Things in the non-bitcoin economy take a hell of a lot longer to get done than in Bitcoin land; people were complaining about why GLBSE wasn’t able to give them their bitcoin back right away (and started freaking out on the forums, in a large part thanks to theymos), really things don’t move that quickly offline. I’m not sure exactly how much Theymos holds, but it’s not what he publicly stated In July/September I had sent Theymos 3K BTC to be able to top up the hot wallet when I was on the road (I was going to be traveling for a few days). In fact, Nakamoto described Bitcoin in the whitepaper as a “peer-to-peer version of electronic cash that allows payments to be sent directly from one party to another without going through a financial institution.” Bitcoin transactions are recorded via blockchain, which is basically a big online ledger. One thing to note is that the price will generally be contained within the range of the bands, but it may break above or below them at times. Right now people might be able to get away with just by saying that their business is that they sold bitcoins, but once the amounts become worth while tax agencies everywhere will start asking how people managed to aquire those coins in the first place, and this is partly where the money laundering side of things comes in as well.
Vitalik: OK, you have a form up now, asking for email and BTC address. Vitalik: you said that you might try to make a legal exchange in the future. Their decisions are based on Bitcoin news as according to them the news stories tend to have great impact on the exchange rate of the cryptocurrency. These affiliates are monitored specifically not to have large profits. Vitalik: Would you have to AML all accounts or just those above a certain threshold? Vitalik: But isn’t transferring assets just a matter of telling the issuer who has how many? Please remember that the prices, yields and values of financial assets change. Because I don’t know any exchange that doesn’t let you be anonymous for small values. You need to first sell your Bitcoin on a cryptocurrency exchange and then withdraw the fiat currency to your bank account. No matter where you choose to hold your Bitcoin, people’s philosophies on how to invest it vary: Some buy and hold long term, some buy and aim to sell after a price rally, and others bet on its price decreasing. With bitcoin, it needs to be AML for all accounts. Among the individuals whose accounts were used include: Elon Musk, Jeff Bezos, Barack Obama, Joe Biden, Mr. Beast, Bill Gates, and more.
A wallet is more correctly defined as something that “stores the digital credentials for your bitcoin holdings” and allows one to access (and spend) them. This is not just my opinion, this is what the solicitor has told me, and 바이낸스 (girrakoollearning.com) since it’s my neck on the line regarding the GLBSE and all it’s activities I’m much more inclined to listen to the solicitor – otherwise, why bother getting one? James: The GLBSE was bitcoin only. James: Very simply, the tax man will want their cut of bitcoin activity. Vitalik: What about the tax issues? Vitalik: Anyway, what are the difficulties with getting users their money back? James: Yes and no. All existing bitcoin exchanges that are not doing AML on all accounts (even bitcoin only ones) are at risk. James: Not at all. James: Yes. Money laundering and the finance of terrorism became the largest concern. Due to the properties of bitcoin, it’s very attractive for criminals, money laundering etc. Also due to the properties of bitcoin, it’s especially difficult to detect any relationship between accounts. The records of money transactions in this payment system are reserved in public ledger in Bitcoin, which is the official unit. And that’s a risk the exchanges are taking.
Also, for bitcoin exchanges who are dealing with bank deposits the depositors are somewhat known – as in, they have to transfer in from and out to a bank account, and those are linked to a persons identity. I’m sure your shares will still exist, but your issuer won’t know who you are, so you won’t be able to collect them. The public has no idea whether the project will be successful for not. 14667 adds a new deriveaddress RPC that takes a descriptor containing a key path plus an extended public key and returns the corresponding address. James: Not exactly. When signing up users never agreed to have their contact details given to the issuer, and most of the issuers need a bitcoin address for them to payout to. So, if you’re fine with giving your contact details to the issuers, the issuers can contact you by email from there. It can truly be said that their views matter a lot; however, you must take them in the right perspective as they come with bias. That’s a big risk for exchanges to take and it grows as the popularity of bitcoin grows. Vitalik: The exchanges seem to be dealing fine with the AML stuff though, is your situation different?