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.”
Bitcoin's model of anonymous, fully decentralized protocol signers is a huge advantage against this kind of regulatory action.
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.”
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.
Pursuant to the agreement, Ripple Labs will also undertake certain enhancements to the Ripple Protocol to appropriately monitor all future transactions.
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.
All that kissing up to the government just so they could get fined?
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
BitShares - we're not a decentralized exchange, but a ___(1000BTS bounty)_________
BitShares - we're not a decentralized exchange, but a ___(1000BTS bounty)_________
decentralized unit transducer :D
This bit is very interesting:QuotePursuant 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?
As of 2015, Ripple is the second-largest cryptocurrency by market capitalization, after Bitcoin.
price exposure converter :)
BitShares - we're not a decentralized exchange, but a ___(1000BTS bounty)_________
decentralized unit transducer :D
decentralized market mirror ;D
QuoteAs of 2015, Ripple is the second-largest cryptocurrency by market capitalization, after Bitcoin.
I bet it really pisses them off that they can't go after satoshi.
For additional lols, this means the US government is checking out coinmarketcap.com!
QuoteAs of 2015, Ripple is the second-largest cryptocurrency by market capitalization, after Bitcoin.
I bet it really pisses them off that they can't go after satoshi.
For additional lols, this means the US government is checking out coinmarketcap.com!
This is all a game to frame the reality and force all other cryptos to change so the criminal cartels can "protect us" from a threat statistically less likely to cause harm tha falling in the shower. This models how other cryptos can "attain legitimacy". This is a huge psyop imho. Ironic it happens to be Ripple right after Obama ex advisor joins.
Ripple is centralized and therefore far more controllable...so then they can pivot and do what is "right"...which essentially means selling out to the principles of what crypto was meant to do. If they would try this with far more decentralized cryptos...they would lose. So they have to set the precedent and frame reality with something they have controlled from the beginning...
This is all a game to frame the reality and force all other cryptos to change so the criminal cartels can "protect us" from a threat statistically less likely to cause harm tha falling in the shower. This models how other cryptos can "attain legitimacy". This is a huge psyop imho. Ironic it happens to be Ripple right after Obama ex advisor joins.
Ripple is centralized and therefore far more controllable...so then they can pivot and do what is "right"...which essentially means selling out to the principles of what crypto was meant to do. If they would try this with far more decentralized cryptos...they would lose. So they have to set the precedent and frame reality with something they have controlled from the beginning...
and the simple response to that is to make clear that Ripple is something different from real blockchain technology. It is closer to ye olde banking than Bitcoin. The XRP is just the water in which the transactions float.. it's a money transport, just like Western Union.
The value of digital tokens and the transfer of those, is more like cash and its value is a private concern. I don't think there's anything to worry about, aside from getting out of XRP .. the only winner will be the Ripple inc as they had relatively zero cost to create it. Give it 4-5 years and I'd expect BitShares will have replaced Ripple.
This bit is very interesting:QuotePursuant 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?
It helps to consider different classes of activity.
Done right, I would expect to see the following.. and it seems the UK perhaps is gearing up for this.
Ripple is clearly Class 2 below and no surprise from the fine, I would expect strict KYC and AML will be enforced on them.. quite right too.
BitShares atm is Class 3 and perhaps BTS could be considered Class 1.
Class 1: Money
# Would expect: No regulation or Government intervention needed here.
Class 2: Money transport
# Would expect: KYC and other consumer protection and the usual requirements for money transfer services, might be appropriate.
Class 3: Tokens with value pegged to match other assets
# Would expect: No regulation or Government intervention needed here.
Class 4: Tokens that are explicitly linked to real world assets
# Would expect: Government could help establish licensing and making the law clear and responsive in ways that help evidence and enforce the explicit link between digital token and asset.
Class 5: Zero value applications, such as private key signing.
# Would expect: No action at this time.
and then also, I've suggested before:
Class 2 and Class 4, could benefit from having a certain level of Government regulation and consumer protection. While digital currencies or tokens can represent value, it is only those explicitly linked to real world assets and wealth that need Government regulation and consumer protection. Blockchain technology, for all its acting in place of third party authority, cannot bridge the gap from the internet into the real world.
Class 1 and Class 3, needs no regulation by Government and would suffer from that. The exchange of those classes between people, might need to be acknowledged and understood by courts and in legislation. To be clear, the values within these digital currencies and pegged assets, are a private concern and it would be inappropriate and unnecessary for Government to interfere with those interests.
Well it sure seems to be spooking people... that is the response I'm seeing. And it already is having a chilling effect. The fact is that we ultimately don't need the governments that, largely throughout history, are actually behind "terrorist" attacks...via false flags.
If gov really cared about us, we would have no NDAA, Patriot Act...etc and they would instead spend their time working on free energy and imprisoning banking cartels and shutting down the IRS--which would actually make us far safer and wealthy. They want to implement artificial scarcity and they know that cryptocurrency is the golden egg to tie all their Metadata together for ultimate control.
Well it sure seems to be spooking people... that is the response I'm seeing. And it already is having a chilling effect. The fact is that we ultimately don't need the governments that, largely throughout history, are actually behind "terrorist" attacks...via false flags.
