Bitcoin is Memory
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While this doesn’t immediately concern FeatherCoin, the principle still applies. The logic behind this argument places cryptocoins into a class separate from conventional currency, thereby excusing them from regulation concerning “money laundering” or whatever else the feds want to attack them with. It’s my opinion that we should go forward in designing exchanges and services with this rationale in mind, and once the legal problems present themselves we must fight them in the courts with this logic. It’s time we all grow a pair of testicles.
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Why not add anti laundering to our repertoire?
Create a coin washing service which says how much per instance the service is willing to cover.
Add a moral dimension.
Advertise it.
Encourage people to only use the service which caters to normal folks (like journalists).
Ask people not to use services that handle big size (which would benefit attackers).In one fell swoop you do a better job than FINCEN, shut up the stupid fear mongering critics, declare allegiance with the people, and provide something that is useful.
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Glad you liked the article. :)
I’ve already written a coin washing service. It’s sitting in my Eclipse workspace folder. It uses BitcoinJ and MySQL. Got some great domains for it and everything. Got a nice JSON-RPC interface, still working on the web site. It’s great code in theory: You specify the address to send to, it generates an address for you to send to, and it ensures that whatever you send, that address gets sent from OTHER people’s sends, never your own. Lots of features to manally/automatically expire sends to cover tracks, and the whole nine yards. Fees are automatically sent to 1 time addresses as well.
I’ve not released it because I’m unsure of how to tackle the liquidity problem: Let’s say someone actually uses it to wash 10,000 BTC. It would take other people also washing 10,000 BTC in order to fulfill that order… and I fear that low volume could get people trapped with their coins just coming in in small trickles over days/weeks, people would get pissed off that they sent it and then didn’t receive it right away, and the whole thing would be a waste of time.
With these things reputation is EVERYTHING, so until I figure out how to deal with that problem, it’ll just continue to sit there I imagine.
I’m not sure what you mean about ‘adding a moral dimension’ though. The entire point is that you get coins which have no ties to your coins, thereby giving you total plausable deniability in the case of a raid where your wallet is siezed and they try to trace your transactions through the block chain. Also, ZeroCoin makes it pretty unnecessary.
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[quote name=“Kevlar” post=“15428” timestamp=“1371327578”]
I’m not sure what you mean about ‘adding a moral dimension’ though. The entire point is that you get coins which have no ties to your coins, thereby giving you total plausable deniability in the case of a raid where your wallet is siezed and they try to trace your transactions through the block chain. Also, ZeroCoin makes it pretty unnecessary.
[/quote]They don’t care about plausible deniability. They will trash the entire category. If you don’t define your space positively, someone else will define it. Bitcoin and alts are a threat to control freaks. They will bring up the “THINK OF THE CHILDREN” argument regardless what the evidence is. As long as the judge and jury don’t understand it, you’re going to jail.
Put a decent service together that covers the needs of the people and it will gain a positive reputation. Put a service that does not care whom it serves, and not only will you be ostracized, but you’ll probably have the same bankers who hate us, USING IT!
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Seriously zero has a solid point, with services like this - Crypto will be in the same place it is now in another 100 years. :-\ In fact no, it will be running from the blade runners on a darker net of tor. :)
It’s great being all decentralised & and unaccountable for by the taxmen of Governments - But as an example - who pays the binman? Or are we all planning on living in a world full of shit… Literally. :-\
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[quote name=“Kevlar” post=“15428” timestamp=“1371327578”]
I’ve not released it because I’m unsure of how to tackle the liquidity problem: Let’s say someone actually uses it to wash 10,000 BTC. It would take other people also washing 10,000 BTC in order to fulfill that order… and I fear that low volume could get people trapped with their coins just coming in in small trickles over days/weeks, people would get pissed off that they sent it and then didn’t receive it right away, and the whole thing would be a waste of time.
[/quote]Limit the amount to start. Increase w/demand.
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It’s not a bad idea actually. Perhaps I will.
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[quote name=“d2” post=“15591” timestamp=“1371364202”]
[quote author=zerodrama link=topic=1913.msg15472#msg15472 date=1371333272]
They will bring up the “THINK OF THE CHILDREN” argument regardless what the evidence is. As long as the judge and jury don’t understand it, you’re going to jail.
[/quote]Wisdom.
[/quote]true dat
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[quote]Is Bitcoin a more efficient currency for illegal activities than physical currency? How anonymous is it?[/quote]
http://www.coindesk.com/world-bank-forum-weighs-pros-cons-of-virtual-currencies/
