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Bitcoin??

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  • Bob Wynman
    Randist Bo7b aka Bob Wynman WWP Email Member (bobalou@wynman.com) Lou & I attended two different presentations on bitcoins at the Libertopia celebration in San
    Message 1 of 5 , Sep 7, 2013
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      Randist Bo7b aka Bob Wynman WWP Email Member (bobalou@...) Lou & I attended two different presentations on bitcoins at the Libertopia celebration in San Diego last week ... & still know next to nothing 'bout them. We don't even know how/where to buy or sell them ... which we're considering doing.

      Are you familiar with the bitcoin concept?

      This item just showed up & we're not sure if it's good news for Bitcoin or not-so-good:

      "Bitcoin dealers seek official regulation for digital tokens
      Digital transaction system can be used for new businesses and to promote growth, officials told at Downing Street meeting

      Follow Charles Arthur by emailBeta
      a.. Share 40
      b.. c..
      d..
      e.. inShare15
      f.. Email
      a.. Charles Arthur, technology editor
      b.. The Guardian, Thursday 5 September 2013 13.20 EDT

      Bitcoin's potential and financial innovation were discussed during a Downing Street meeting. Photograph: Luismmolina/Getty Images
      Bitcoin dealers have told the British government that it should introduce regulation for the digital tokens so they can be used for new businesses and to promote growth.

      At a Downing Street meeting on Wednesday, smaller banks, finance houses and Bitcoin companies told officials that big banks are blocking the creation of business accounts for money remittance because of fears over financial crime.

      The meeting, attended by about 40 people, included high-level civil servants from the Department for Business, Innovation and Skills and other government departments interested in Bitcoin's potential, and more generally in how to encourage financial innovation in Britain.

      While US and German regulators have introduced some regulatory guidance around Bitcoin in recent months - with one US judge ruling that it is a currency, and the German finance ministry ruling it could be used for private transactions - there is no such recognition in the UK.

      Bitcoin is an entirely digital transaction system with no central issuing authority, but where each "coin" is produced by computers solving extremely complex cryptographic problems. They can be transferred anonymously, making it unclear who is providing or receiving payments.

      The supply of coins is limited by nature; about half have been "mined" since Bitcoin appeared in 2009, but that process will continue at an ever slower rate until 2140. The lack of a central issuer has led to wide swings in its value against currencies such as the pound and dollar - although in general it has appreciated against them.

      Tom Robinson, a 32-year-old entrepreneur who was present at the 90-minute meeting, and aims to launch a virtual currency exchange called BitPrice, said that the principal complaint was that banks are blocking the creation of new accounts for money remittances.

      "I think it comes from the fines that HSBC got in the US over money-laundering recently," he told the Guardian. In December 2012, HSBC chose to accept a $1.9bn (£1.2bn) fine from US regulators rather than face prosecutors. US investigations found that a "blatant failure" in implementing anti-money-laundering controls had allowed Mexican drug cartels and terrorists to funnel money through the bank.

      Robinson, who set up BitPrice to enable exchanges between Bitcoin and currencies such as sterling, said he would welcome regulation even if it made transactions more cumbersome.

      The lack of regulation at present means there is no compensation for anyone who carries out a Bitcoin transaction and loses all their money through fraud or failure on the part of the enabler. That has not proved to be a barrier to transactions, but Robinson thinks that regulation would nonetheless have a positive effect.

      Concerns that Bitcoin transactions are in effect anonymous - because no name need be attached to the "wallet" receiving or sending the coins - could easily be overcome, said Robinson. "Anonymity might be something that has to go if it's to become mainstream," he said. "But in reality you can see where every Bitcoin goes through the system."

      That is because each is unique, and has to be verified by solving the cryptographic problem to be transferred. "If you cash it in to pounds or dollars, you can see who has made that transaction by normal methods."

      Robinson said he was optimistic at the end of the meeting about the prospects, but there is no clear timeline for implementation."


