Are gold and silver miners transmitting money? Pretty sure I can dig some out of the ground and sit on it, and I've not transmitted any money. Pretty sure I could watch other people dig gold out...
Are gold and silver miners transmitting money? Pretty sure I can dig some out of the ground and sit on it, and I've not transmitted any money. Pretty sure I could watch other people dig gold out of the ground and confirm how much they got. I can observe the gold even change hands and then write it down and they could pay me a fee.
Govt regulation doesn't seem to magically fix anything here, money laundering and crime is going to occur regardless of the medium. To want to destroy a new technology and asset class for this reason is unconscionable IMHO.
We already have legal precedent that bitcoin is a form of property/commodity. It works as a currency as well because its so divisible.
Not to mention the genie is out of the bottle. Squash bitcoin.. I can use the source code and protocol to make a new system as long as both parties agree on the value.
Gold and silver miners aren’t recording other people’s transactions in a ledger. Cryptocurrency “mining” is not mining at all. It’s only a metaphor, and a fairly loose one.
Gold and silver miners aren’t recording other people’s transactions in a ledger. Cryptocurrency “mining” is not mining at all. It’s only a metaphor, and a fairly loose one.
One avenue rests on an observation that Bitcoin and other cryptocurrency “miners” aren’t just creating new cryptocurrency or securing the network. They are also specifically acting as money transmitters and need to be treated that way. The U.S. government, especially the Financial Crimes Enforcement Network (FinCEN), needs to pay attention.
[...]
The mining process starts with a pile of unconfirmed digital checks, cryptographically signed by the accounts’ corresponding private keys (in public key cryptography, only the private key can generate a signature but anyone can verify the signature with the public key). Each miner takes all the checks and decides which ones they are going to consider. Miners first have to make sure that each check they consider is valid and that the sending account has sufficient funds. Miners then choose from the set of valid checks they want to include and collect them together in a “block.”
[...]
During this process the miners are making active decisions on which checks to include. Not only do the miners have to make sure checks are valid, but they also have to make numerous choices beyond this, usually focused on maximizing revenue by selecting the checks that provide the highest fee to the miner. So a miner who creates a block is explicitly making decisions about which transactions to confirm. This successful miner, like our village stonecarver, is a money transmitter.
Are gold and silver miners transmitting money? Pretty sure I can dig some out of the ground and sit on it, and I've not transmitted any money. Pretty sure I could watch other people dig gold out of the ground and confirm how much they got. I can observe the gold even change hands and then write it down and they could pay me a fee.
Govt regulation doesn't seem to magically fix anything here, money laundering and crime is going to occur regardless of the medium. To want to destroy a new technology and asset class for this reason is unconscionable IMHO.
https://www.icij.org/investigations/fincen-files/us-treasury-department-abandoned-major-money-laundering-case-against-dubai-gold-company/
We already have legal precedent that bitcoin is a form of property/commodity. It works as a currency as well because its so divisible.
Not to mention the genie is out of the bottle. Squash bitcoin.. I can use the source code and protocol to make a new system as long as both parties agree on the value.
Gold and silver miners aren’t recording other people’s transactions in a ledger. Cryptocurrency “mining” is not mining at all. It’s only a metaphor, and a fairly loose one.
From the article:
[...]
[...]