[ExI] Bitcoin To Be Screwed up by the Government

[Eugen Leitl]

On Tue, Apr 09, 2013 at 12:13:37AM -0600, Kelly Anderson wrote:
> The government is now requiring the bitcoin exchanges to register and

The interesting part of a p2p cybercurrency is when you no longer
need to convert it. (And of course there's https://localbitcoins.com/
which will work until they outlaw cash -- which they're trying
to, as cash transactions can fly under the tax radar).

> report all exchanges to the government. This means if you ever convert

We have a world government now?

> bitcoins to dollars, the government will have your name and number.

I've tried receiving 3000 USD yesterday, via Paypal. As with anything
Paypal the amount of aggravation is considerable. The transaction limit
they post is a lie. They say you can receive 2500 EUR per year, but
in reality they lock your account at 1800 EUR already. So not only
are Paypal liars, they're thieves, too. The first thing I did is
to shut down my private account (which was quite hard to do, I
wonder why). Once the transaction has gone through I will do the
same with my business account.

The likes of Paypal and Western Union should beware, their business
model is shrivelling on the vine.
 
> http://www.fincen.gov/statutes_regs/guidance/pdf/FIN-2013-G001.pdf
> 
> They have mercifully stopped short of regulating you if you mine your own
> coins and spend them directly on the silk road, for example.
> 
> I really feel a need to get into this. Soon. But no money, no funny.