      --------------------------------------------------------------------------------


      A businessman's success depends on his intelligence, his knowledge, his productive ability, his economic judgment-and on the voluntary agreement of all those he deals with: his customers, his suppliers, his employees, his creditors or investors. A bureaucrat's success depends on his political pull. A businessman cannot force you to buy his product; if he makes a mistake, he suffers the consequence. ~ Ayn Rand

      "When I die, I want to go to Heaven, whatever the hell that is." -- Ayn Rand

      --bob & lou
    • Bob Wynman
      Randist Bo7b aka Bob Wynman WWP Email Member (bobalou@wynman.com) Lou & I attended two different presentations on bitcoins at the Libertopia celebration in San
      Message 2 of 5 , Sep 8, 2013
      Randist Bo7b aka Bob Wynman WWP Email Member (bobalou@...) Lou & I attended two different presentations on bitcoins at the Libertopia celebration in San Diego last week ... & still know next to nothing 'bout them. We don't even know how/where to buy or sell them ... which we're considering doing.

      Are you familiar with the bitcoin concept?

      This item just showed up from Dennis & we're not sure if it's good news for Bitcoin or not-so-good:

      "Bitcoin dealers seek official regulation for digital tokens
      Digital transaction system can be used for new businesses and to promote growth, officials told at Downing Street meeting

      Follow Charles Arthur by emailBeta
      a.. Share 40
      b.. c..
      d..
      e.. inShare15
      f.. Email
      a.. Charles Arthur, technology editor
      b.. The Guardian, Thursday 5 September 2013 13.20 EDT

      Bitcoin's potential and financial innovation were discussed during a Downing Street meeting. Photograph: Luismmolina/Getty Images
      Bitcoin dealers have told the British government that it should introduce regulation for the digital tokens so they can be used for new businesses and to promote growth.

      At a Downing Street meeting on Wednesday, smaller banks, finance houses and Bitcoin companies told officials that big banks are blocking the creation of business accounts for money remittance because of fears over financial crime.

      The meeting, attended by about 40 people, included high-level civil servants from the Department for Business, Innovation and Skills and other government departments interested in Bitcoin's potential, and more generally in how to encourage financial innovation in Britain.

      While US and German regulators have introduced some regulatory guidance around Bitcoin in recent months - with one US judge ruling that it is a currency, and the German finance ministry ruling it could be used for private transactions - there is no such recognition in the UK.

      Bitcoin is an entirely digital transaction system with no central issuing authority, but where each "coin" is produced by computers solving extremely complex cryptographic problems. They can be transferred anonymously, making it unclear who is providing or receiving payments.

      The supply of coins is limited by nature; about half have been "mined" since Bitcoin appeared in 2009, but that process will continue at an ever slower rate until 2140. The lack of a central issuer has led to wide swings in its value against currencies such as the pound and dollar - although in general it has appreciated against them.

      Tom Robinson, a 32-year-old entrepreneur who was present at the 90-minute meeting, and aims to launch a virtual currency exchange called BitPrice, said that the principal complaint was that banks are blocking the creation of new accounts for money remittances.

      "I think it comes from the fines that HSBC got in the US over money-laundering recently," he told the Guardian. In December 2012, HSBC chose to accept a $1.9bn (£1.2bn) fine from US regulators rather than face prosecutors. US investigations found that a "blatant failure" in implementing anti-money-laundering controls had allowed Mexican drug cartels and terrorists to funnel money through the bank.

      Robinson, who set up BitPrice to enable exchanges between Bitcoin and currencies such as sterling, said he would welcome regulation even if it made transactions more cumbersome.

      The lack of regulation at present means there is no compensation for anyone who carries out a Bitcoin transaction and loses all their money through fraud or failure on the part of the enabler. That has not proved to be a barrier to transactions, but Robinson thinks that regulation would nonetheless have a positive effect.

      Concerns that Bitcoin transactions are in effect anonymous - because no name need be attached to the "wallet" receiving or sending the coins - could easily be overcome, said Robinson. "Anonymity might be something that has to go if it's to become mainstream," he said. "But in reality you can see where every Bitcoin goes through the system."

