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... article: Why Know-Your-Customer Rules Won’t Work With Bitcoin (CoinDesk)
In one of your hearings, Jeremy Liew already gave you the perfect answer: there's no such thing as eliminating bad behavior... it's a trade-off. Fred Wilson and Barry Silbert both gave excellent insights on how regulation should look like: costly compliance will do no more than push innovation towards other more friendly jurisdictions, and it would help a lot if you could be very clear about which players (e.g. payment processors, miners) won't be regulated.
First of all, a reality check. Even if the government of every major country outright ban cryptocurrencies, they won't go away. And let's not be naive: cryptocurrencies will facilitate malicious money transactions. The US could for instance try to ban tumblers, but they will exist outside the US. In the near future, it will be impossible to prevent people from using Zerocash as a Bitcoin side-chain to anonymize their bitcoins. Most of these people just want privacy, and didn't commit any crime.
So how do you minimize bad behavior? Overregulation is definitely not the answer. A serious money launderer will not buy or sell bitcoins from an exchange in the US anyway (even if totally unregulated), the same way terrorists do not communicate through unencrypted emails sent from their home internet connection. Bad behavior demands very specialized uses of the available tools.
Please keep in mind how we treat today this trade-off issue for other related tools: cash and the internet. Their regulation strongly favor convenience and openness over bad behavior obsession. And indeed it should be just like that. People are allowed to use cash with very little restrictions, even if it's perfect for selling drugs. On that same note, the possibility of a child pornographer being empowered by the internet should not be an excuse to impose restrictions on every internet user.
The world of finance will be much better off with a thriving cryptocurrency ecosystem, the same way the world of communication is much better off with a free and open internet. Cryptocurrency holds amazing possibilities for humanity, and it's a platform for a whole new world order. IMHO someone who is not quite convinced of it yet probably hasn't studied the subject deeply enough. I'm sure this community would love to help you and your staff on that learning process. Please take your time to understand very well even the technical details of what you are trying to regulate.
Bitcoin is a tool. It will enable everybody, from good actors to bad actors. Government should try to fight wrongdoing itself, and not the general use of this tool, because its long term benefits to society far outweigh the dangers.
The apparent cause of the Great Bitcoin Schism Of 2015 was a technical dispute over Bitcoin's block size.
As the always-perspicacious Fred Wilson put it, describing the first debate, "I liken it to this. Should Bitcoin be Gold or should Bitcoin be Visa." Hearn's vision was Bitcoin-as-Visa; a single vast transactional network.
In theory, the Bitcoin miners who have put many millions of dollars into their custom hardware decide what happens to the Bitcoin network.
Bitcoin Core favors a different plan to increase Bitcoin's capacity.
I suspect things would have gone very differently if the Bitcoin Core folks had made what Ryan Shea calls "The scaling announcement they should have made." And I suspect that, as cooler heads correctly observe, these are inevitable growing pains, a healthy clash of cross-pollinating ideas that will be good for the Bitcoin project and ecosystem in the long run.
Bitcoin's runaway success, and the Great Bitcoin Schism Of 2015, have heightened the two uncomfortable fundamental contradictions still lurking darkly at its heart like Grendel.
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Fred Wilson Bitcoin Miner at Bitcoin Trading San Francisco Bay Area 25 connections. Join to Connect. Bitcoin Trading. Report this profile; Activity. Please sit at home and trade well without no ... Fred Wilson Explains Why Warren Buffett Doesn’t Get Bitcoin. by Kyle Torpey. May 17, 2018. Yesterday, May 16, 2018, well-known venture capitalists Fred Wilson and Balaji Srinivasan, the latter of which is now the CTO at Coinbase, had a chat with Wall Street Journal reporter Paul Vigna on the mainstage of Consensus 2018. During the discussion, Srinivasan and Wilson were asked for their ... Fred Wilson, the venture capitalist known for backing Twitter (twtr) and Tumblr, has made a big bet on blockchain cryptocurrencies including Bitcoin—and Fred Wilson Auto Added by WPeMatico. Home » Fred Wilson. Mar 10 2020. The 35 Most Influential Bitcoiners Dominating Crypto Twitter by Follower Count – Bitcoin News ... Wilson Fred Bitcoin Miner at eliteic.co Dallas/Fort Worth Area 4 connections. Join to Connect. ELIT ICON CONSTRUCTION. International University of Leadership, USA. Report this profile; Activity ...
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