Folks, I don't mean to be too dramatic or anything, but it's entirely
possible that before the end of 2015, FinCen (though it will not cease
to exist) will be unable to perform its own stated mission. Sure it's a
part of the US Treasury and all that, but look at it's long-term IT
modernization efforts...
http://www.fincen.gov/about_fincen/wwd/ITModernizationEffortsFAQ.html
(It's a .gov but I'll summarize it here)
Basically they are still working out the details of e-filing for the
Bank Secrecy Act and supposedly attempting to "re-engineer the BSA data
architecture, update antiquated infrastructure required to support data
capture and dissemination, implement innovative Web services and
enhanced electronic filing, and provide enhanced analytical tools."

If FinCen was really modernizing, they wouldn't be just studying ring
signature or "looking into it" as the coindesk article seemed to imply.
FinCen would be USING it. Or bitcoin. Or both!

By the time they figure out how to fix their own shit, the rest of the
world will be light years ahead of them.

I remember clearly (and even have a little blog and printout) of (FinCen
Director) Jen Shasky-Calvery's testimony from Nov. 18, 2013 on the US
Senate Hearings on Decentralized virtual currency. She said the same
thing on Nov. 19, too, basically just repeating word for word today what
she said back then....
""We work to achieve (our) mission by implementing the Bank Secrecy
Act... Illicit actors might decide to use virtual currency... (it's)
relatively anonymous.... does not typically have transaction limits....
may have been created to facilitate money laundering..."
"(This) is not nearly theoretical..." (References Liberty Reserve, Silk
Road)
"It is also important to put virtual currency in perspective...
Approximately 8 billion dollars in transactions (in virtual currency)
over the past year."
"It is in the best interest of virtual currency users to comply with
(our) regulations..."
(From her statements which she repeated on Nov. 18 and 19, 2013 before
the Senate. Same parrot-talk)

It's our responsibility to reach a helping hand out to those who are
trying to figure out how to live without things like FinCen invading
every square inch of their lives. Getting back to that now...

Just as an aside though, were it not for that zombie-like image of the
FinCen Director with The Flag(!!) behind it, one could almost see her
squatting somewhere with a bunch of hungry DW developers, lounging over
a screen...
pipe dream o possible future reality? <le sigh>
Anyway...

End the state. Autonomy is here. It's not here in the form of some
future far-off perfect software. It's right here, now, in the form of
decisions we make.

DW, Forward!

On 2014-09-30 20:33, Amir Taaki wrote:
> http://www.coindesk.com/fincen-director-villainize-bitcoin/
>
> "Of particular concern, Calvery said, are informal bitcoin dealers who
> may think they can operate outside of the agency’s oversight.
>
> “I hear reports that there are folks who say that they’ll wait and see
> if there’s any enforcement behind our requirements before they take it
> too seriously, so that’s unfortunate. I have to hear that folks want to
> see folks do wrong, and take action before they’re willing to comply,
> but we’re willing to do that if we need to,” she said."
>
> so you will need ID to trade bitcoins for fiat basically.
>
> pin minded careerist trying to one up lawsky.
>
> “We don’t start at a product and villainize a product, we villainize
> the
> bad actors and find out what they’re doing with their money.”
>
> "We ask that you think about it from an anti-money laundering (AML)
> perspective, what could you build in [to the technology]?"
>
> "Rather, Calvery said that bitcoin’s status as a newcomer to the
> financial ecosystem has made it the target of bad actors."
>
> "“When I looked through it [BitLicense], I saw a lot of concepts that I
> was already familiar with from New York and other places,” Calvery
> said."
>
>
>
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