

Bitcoin's model of anonymous, fully decentralized protocol signers is a huge advantage against this kind of regulatory action.

Can bitshares delegates be targeted by this kind of regulation?

[Pheonike]

Translation: We need to protect the "tech-smart criminals eager to abuse the latest and most complex products" inside the system because they are "too big to fail".

[mike623317]

http://www.fincen.gov/news_room/nr/pdf/20150505.pdf

“Virtual currency exchangers must bring products to market that comply with our anti-money
laundering laws," said FinCEN Director Jennifer Shasky Calvery. "Innovation is laudable but
only as long as it does not unreasonably expose our financial system to tech-smart criminals
eager to abuse the latest and most complex products.”

.. tech-smart criminals eager to abuse the latest and most complex products
..er
....goldmansacs, is that you?
.. that's it

[monsterer]

Is this related to their IPO, or to their day to day operations?

[cube]

http://www.fincen.gov/news_room/nr/pdf/20150505.pdf

“Virtual currency exchangers must bring products to market that comply with our anti-money
laundering laws," said FinCEN Director Jennifer Shasky Calvery.

This means virtual currency exchanges need to have AML.  I am not sure how this is going to impact bitshares's internal 'exchange'.  Perhaps bitshares needs to move away from the word 'exchange' to stay clear from legal troubles.

[speedy]

This bit is very interesting:

Pursuant to the agreement, Ripple Labs will also undertake certain enhancements to the Ripple Protocol to appropriately monitor all future transactions.

Could regulators put pressure on Bytemaster & co to change the BitShares protocol? Of course the answer to that would be "the community has the source code and wouldnt accept those changes" (I would fork them out immediately).

Is the main difference that Ripple was selling the XRP themselves, so its not really centralized whereas BitShares isnt really owned/sold by any one group?

[monsterer]

This means virtual currency exchanges need to have AML.  I am not sure how this is going to impact bitshares's internal 'exchange'.  Perhaps bitshares needs to move away from the word 'exchange' to stay clear from legal troubles.

Well, technically there is no 'exchange' going on, since all the assets are on the same chain...

edit: depends on what their definition of virtual currency is

[kenCode]

All that kissing up to the government just so they could get fined?

 

[kenCode]

Well, technically there is no 'exchange' going on, since all the assets are on the same chain...
edit: depends on what their definition of virtual currency is

Their definitions of 'exchange' or 'virtual currency' are (and will be) whatever they say it is. They will open end it, or just demonize you and create your "guilt", at all costs. The government is a cat in a corner right now, it will do whatever it has to, to save itself. Vicious.
 
This is one reason why I am not so excited about any direct fiat onramps to us. We can utilize centralized exchanges FOR NOW to get fiat into our platform. Once the system collapses (this year will be VERY ugly for all fiat markets), centralized exchanges and fiat won't even be desired anymore.
 
There's TONS of ways to get bitcoin right now and more than enough ways to get that bitcoin into BitShares. You guys know as well as I do, it's not that hard.
 
Once in crypto, always in crypto. Avoid the f*ckers. Render the fiat'ers obsolete, don't try to onramp with them as a kneejerk to our currently low cap and price.
 
This is just my opinion. There's tons of other things we can be doing right now to onramp people.

[blahblah7up]

BitShares - we're not a decentralized exchange, but a ___(1000BTS bounty)_________

decentralized unit transducer 

[blahblah7up]

BitShares - we're not a decentralized exchange, but a ___(1000BTS bounty)_________

decentralized unit transducer 

decentralized market mirror