      That is because each is unique, and has to be verified by solving the cryptographic problem to be transferred. "If you cash it in to pounds or dollars, you can see who has made that transaction by normal methods."

      Robinson said he was optimistic at the end of the meeting about the prospects, but there is no clear timeline for implementation."


      --------------------------------------------------------------------------------


      A businessman's success depends on his intelligence, his knowledge, his productive ability, his economic judgment-and on the voluntary agreement of all those he deals with: his customers, his suppliers, his employees, his creditors or investors. A bureaucrat's success depends on his political pull. A businessman cannot force you to buy his product; if he makes a mistake, he suffers the consequence. ~ Ayn Rand

      "When I die, I want to go to Heaven, whatever the hell that is." -- Ayn Rand

      --bob & lou
    • Bob Wynman
      Randist Bo7b aka Bob Wynman WWP Email Member (bobalou@wynman.com) Thanks, Mark, We ll check that uTube link. Yes, Jeffrey Tucker took over the master of
      Message 3 of 5 , Sep 8, 2013
      • 0 Attachment
        Randist Bo7b aka Bob Wynman WWP Email Member (bobalou@...) Thanks, Mark,
        We'll check that uTube link.

        Yes, Jeffrey Tucker took over the master of ceremonies this year (his first
        time at Libertopia) for Stefan Molyneux, who is dealing with mandibular
        lymphoma presently. We've been his customers at laissez Faire for many
        years. He did a great job at Libertopia.

        Here's a note from Jerry:

        "Yes, I'm in the same shoes. ....confused. ....and hoping that true
        peer-to-peer, private money will evolve.

        You probably know Jeffrey Tucker (He probably was at Libertopia?). Jeff
        Berwick (Dollar Vigilante) stepped back from Bitcoin after an initial
        attempt to set up Bitcoin transacting ATM's.

        Do you follow "The Seastead Institute"? ...or "The Keshe Foundation"?

        Take care both of you.
        Jerry

        "Don't launder your money. Bring it to the dry-cleaner."

        IRS\"

        --bob & lou

        ----- Original Message -----
        From: "Mark Hovila" <hovila@...>
        To: "Bob Wynman" <bobalou@...>
        Cc: <Rightisright@yahoogroups.com>; <spaceland@yahoogroups.com>;
        <welcome_hotel@yahoogroups.com>; <World-wide_Politics@yahoogroups.com>
        Sent: Sunday, September 08, 2013 12:48 AM
        Subject: [SpaceLand] Re: Bitcoin??


        I find it confusing too, Bob. A few months ago I was thinking about offering
        to take bitcoins as payment for my deposition services. I went so far as to
        download a "wallet" on my computer. And that's as far as I got with it.
        Jeffrey Tucker, who now owns Laissez Faire Books and writes stuff on
        lewrockwell.com, Mises Institute and elsewhere, seems to know quite a bit
        about it. You might search for what he has written about it. He probably has
        done some Youtube videos on it.

        Well, here's a start:
        http://www.humblelibertarian.com/2013/08/jeffrey-tucker-talks-bitcoin-and-do-it.html

        Mark

        On Sep 7, 2013, at 8:43 PM, Bob Wynman wrote:

        > Lou & I attended two different presentations on bitcoins at the Libertopia
        > celebration in San Diego last week ... & still know next to nothing 'bout
        > them. We don't even know how/where to buy or sell them ... which we're
        > considering doing.
        >
        > Are you familiar with the bitcoin concept?
        >
        > This item just showed up from Dennis & we're not sure if it's good news
        > for Bitcoin or not-so-good:
        >
        > "Bitcoin dealers seek official regulation for digital tokens
        > Digital transaction system can be used for new businesses and to promote
        > growth, officials told at Downing Street meeting
        >
        > Follow Charles Arthur by emailBeta
        > • Share 40
        > •
        > •
        > •
        > • inShare15
        > • Email
        > • Charles Arthur, technology editor
        > • The Guardian, Thursday 5 September 2013 13.20 EDT
        >
        > Bitcoin's potential and financial innovation were discussed during a
        > Downing Street meeting. Photograph: Luismmolina/Getty Images
        > Bitcoin dealers have told the British government that it should introduce
        > regulation for the digital tokens so they can be used for new businesses
        > and to promote growth.
        >
        > At a Downing Street meeting on Wednesday, smaller banks, finance houses
        > and Bitcoin companies told officials that big banks are blocking the
        > creation of business accounts for money remittance because of fears over
        > financial crime.
        >
        > The meeting, attended by about 40 people, included high-level civil
        > servants from the Department for Business, Innovation and Skills and other
        > government departments interested in Bitcoin's potential, and more
        > generally in how to encourage financial innovation in Britain.
        >
        > While US and German regulators have introduced some regulatory guidance
        > around Bitcoin in recent months – with one US judge ruling that it is a
        > currency, and the German finance ministry ruling it could be used for
        > private transactions – there is no such recognition in the UK.
        >
        > Bitcoin is an entirely digital transaction system with no central issuing
        > authority, but where each "coin" is produced by computers solving
        > extremely complex cryptographic problems. They can be transferred
        > anonymously, making it unclear who is providing or receiving payments.
        >
        > The supply of coins is limited by nature; about half have been "mined"
        > since Bitcoin appeared in 2009, but that process will continue at an ever
        > slower rate until 2140. The lack of a central issuer has led to wide
        > swings in its value against currencies such as the pound and dollar –
        > although in general it has appreciated against them.
        >
        > Tom Robinson, a 32-year-old entrepreneur who was present at the 90-minute
        > meeting, and aims to launch a virtual currency exchange called BitPrice,
        > said that the principal complaint was that banks are blocking the creation
        > of new accounts for money remittances.
        >
        > "I think it comes from the fines that HSBC got in the US over
        > money-laundering recently," he told the Guardian. In December 2012, HSBC
        > chose to accept a $1.9bn (£1.2bn) fine from US regulators rather than face
        > prosecutors. US investigations found that a "blatant failure" in
        > implementing anti-money-laundering controls had allowed Mexican drug
        > cartels and terrorists to funnel money through the bank.
        >
        > Robinson, who set up BitPrice to enable exchanges between Bitcoin and
        > currencies such as sterling, said he would welcome regulation even if it
        > made transactions more cumbersome.
        >
        > The lack of regulation at present means there is no compensation for
        > anyone who carries out a Bitcoin transaction and loses all their money
        > through fraud or failure on the part of the enabler. That has not proved
        > to be a barrier to transactions, but Robinson thinks that regulation would
        > nonetheless have a positive effect.
        >
        > Concerns that Bitcoin transactions are in effect anonymous – because no
        > name need be attached to the "wallet" receiving or sending the coins –
        > could easily be overcome, said Robinson. "Anonymity might be something
        > that has to go if it's to become mainstream," he said. "But in reality you
        > can see where every Bitcoin goes through the system."
        >
        > That is because each is unique, and has to be verified by solving the
        > cryptographic problem to be transferred. "If you cash it in to pounds or
        > dollars, you can see who has made that transaction by normal methods."
        >
        > Robinson said he was optimistic at the end of the meeting about the
        > prospects, but there is no clear timeline for implementation."
        >
        >
        > A businessman’s success depends on his intelligence, his knowledge, his
        > productive ability, his economic judgment—and on the voluntary agreement
        > of all those he deals with: his customers, his suppliers, his employees,
        > his creditors or investors. A bureaucrat’s success depends on his
        > political pull. A businessman cannot force you to buy his product; if he
        > makes a mistake, he suffers the consequence. ~ Ayn Rand
        >
        > "When I die, I want to go to Heaven, whatever the hell that is." -- Ayn
        > Rand
        >
        > --bob & lou
        > <pin_it_button.png><icon-email.png><A-bitcoin-010.jpg>



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