Bitcoin and cryptocurrency mining explained – eCrypto Ticker
Bitcoin and cryptocurrency mining explained – eCrypto Ticker
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When NY regulator comes to /r/IAmA to field questions about Bitcoin regulation Reddit uncharacteristically treats him respectfully and asks well informed and insightful questions. LOL JK it's a fucking mess.
Today there was an IAmA by the Superintendent of Financial Services of NY on Bitcoin regulation. Politics + Bitcoin = Bravery Typhoon. Mr. Lawsky was smart enough to choose questions that weren't too hostile or circlejerky. But the replies to his answers are some of the bravest circlejerking I've seen since MayMay June. Let's take a look:
So if you mean what you say, please explain how HSBC is still in business... +121
Because they paid enough money to have enough time for everyone to forget about it and forge enough proof to end up with the least possible damage. +43
If there is one thing that makes my blood boil with smug Redditors it's ellipses. They are always inserted as some sort of QED, implying the parent is being dishonest, or implying the parent is stupid. I hate it. If there is one thing that you'll see reoccur often if you read the post, it's droves of Redditors saying "BUT WAT ABOUT THE BIG BANKS!?". As if perfect regulation of a larger industry is required before regulating something else.
Why is HSBC and other banking firms still allowed to operate in NY? +50
JUST KICK EM' OUT. There are like a million WAT ABOUT HSBC comments here.
Also, why does Bitcoin get the hammer when everything else just slides under the radar when it comes to money laundering (I'm looking at HSBC)? +126
Last one, I swear.
I just want to thank you for doing this AMA. We appreciate being involved. +98
I guess doing an IAmA is the only way for a Reddit user to feel like they are being "involved"? There are better outlets. Anyway, these THANKS FOR DOING THIS NO QUESTION XD posts are becoming the norm in IAmAs.
... but not seriously enough to prosecute a single bank executive.... = loss of legitimacy +35
D-D-D-DOUBLE SMUG ELLIPSES BONUS ROUND
Hi XXXXX, you've been sent 8.6550 milli-bitcoins ($5.00) from XXXXX via /changetip. Collect it. +13
Whoa, what just happened here? +10
BenLawsky just got $5 worth of Bitcoin. Instantly. No fees. With a Reddit comment. +24
When will this END? Has the "Whoa, what just happened here" thing just become a meme now, and they're poking fun at themselves? I can't tell.
That's simply because they can't admit to using the NSA to build a parallel case +42
Man, if some NSA /panichistory starts taking root I'm going to have a euphoria overdose Alright, so there are some brave people that hoped onto Ben's comment to ride the karma train. But there are lots of other brave people who didn't get their totally legit, unloaded, and unbiased questions answered. Let's take a look at those
Since the actual Money Laundry Laws can't be applied to Big Banks & Financial Institutions (HSBC, etc) because of fears that the entire banking system would be destabilized. +25
How can money laundering laws be real if our eyes don't real? Seriously, what the fuck is this? HSBC was prosecuted and fined. You can certainly say that it wasn't sufficient, but obviously the laws exist and are enforced against big banks.
In your opinion should more be done to punish banks that have laundered billions of dollars? Do you think a small fine compared to the money the banks made off laundering is enough? +12
Man, this is so loaded I might have to steal it for an ELI5 post.
Hello Mr. Lawsky, from the news I heard that HSBC was involved in 1,9 bn$ money laundering and no criminal charges have been filed. It seems to me, the issue there is several magnitudes bigger than with bitcoin at the moment? Don´t you think, your time would be spent wiser, to takkle this problem first. +9
Maybe I'll use this one instead
[Bitcoin is] going to replace fiat currency and do away with the need for central banks. Advancements in decentralized and distributed technologies will allow that most other government functions to be replaced as well. +7
There wasn't really a question attached to this. Just some good ole' Bitcoin is gonna topple gubmit circlejerking.
My question is, have you read any of the discussions in /bitcoin about the hearings you've been involved in and the talks you've given? +7
If your goal is to have him take the Bitcoin community seriously you better hope he never sets foot in /bitcoin
What are your intentions for regulations regarding video game currency, since it can be traded/bought/sold for fiat currencies as well? It is a digital currency the same as bitcoin. Will there be fines imposed on people selling or buying their World of Warcraft gold from other people without some kind of license? +5
Eve Money is going to replace the USD. Just wait.
