Jon Matonis – Why There Is a Demand for Liberty Reserve’s Services:
E-currency expert and Bitcoin Foundation board member Jon Matonis (@JonMatonis) authored an article for Payments Source describing the attributes of Liberty Reserve and why a digital payments system with those attributes is so valuable. Excerpts:
“In a free society with a market-driven economy, payment privacy and payment finality are legitimate and useful features of a currency – physical or digital.”
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“By default, Federal Reserve-issued physical cash comes with payment privacy and payment finality.”
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“Once troublesome physical cash is finally eradicated, any digital currency with privacy and irreversibility attributes will be next for scheduled termination. In the case of Liberty Reserve, It’s not the individual infractions committed by clients of Liberty Reserve that are worrisome to the regulators, it’s the fact that a semi-reliable platform for private payments existed in the first place.”
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“If banks and traditional financial institutions still respected basic client privacy and facilitated some form of digital payments that did not always involve harmful reversibility to the merchants, then companies like Liberty Reserve wouldn’t even be necessary.”
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“To protect themselves, merchants require payment finality or irreversible payment methods. That means using only international wires or services like Liberty Reserve.”
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“Business sectors that benefit from payment finality include [gold bullion sales,] online casino gaming, sports betting, lotteries, adult services, pawn shops, credit repair services, debt settlement services, and virtual currency exchanges that involve the trade of other negotiable instruments or the loading of prepaid cards.”
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“The Liberty Reserve payment system acted as an international wire service for regions of the world that were totally ignored or blockaded by SWIFT and the international banking system.”
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“Choice in currency is a freedom of speech issue. Failing to recognize that fact only serves to strengthen the entrenched payment oligarchies and to undermine personal liberties in the transactions environment.”
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“Expect to see a lot more [money exiting the digital banking system] especially since the free market has been mostly stripped of digital payment finality and ‘Cyprus-ed’ has become a verb.”
– http://bit.ly/17lMoof
– http://bitcointalk.org/index.php?topic=225350.0 (Further discussion of the article)
All News – Daily E-mail Subscription – Twitter: @BitcoinNews
Jon Matonis – Why There Is a Demand for Liberty Reserve’s Services:
E-currency expert and Bitcoin Foundation board member Jon Matonis (@JonMatonis) authored an article for Payments Source describing the attributes of Liberty Reserve and why a digital payments system with those attributes is so valuable. Excerpts:
“In a free society with a market-driven economy, payment privacy and payment finality are legitimate and useful features of a currency – physical or digital.”
–
“By default, Federal Reserve-issued physical cash comes with payment privacy and payment finality.”
–
“Once troublesome physical cash is finally eradicated, any digital currency with privacy and irreversibility attributes will be next for scheduled termination. In the case of Liberty Reserve, It’s not the individual infractions committed by clients of Liberty Reserve that are worrisome to the regulators, it’s the fact that a semi-reliable platform for private payments existed in the first place.”
–
“If banks and traditional financial institutions still respected basic client privacy and facilitated some form of digital payments that did not always involve harmful reversibility to the merchants, then companies like Liberty Reserve wouldn’t even be necessary.”
–
“To protect themselves, merchants require payment finality or irreversible payment methods. That means using only international wires or services like Liberty Reserve.”
–
“Business sectors that benefit from payment finality include [gold bullion sales,] online casino gaming, sports betting, lotteries, adult services, pawn shops, credit repair services, debt settlement services, and virtual currency exchanges that involve the trade of other negotiable instruments or the loading of prepaid cards.”
–
“The Liberty Reserve payment system acted as an international wire service for regions of the world that were totally ignored or blockaded by SWIFT and the international banking system.”
–
“Choice in currency is a freedom of speech issue. Failing to recognize that fact only serves to strengthen the entrenched payment oligarchies and to undermine personal liberties in the transactions environment.”
–
“Expect to see a lot more [money exiting the digital banking system] especially since the free market has been mostly stripped of digital payment finality and ‘Cyprus-ed’ has become a verb.”
– http://bit.ly/17lMoof
– http://bitcointalk.org/index.php?topic=225350.0 (Further discussion of the article)
All News – Daily E-mail Subscription – Twitter: @BitcoinNews
Charlie Shrem is 23 years old and one of the leading Bitcoin entrepreneurs, having founded BitInstant …
The post Charlie Shrem: Bitcoin is cash with wings appeared first on Bitcoin Magazine.
Charlie Shrem is 23 years old and one of the leading Bitcoin entrepreneurs, having founded BitInstant …
The post Charlie Shrem: Bitcoin is cash with wings appeared first on Bitcoin Magazine.
Tech in AsiaBitfash Converts Your Bitcoins Into Fashion From Top BrandsTechCrunchIs your Bitcoin stash burning a hole in your digital wallet? Bitfash is a new startup that wants to help you spend your bitcoins on clothing from top fashion brands. Based…
The AwlTalking Bitcoin At The Bitcoin ConventionThe AwlThe world-altering monetary miracle and/or freakshow that is Bitcoin was on full display at the Bitcoin 2013 conference in San Jose this May. There were more than a thousand attendees, among them b…
The Awl |
Talking Bitcoin At The Bitcoin ConventionThe AwlThe world-altering monetary miracle and/or freakshow that is Bitcoin was on full display at the Bitcoin 2013 conference in San Jose this May. There were more than a thousand attendees, among them bankers, libertarians, conspiracy theorists, sea ... |
In recent years the position of the US dollar as the global reserve currency has been increasingly challenged in both the words and actions of international leaders. Disapproval of the unique benefits reserve status offers to the US have led to demand for change, yet viable challengers to that role have yet to arise. The problem is not that the reserve currency is issued by the United States, the problem is that it’s tied to any state at all. So long as the reserve currency is issued by one or more nations and subject to manipulation for the purpose of serving political agendas, as has been the case throughout history, the very idea of a free market economy is impossible to achieve. Only recently through bitcoin has the notion of a currency that can be easily traded and is not tied to any central entity become a reality. Subject to Politics Issuance of national currency is inherently tied to the will of central planning authorities within that country. In the…
The post The Time For A Stateless Global Reserve Currency Is Fast Approaching appeared first on The Genesis Block.
In recent years the position of the US dollar as the global reserve currency has been increasingly challenged in both the words and actions of international leaders. Disapproval of the unique benefits reserve status offers to the US have led to demand for change, yet viable challengers to that role have yet to arise. The problem is not that the reserve currency is issued by the United States, the problem is that it’s tied to any state at all. So long as the reserve currency is issued by one or more nations and subject to manipulation for the purpose of serving political agendas, as has been the case throughout history, the very idea of a free market economy is impossible to achieve. Only recently through bitcoin has the notion of a currency that can be easily traded and is not tied to any central entity become a reality. Subject to Politics Issuance of national currency is inherently tied to the will of central planning authorities within that country. In the…
The post The Time For A Stateless Global Reserve Currency Is Fast Approaching appeared first on The Genesis Block.
CoinDeskWM-Center bitcoin Exchange Seized by U.S. GovernmentCoinDeskFollowing the closure of Liberty Reserve, another well-known bitcoin exchange has been closed down by the U.S. Government. The domain has been seized by the United States Global Illici…
CoinDesk |
WM-Center bitcoin Exchange Seized by U.S. GovernmentCoinDeskFollowing the closure of Liberty Reserve, another well-known bitcoin exchange has been closed down by the U.S. Government. The domain has been seized by the United States Global Illicit Financial Team, with a warrant obtained in the district of ... |