If gov really cared about us, we would have no NDAA, Patriot Act...etc and they would instead spend their time working on free energy and imprisoning banking cartels and shutting down the IRS--which would actually make us far safer and wealthy. They want to implement artificial scarcity and they know that cryptocurrency is the golden egg to tie all their Metadata together for ultimate control.
Given the financial and then economic crisis, I expect the West will have more interest in the upside of blockchain technology then ever the worry of the downside. So, they've gone after Ripple, so what; that was to be expected. That's not an error.. there's no point ignoring that society has an interest in frustrating crime.
Because they are not perfect, does not suggest Governments have no use. There are fundamental systemic errors but there are also good reasons that society has evolved to see representation of our interests by others. The notion that individuals can do everything for themselves, is libertarian fallacy. There is no prospect of individuals countering organised crime or nation state actors.. the idea those will dissolve is utopian ideal. Meanwhile, back in reality, the question is how do we get good representation of our interests and where is the appropriate limit on what is Government and what is not. Right now, Government is wildly off target, representing corporate interests and national interest above individuals.. ultimate irony for the US with its constitution perhaps.. but people forget how young the US is. The challenge is to recast the parameters that limit Government action.. and the best way to do that is protecting our own individual Privacy; Security; and Freedom.. hence my support for MaidSafe (http://maidsafe.net).
Anyways for now it may be better to just ignore them
Yeah it's strange how Ripple has all these ex-politicos (ex-Obama advisor) and bankers yet they get fined on illegitimate charges.
Kennedy RIP
".." Rockefeller
decentralized market mirror ;D
Fabulous, is :
"blahblah7up"
your BTS address?
Kennedy RIP
".." Rockefeller
@fuzzy: So.. what's your point?
[Big Government: Bad] AND [Small Government: Necessary]
The whole point of decentralisation is that power corrupts.. but there's no point making yourself impotent against real threats from organised groups. To ignore history would be foolish. Society is evolving but it is unrealistic to expect some discontinuity and a sudden jump to a perfect world in which individuals are not left unnecessarily vulnerable to the consequences of unreasonable selfish actions from others. Until people are educated well enough that they are strongly resistant to base impulses that adversing impact others, it is not reasonable to expect a chaotic free for all.
I agree that to ignore history would be foolish, thus my providing context via historical quotes :)
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
Fantastic idea:
1000 BTS bounty paid to the first person to get the BitShares community to adopt a new term to substitute for the word "exchange," because since there is actually no real "exchange" occurring.
The AML issue that we have is this: If you register your real identity on the BitShares blockchain (like Facebook), then you get $5 BitUSD (you will get uninterested leeches registering their whole families and dead people too so $10 is probably too much).
BitShares - we're not a decentralized exchange, but a ___(1000BTS bounty)_________
Changing your name is all the rage lately, look at what it did for DASH!
BitShares - we're not a decentralized exchange, but a Decentralized Market Maker
I agree that to ignore history would be foolish, thus my providing context via historical quotes :)
The quotes you used were of the gross excesses and not the reasons we do need some Government. If you do agree, you're trying to prove the wrong point. Government is not there to care for us, like some parent. It's there as a defence and enabler on our behalf, for what we have no opportunity to tackle. The stupidities and overreach should be criticized but it's lazy to default to "a Government or none".
There is no such thing as "just a little" government. Power will always want to grow and eat anything that it sees as a threat.
I think the best thing we as humans can do is have "governments" but people can leave them at any time and create/join a new one.
Literally everywhere you look today you see what? Government excess. That is what you see and that is why we are where we are.
@kencode: I'd like to believe that a solution is possible, but I gotta admit that I've developed my doubts over the years. I kinda lost faith in the good of man as a general principle.
One thing I've learned in the army is that hierarchy and force are more practical and effective means to keep peace and a semblance civilization than I previously wanted to believe."keep the peace"?
Also pure capitalism might lead to cyberpunkian Bladerunneresque futures, where megacorps own your ass. And I know that's pretty much how it is now, where megacorps own the politicians, media and law, but for now they still have to keep a semblance of the socalled democracy.
There is no such thing as "just a little" government. Power will always want to grow and eat anything that it sees as a threat.
decentralized market mirror ;D
Fabulous, is :
"blahblah7up"
your BTS address?
No.
BTS7wV5P8n5jVqo2AF5ycS2aX8aDXk9e2B85WFoyoJoJpYMQ6p7YW
Wow, thanx!
Frankly, your name sucks (TITAN)... Hard to memorize and pronounce, what language is it? Do you know what year it is? Dan spent all that time making this easy and you go and name your kid:
BTS7wV5P8n5jVqo2AF5ycS2aX8aDXk9e2B85WFoyoJoJpYMQ6p7YW
Anyway, I ain't sending the rest until you confirm receipt of the first 100. I probably sent it to a squatter that changed your name by 1 character blabla6up... ok?
If you can't tell, I don't use the same computer for copying and pasting this pretty prose as I do sending and receiving cashmoney (and I cannot type)(I hunt and peck).
Dan made TITAN so we didn't have to do this dance no more....
(http://skepticlawyer.com.au/files/2012/09/4-barter1.png)
honor him man..use the tool.
Ah, forget it, I'm sending the rest... hope I did not accidentally send it to:
BTS7wV5P8n5jVqo2AF5ycS2aX8aDXk9e2B85WFoyoJojpYMQ6p7YW
peace