tag:blogger.com,1999:blog-2595455932654799850.post8305612336706150087..comments2023-11-02T10:55:07.208+01:00Comments on The Monetary Future: Coinbase: Swapping Bitcoin Privacy for Banking ConvenienceJon Matonishttp://www.blogger.com/profile/04111660030028727950noreply@blogger.comBlogger13125tag:blogger.com,1999:blog-2595455932654799850.post-86736634138019074892013-10-15T18:44:31.472+02:002013-10-15T18:44:31.472+02:00CAUTION: Coinbase is not trustworthy! Don't ...CAUTION: Coinbase is not trustworthy! Don't give them your banking or credit card information. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2595455932654799850.post-61713095900980442332013-06-05T20:33:52.499+02:002013-06-05T20:33:52.499+02:00The way the government will eventually attack bitc...The way the government will eventually attack bitcoin is to go after people for not maintaining full records and paying taxes. It is that simple.<br /><br />The response will be "There is nothing illegal about using bitcoin and no laws are passed, but you John Doe did not keep records and pay your taxes as an honest citizen, thus you are going to jail".<br /><br />I plan on making a ton of money on bitcoin, and I would like to be able to use that money at some point by bringing some of it back into the system, which eventually everyone has to do at some point. There is no point in dying and being buried with your offline paper wallet.<br /><br />To do this I have to keep records and pay the IRS in an honest way. There is no way out of that. If later the IRS defines rules on how to account for various transactions that slightly change the tax owed, as long as I made a good faith effort there is nothing the government can do and I can profit off of my BTC investments.<br /><br />So why would anyone have a problem with coinbase? They actually make this easier by keeping records. Everyone will have to be tax compliant at some point, might as well get on board. <br /><br />The whole bitcoin project is not about hiding money, but to create an honest system where the evil bankers can't just print themselves money whenever they want.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2595455932654799850.post-19757298435449060582013-03-12T13:33:47.989+01:002013-03-12T13:33:47.989+01:00That's better because it's open for all to...That's better because it's open for all to see and scrutinize.<br />Now take your paranoid delusions to PrisonPlanet.comAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2595455932654799850.post-9004257919253018652013-03-12T13:32:37.496+01:002013-03-12T13:32:37.496+01:00Excellent points, npcomplete!Excellent points, npcomplete!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2595455932654799850.post-56258696008368746472013-02-27T15:57:13.154+01:002013-02-27T15:57:13.154+01:00I can understand the sentiment, but that film miss...I can understand the sentiment, but that film misses the root cause. So what if he was bribed? So what if banks paid a ton of money for an undisclosed commission? If these entities were no different than any other private entity, what difference would it make?<br /><br />So you point out to the collusion, the fascist nature of the banking system. Ok, yes.. and where do they get their power from? The state.<br /><br />You know the problem isn't even with the existence of the Fed itself, it's the monopoly power given to it by.. you guessed it, the state. Take away legal tender laws (and all other restrictions) and the Fed and their client banks becomes powerless. It wouldn't matter how many academics you bribe, for they would have no influence on shaping policy, since there would be no policy to begin with!<br /><br />npcompletehttps://www.blogger.com/profile/09180638009713314654noreply@blogger.comtag:blogger.com,1999:blog-2595455932654799850.post-82886197938399589442013-02-27T15:18:58.286+01:002013-02-27T15:18:58.286+01:00All the critics so far have just attacked strawmen...All the critics so far have just attacked strawmen and have said nothing against the merits of this article on the privacy risks involves in these types of services.<br /><br />I appreciate that there are some people pointing out risks that are subtle or not so apparent, something that can get overlooked when considering coinbase and similar service's good utility.<br /><br />There are also relatively few high level people who are as vocally anti-statist like Jon here. It isn't necessarily the centralization that's the issue; it's how such services make vulnerable your privacy to state force!<br />npcompletehttps://www.blogger.com/profile/09180638009713314654noreply@blogger.comtag:blogger.com,1999:blog-2595455932654799850.post-20664916074285203672013-02-26T18:53:44.681+01:002013-02-26T18:53:44.681+01:00> the open source 'volunteers' could be...> the open source 'volunteers' could be nefariously co-opted by governments or large mining pools.<br /><br />Ah, right, so instead the developers can be co-opted by MtGox, who provide 95% of The bitcoin fundation's budget.<br /><br />Of course.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2595455932654799850.post-36893110416895302612013-02-26T18:48:19.239+01:002013-02-26T18:48:19.239+01:00> because without transparent developer
