[Cryptography] BitCoin bug reported

ianG iang at iang.org
Sat Feb 15 01:40:26 EST 2014

On 14/02/2014 12:15 pm, Guido Witmond wrote:

> Personally, I see the transparency of the ledger as a good thing.
> Money is power. Power corrupts, thus money needs to be checked. I
> believe some big problems in society are due to unchecked power in
> combination with inflation.

It is indeed fascinating that we lived the last several millenia
championing financial privacy, and now we're laying it all out there
for everyone to see.

I can only presume that this either a nod to the cryptographic
elegance of the blockchain, or an bow to the vampire squid:


> I guess that's why the powers that be don't like Bitcoin, they
> don't like to be accounted, held responsible.

Old Chinese curse:  Be careful what you wish for!


Most notably, Lawsky indicated that the NYDFS now feels as though
existing money transmission regulation will not be sufficient for
virtual currency firms.

Further, he suggested the NYDFS could move to mandate that all virtual
currencies maintain a public block chain due to its potential to help
track criminal wrongdoing, and that bitcoin businesses that qualify as
money transmitters could be made to comply with certain net worth and
permissible investment requirements.


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