What benefit does your third party regulation bring to me and the person I'm willing to trade with? Can you maybe clarify for me that your financial regulation actually benefit customers and that it exceeds the "hidden costs" caused by your bureau? +4
"Please justify regulation. TYIA."
Maybe a slightly extreme question but if I want to pay someone for the right to assign a number to an address in a virtual ledger what does it have to do with you? +3
NOT IN MY BACK YARD IMAGINARY WALLET
What gives the NYDFS the authority to regulate a jurisdiction-less distributed computer system? Have you received a mandate from the open developer community behind crypto currencies or the majority of their user bases. +4
Does this guy really think the government needs permission from Bitcoin developers to regulate Bitcoin?
I know government is slow on everything, but when do you think the government will finally be able to gather its senses and take bitcoin mainstream? Also, do you see any chances of US government not embracing bitcoin at all? +2
I guess when they are cool without ditching the USD for a deflationary and volatile currency. I mean, I know I would have been totally cool if my mortgage was based in bitcoin and over the past three years the amount I owed grew a thousand fold.
Would you say that most Americans care more about stopping money laundering or creating jobs?
Because they are mutually exclusive?
Considering that it has been well established that the US government itself has been responsible for funding both drug cartels and terrorist organizations and has laundered money to do so, can you please explain what the major concern is over a relatively small and unused cryptocurrency? +3
It's said his fedora grew 3 sizes this day A majority of the questions are like this. Pages and pages of them. Hundreds. The worst part of the IAmA was he didn't even answer the important questions
The debate is not "SHOULD THE BLOCKSIZE BE 1MB VERSUS 1.7MB?". The debate is: "WHO SHOULD DECIDE THE BLOCKSIZE?" (1) Should an obsolete temporary anti-spam hack freeze blocks at 1MB? (2) Should a centralized dev team soft-fork the blocksize to 1.7MB? (3) OR SHOULD THE MARKET DECIDE THE BLOCKSIZE? (354 points, 116 comments)
"Notice how anyone who has even remotely supported on-chain scaling has been censored, hounded, DDoS'd, attacked, slandered & removed from any area of Core influence. Community, business, Hearn, Gavin, Jeff, XT, Classic, Coinbase, Unlimited, ViaBTC, Ver, Jihan, Bitcoin.com, btc" ~ u/randy-lawnmole (176 points, 114 comments)
"You have to understand that Core and their supporters eg Theymos WANT a hardfork to be as messy as possible. This entire time they've been doing their utmost to work AGAINST consensus, and it will continue until they are simply removed from the community like the cancer they are." ~ u/singularity87 (170 points, 28 comments)
3 excellent articles highlighting some of the major problems with SegWit: (1) "Core Segwit – Thinking of upgrading? You need to read this!" by WallStreetTechnologist (2) "SegWit is not great" by Deadalnix (3) "How Software Gets Bloated: From Telephony to Bitcoin" by Emin Gün Sirer (146 points, 59 comments)
Now that BU is overtaking SW, r\bitcoin is in meltdown. The 2nd top post over there (sorted by "worst first" ie "controversial") is full of the most ignorant, confused, brainwashed comments ever seen on r\bitcoin - starting with the erroneous title: "The problem with forking and creating two coins." (142 points, 57 comments)
enough with the blockstream core propaganda : changing the blocksize IS the MORE CAUTIOUS and SAFER approach . if it was done sooner , we would have avoived entirely these unprecedented clycles of network clogging that have caused much frustrations in a lot of actors (173 points, 15 comments)
Dear Theymos, you divided the Bitcoin community. Not Roger, not Gavin, not Mike. It was you. And dear Blockstream and Core team, you helped, not calling out the abhorrent censorship, the unforgivable manipulation, unbecoming of supposed cypherpunks. Or of any decent, civil persons. (566 points, 87 comments)
So, Alice is causing a problem. Alice is then trying to sell you a solution for that problem. Alice now tell that if you are not buying into her solution, you are the cause of the problem. Replace Alice with Greg & Adam.. (139 points, 28 comments)