> co...> because without transparent developer<br />> compensation the open source 'volunteers'<br />> could be nefariously co-opted by governments<br />> or large mining pools.<br /><br />This fails the giggle test. Columbia University<br />professor Fred Mishkin is paid a huge salary for<br />his teaching and he was still bribed into<br />committing academic fraud by the banking<br />establishment; just watch the movie _Inside Job_<br />to see how.<br /><br /> http://www.zerohedge.com/news/2013-02-23/fred-mishkins-outside-compensation-list-revealedOscar Simonshttp://www.oscar-simons.com/noreply@blogger.comtag:blogger.com,1999:blog-2595455932654799850.post-90675120056200549212013-02-26T16:38:20.725+01:002013-02-26T16:38:20.725+01:00I don't remember accusing anyone of over-centr...I don't remember accusing anyone of over-centralizing bitcoin. That's not what Coinbase does and their merchant-facing business is exemplary. I just think it feels like buying weed from the DEA.<br /><br />Actually, the Bitcoin Foundation or a similar nonprofit adds transparency and openness to Bitcoin, because without transparent developer compensation the open source 'volunteers' could be nefariously co-opted by governments or large mining pools.Jon Matonishttps://www.blogger.com/profile/04111660030028727950noreply@blogger.comtag:blogger.com,1999:blog-2595455932654799850.post-71294425931546593792013-02-26T09:07:34.882+01:002013-02-26T09:07:34.882+01:00Wow, pot calling the kettle black here or what?
Y...Wow, pot calling the kettle black here or what?<br /><br />You're some sort of spokesperson for TBTF (the bitcoin foundation) and you're accusing someone else of overcentralizing bitcoin?<br /><br />Got my laughs for the day.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2595455932654799850.post-60141680725921899012013-02-25T08:23:44.967+01:002013-02-25T08:23:44.967+01:00Of course, that is an auxiliary benefit of a distr...Of course, that is an auxiliary benefit of a distributed trust model. No one is denying that; however, a centralized scheme would be a far more efficient model if the motivation was only about fees and chargebacks. Indeed, Chaum's protocol had low fees and irreversibility features, but it was centralized at a 'verification' mint.<br /><br />The decentralization theme is where the advance lies with Satoshi's bitcoin protocol, because centralized systems are inherently prone to attack. The major difference between Bitcoin and digital cash protocols from the 1990s is the distribution of the transaction ledger which has the potential to ensure node privacy and user privacy for the purpose of survivability.Jon Matonishttps://www.blogger.com/profile/04111660030028727950noreply@blogger.comtag:blogger.com,1999:blog-2595455932654799850.post-2733653883085434562013-02-24T22:04:29.302+01:002013-02-24T22:04:29.302+01:00Actually, Satoshi wrote bitcoin for exactly the re...Actually, Satoshi wrote bitcoin for exactly the reasons—banking efficiency, and trusted third parties—that you said he did not.<br /><br />Go read the original bitcoin article: http://bitcoin.org/bitcoin.pdf.<br /><br />The first paragraph motivates bitcoin as a solution to banking efficiency, by avoiding trusted third parties:<br /><br />"Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model. Completely non-reversible transactions are not really possible, since financial institutions cannot avoid mediating disputes. The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions, and there is a broader cost in the loss of ability to make non-reversible payments for nonreversible services. With the possibility of reversal, the need for trust spreads. Merchants must be wary of their customers, hassling them for more information than they would otherwise need. A certain percentage of fraud is accepted as unavoidable. These costs and payment uncertainties can be avoided in person by using physical currency, but no mechanism exists to make payments over a communications channel without a trusted party."toomimhttps://www.blogger.com/profile/16614271766725597572noreply@blogger.comtag:blogger.com,1999:blog-2595455932654799850.post-12179833728287174962013-02-24T14:58:07.146+01:002013-02-24T14:58:07.146+01:00TIL that sharing my bank details in order to use A...TIL that sharing my bank details in order to use ACH to buy or sell Bitcoins gives away my identity to the party I am buying or selling bitcoins from, and that they may tell on me in order to remain in the business of buying and selling bitcoins via ACH should LEA or IRS ever come to ask about it.<br /><br />Boy, I'm glad somebody pointed that out or I might have caught my dick in a ceiling fan again. 8IJessehttps://www.blogger.com/profile/10390562527411424893noreply@blogger.com