Jon Matonis – Bitcoin and the Rebirth of Financial Safe Havens:
E-money researcher and Bitcoin Foundation board member Jon Matonis (@JonMatonis) describes how financial privacy of individuals is being trampled upon. Excerpts:
“‘Private individuals should have more privacy [than politicians would be afforded], as they have not placed themselves into the political arena. They have not agreed to give up their privacy,’ [says Attorney Jenice Malecki (@SecuritiesLawUS)]. However, she also concedes that when it comes to offshore numbered accounts, ‘it does seem that banking secrecy is eroding. Slowly, but surely, banks are releasing information for governmental investigations.’”
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“Decentralized cryptocurrencies such as bitcoin arrived on the scene in early 2009 and now provide an outlet for personal wealth that is beyond restriction and confiscation. The exchange rate for government fiat currencies may be volatile now, but as the market price eventually finds equilibrium and stabilizes, bitcoin will become an important store of value.”
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“Think of bitcoin as your own personal financial safe haven or offshore bank.”
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“Future regulatory and confiscatory attacks on safe havens and banking secrecy will become irrelevant, because bitcoin provides for a personal ‘offshore center’ under direct and sole control of the individual.”
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“Legitimacy is a politically charged term. One person’s legitimacy may be another person’s aggressive and unjustifiable overreach. Also, what a certain government sees as legitimate may be viewed in other parts of the world as a violation of fundamental human rights. This is clearest in authoritarian regimes that impoverish and imprison their political opponents for so-called crimes against the state.”
– http://bit.ly/150p0Ly
– http://bitcointalk.org/index.php?topic=174567.0 (Further discussion of the article)
All News – Daily E-mail Subscription – Twitter: @BitcoinNews
Jon Matonis – Bitcoin and the Rebirth of Financial Safe Havens:
E-money researcher and Bitcoin Foundation board member Jon Matonis (@JonMatonis) describes how financial privacy of individuals is being trampled upon. Excerpts:
“‘Private individuals should have more privacy [than politicians would be afforded], as they have not placed themselves into the political arena. They have not agreed to give up their privacy,’ [says Attorney Jenice Malecki (@SecuritiesLawUS)]. However, she also concedes that when it comes to offshore numbered accounts, ‘it does seem that banking secrecy is eroding. Slowly, but surely, banks are releasing information for governmental investigations.’”
–
“Decentralized cryptocurrencies such as bitcoin arrived on the scene in early 2009 and now provide an outlet for personal wealth that is beyond restriction and confiscation. The exchange rate for government fiat currencies may be volatile now, but as the market price eventually finds equilibrium and stabilizes, bitcoin will become an important store of value.”
–
“Think of bitcoin as your own personal financial safe haven or offshore bank.”
–
“Future regulatory and confiscatory attacks on safe havens and banking secrecy will become irrelevant, because bitcoin provides for a personal ‘offshore center’ under direct and sole control of the individual.”
–
“Legitimacy is a politically charged term. One person’s legitimacy may be another person’s aggressive and unjustifiable overreach. Also, what a certain government sees as legitimate may be viewed in other parts of the world as a violation of fundamental human rights. This is clearest in authoritarian regimes that impoverish and imprison their political opponents for so-called crimes against the state.”
– http://bit.ly/150p0Ly
– http://bitcointalk.org/index.php?topic=174567.0 (Further discussion of the article)
All News – Daily E-mail Subscription – Twitter: @BitcoinNews
Rick Falkvinge – What We Learn From This Bitcoin Correction:
Rick Falkvinge (@Falkvinge) describes some lessons re-learned with Bitcoin’s recent exchange rate correct. Excerpts:
“An exchange [Mt. Gox] that has a ten-minute lag in trading orders at best, and is completely unreachable at worst, can barely be taken seriously as a hobby project – and certainly not as the main hub of a next-generation billion-dollar trading system. MtGox shutting down trading mid-correction was just the icing on the cake that confirmed this.”
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This was not the second peak, but something like the fourth or fifth similar event. We can be certain it is not the last.”
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“Most importantly, failure or success of short-term speculation is irrelevant to bitcoin’s eventual success as a decentralized, resilient currency.”
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“The good news, as said, is that we may expect a lot of [the exchanges] to be fixed by the next time this happens. Maybe in the spring of 2015, maybe sooner, maybe later.”
– http://bit.ly/10ZdzyK
– http://bitcointalk.org/index.php?topic=174514.0
All News – Daily E-mail Subscription – Twitter: @BitcoinNews
Rick Falkvinge – What We Learn From This Bitcoin Correction:
Rick Falkvinge (@Falkvinge) describes some lessons re-learned with Bitcoin’s recent exchange rate correct. Excerpts:
“An exchange [Mt. Gox] that has a ten-minute lag in trading orders at best, and is completely unreachable at worst, can barely be taken seriously as a hobby project – and certainly not as the main hub of a next-generation billion-dollar trading system. MtGox shutting down trading mid-correction was just the icing on the cake that confirmed this.”
–
This was not the second peak, but something like the fourth or fifth similar event. We can be certain it is not the last.”
–
“Most importantly, failure or success of short-term speculation is irrelevant to bitcoin’s eventual success as a decentralized, resilient currency.”
–
“The good news, as said, is that we may expect a lot of [the exchanges] to be fixed by the next time this happens. Maybe in the spring of 2015, maybe sooner, maybe later.”
– http://bit.ly/10ZdzyK
– http://bitcointalk.org/index.php?topic=174514.0
All News – Daily E-mail Subscription – Twitter: @BitcoinNews
Winklevoss Twins own 1% of all Bitcoins;Fair and positive analysis of Bitcoin on Bloomberg TV today;Tired of staring at the ticker all day? Try BTC Track;A new online marketplace, BitPapa, is launching this month;Trading will resume on Mt.Gox at 7pm Pa…
