Comment by thinkcomp | Hacker News Reader

Comment by thinkcomp | Hacker News Reader

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The e-mail I just sent to the author of that post:

"Ms. Kaminska,

In your recent post (http://ftalphaville.ft.com/2014/03/03/1787992/magic-the-unde...), which I found via Brad DeLong’s web site, you described Bitcoin as "totally unregulated" and "completely unregulated" a number of times. Such characterizations are completely erroneous, and you should probably correct your post.

Unfortunately, many people are under the impression that Bitcoin is unregulated because its various proponents (such as Marc Andreessen, the Bitcoin Foundation, etc.) have done an excellent job convincing the world that it’s so new and supposedly novel that no regulations could possibly apply. That’s not even close to true. In the United States, numerous Bank Secrecy Act statutes, 18 U.S.C. § 1960, and a state money transmission framework involving 47 different state laws all apply. The problem is that the state laws are hugely problematic, the regulators are bumbling fools, the entrepreneurs and their venture capitalist backers are exceptionally cunning in their efforts to evade regulatory scrutiny, while the press utterly refuses to write about what is actually going on. My company is the plaintiff in two federal lawsuits over the issue, one of which has set the record for the most-delayed, non-stayed motion to dismiss in California federal judicial history (764 days and counting):

http://www.plainsite.org/dockets/index.html?id=716056

http://www.plainsite.org/dockets/index.html?id=2434524

If you’re interested in the issues, I would suggest that you read my recent comment letter to the Consumer Financial Protection Bureau, which can be found here:

http://www.thinkcomputer.com/20140214.cfpbcomment.pdf

You may also find this article on my personal web site about Mt. Gox specifically and the role of Iowa’s state regulators of interest:

http://www.aarongreenspan.com/writing/essay.html?id=101

Feel free to let me know if you have any questions.

Aaron"

While you may take issue with coinbase, or MtGox, can you accept that a cryptographic proof-of-work solution to the byzantine general's problem, that implements a general consensus ledger of forth-like script applications, is not a "currency" per se, but a mechanism in which currencies can be implemented upon?

I.E. Regulate the companies that are engaging in currency like transactions on top of the bitcoin ledger, but don't be too quick to attempt to regulate bitcoin itself.

can you accept that a cryptographic proof-of-work solution to the byzantine general's problem, that implements a general consensus ledger of forth-like script applications, is not a "currency" per se, but a mechanism in which currencies can be implemented upon?

bitcoin

As far as regulation goes what does one have to do with the other? I would answer yes to your question and also answer yes if someone asked if I could accept that a printing press that could be used to print currency should not be regulated as a currency. However as soon as you use the currency making tools to make currency then that currency should be regulated as a currency.

You're correct; "a cryptographic proof-of-work solution to the byzantine general's problem, that implements a general consensus ledger of forth-like script applications" becomes of legal interest when people start founding legal contracts upon the basis of "as consideration for X, party Y will ensure that a specifically crafted entry is created in this particular general consensus ledger of forth-like script applications based upon cryptographic proofs-of-work". Contracts are always going to be regulated.

no one wants your regulation. people took a risk with their money and they lost. they were affected, i wasnt. good for me, time to move on. no need to waste everyone's time and tax dollars coming up with regulations, etc.

please don't rebut with a public good argument.

>please don't rebut with a public good argument.

Since you anticipate one, why not preemptively respond to the best examples of one that you can think of rather than begging internet strangers to be nice to you?

You can, provided you can convince the judge.

No.

Aaron you come across so angry and prickly that even people that may agree with you do so begrudgingly. In this case you're simply wrong to not even agree and cannot expound beyond a simple "No", like a 2 year old that doesn't want to share their drink box. The fact is he's right, there's nothing about bitcoin and the technology itself that should fall under scrutiny until it's used in monetary transactions. It's almost as if you didn't even read that questions because your answer is just flat wrong. I respect what you've done to disseminate the information regarding the complete failure of government to clarify and enforce laws around finance but you may want to reconsider your tone because it's not going to help you to further that cause.

So first of all, you have to keep in mind that I'm in the middle of litigation related to these issues. I am careful about what I say.

Second of all, the question posed here was both presumptuous and awfully vague. I'm not about to go on the record in response to that kind of question other than to reject it. I'm sorry if that makes me come off as prickly--I have to put other considerations ahead of public perception.

He's a legal troll a parasite on innovation not to different from patent trolls, don't entertain him.

You have it backwards.

>because your answer is just flat wrong

His answer to "Can we agree?" is wrong?

I have to agree with kovacs. Simply saying "No" does not count as a reasonable answer to a reasonable question (and I agree in the fact that it sounds petulant).

If you disagree with the points put forth disemminate them and offer a rebuttal. Do you think that the presented cryptographic solution is one that is equivalent to money? if so why? I'm sure if I wanted to argue so I could think of some parallels or arguments to illustrate the point (possibly using the example of the current credit or financial systems, though I think I would personally disagree with those arguments). If not and you take exception to some other point raised state what that is.

Your response as it is provides 1 bit of information and that is only as to your opinion on a matter and is thus semantically useless.

Is this a good synopsis of your lawsuits?

http://thenextweb.com/insider/2013/05/07/zuckerberg-nemesis-...

How does the suit relate to your experience with FaceCash?

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