W3C home > Mailing lists > Public > public-webpayments@w3.org > September 2013

Re: Tradehill Bitcoin exchange shut down for 2nd time in 2 years

From: David Nicol <davidnicol@gmail.com>
Date: Mon, 9 Sep 2013 12:10:05 -0500
Message-ID: <CAFwScO_OW8syD2_9U=cuhzmE6N7sszPbTqeMEaiFH7p7j6itxQ@mail.gmail.com>
Cc: Web Payments CG <public-webpayments@w3.org>
It was something of an eye-opener to me to read the current FinCen
regulations about value transmittal services, as I registered TipJar LLC as
a money handling service in 1996 with no trouble whatsoever by simply
identifying myself and promising to report it in the event that anyone ever
transferred more than $3000.

There does seem to be enough room in the regulations to raise a prototype
of anything up the flagpole and see if any venture capitalists salute it,
with the allowance for unregulated low-value stuff.

And given participation of a substantial backer, the registration and
bonding issues become details.

Thus, it seems that the regulations are serving to maintain the status quo,
by making any potential revolutions pegwhittle themselves to the point
where they have sponsorship from the existing elite.

So this self-promotional message goes out to all the agents of Big Finance
who just joined this list: please contact me directly with specifications
of your holes, I'm waiting here with a fine endangered-hardwood square peg
and a penknife.
You've got to wiggle before you can crawl
Received on Monday, 9 September 2013 17:10:32 UTC

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