SegWit+limited on-chain scaling: brought to you by the people that couldn't believe Bitcoin was actually a sound concept. (92 points, 47 comments)
Reality check: today's minor bug caused the bitcoin.com pool to miss out on a $12000 block reward, and was fixed within hours. Core's 1MB blocksize limit has cost the users of bitcoin >$100k per day for the past several months. (270 points, 173 comments)
Top post on /bitcoin about high transaction fees. 709 comments. Every time you click "load more comments," there is nothing there. How many posts are being censored? The manipulation of free discussion by /bitcoin moderators needs to end yesterday. (229 points, 91 comments)
Fantasy land: Thinking that a hard fork will be disastrous to the price, yet thinking that a future average fee of > $1 and average wait times of > 1 day won't be disastrous to the price. (209 points, 70 comments)
"Segwit is a permanent solution to refuse any blocksize increase in the future and move the txs and fees to the LN hubs. The chinese miners are not as stupid as the blockstream core devaluators want them to be." shock_the_stream (150 points, 83 comments)
In response to the "unbiased" ELI5 of Core vs BU and this gem: "Core values trustlessness and decentralization above all. Bitcoin Unlimited values low fees for on-chain transactions above all else." (130 points, 45 comments)
Core's own reasoning doesn't add up: If segwit requires 95% of last 2016 blocks to activate, and their fear of using a hardfork instead of a softfork is "splitting the network", then how does a hardfork with a 95% trigger even come close to potentially splitting the network? (96 points, 130 comments)
I'm more concerned that bitcoin can't change than whether or not we scale in the near future by SF or HF (26 points, 9 comments)
"The best available research right now suggested an upper bound of 4MB. This figure was considering only a subset of concerns, in particular it ignored economic impacts, long term sustainability, and impacts on synchronization time.." nullc (20 points, 4 comments)
At any point in time mining pools could have increased the block reward through forking and yet they haven't. Why? Because it is obvious that the community wouldn't like that and correspondingly the price would plummet (14 points, 14 comments)
Dear Theymos, you divided the Bitcoin community. Not Roger, not Gavin, not Mike. It was you. And dear Blockstream and Core team, you helped, not calling out the abhorrent censorship, the unforgivable manipulation, unbecoming of supposed cypherpunks. Or of any decent, civil persons. by parban333 (566 points, 87 comments)
The debate is not "SHOULD THE BLOCKSIZE BE 1MB VERSUS 1.7MB?". The debate is: "WHO SHOULD DECIDE THE BLOCKSIZE?" (1) Should an obsolete temporary anti-spam hack freeze blocks at 1MB? (2) Should a centralized dev team soft-fork the blocksize to 1.7MB? (3) OR SHOULD THE MARKET DECIDE THE BLOCKSIZE? by ydtm (354 points, 116 comments)
151 points: nicebtc's comment in "One miner loses $12k from BU bug, some Core devs scream. Users pay millions in excessive tx fees over the last year "meh, not a priority"
123 points: 1DrK44np3gMKuvcGeFVv's comment in "One miner loses $12k from BU bug, some Core devs scream. Users pay millions in excessive tx fees over the last year "meh, not a priority"
117 points: cryptovessel's comment in nullc disputes that Satoshi Nakamoto left Gavin in control of Bitcoin, asks for citation, then disappears after such citation is clearly provided. greg maxwell is blatantly a toxic troll and an enemy of Satoshi's Bitcoin.
117 points: seweso's comment in Roger Ver banned for doxing after posting the same thread Prohashing was banned for.
113 points: BitcoinIsTehFuture's comment in Dear Theymos, you divided the Bitcoin community. Not Roger, not Gavin, not Mike. It was you. And dear Blockstream and Core team, you helped, not calling out the abhorrent censorship, the unforgivable manipulation, unbecoming of supposed cypherpunks. Or of any decent, civil persons.
106 points: MagmaHindenburg's comment in bitcoin.com loses 13.2BTC trying to fork the network: Untested and buggy BU creates an oversized block, Many BU node banned, the HF fails • /Bitcoin
98 points: lon102guy's comment in bitcoin.com loses 13.2BTC trying to fork the network: Untested and buggy BU creates an oversized block, Many BU node banned, the HF fails • /Bitcoin
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