Re: [gsc] e-gold indictment unsealed
Interesting. The basic question here seems to be whether electronic interchange of depository receipts for a commodity is a "money transmittal business." Money being legitimate currency of some government, or instruments representing said currency. The government has a long history, particularly where the IRS is concerned, of ruling that what something actually is, is not necessarily what it is called. I suspect what will come out of this case, is a court ruling that says that "money" is anything you can use to buy stuff with, regardless of its actual implementation, or whether it is denominated in an actual currency. This will extend the "know your customer" BS to a plethora of other businesses, and subject them to the same onerous regulatory climate banks now experience. This will be the death of e-cash. -- Eric Michael Cordian 0+ O:.T:.O:. Mathematical Munitions Division "Do What Thou Wilt Shall Be The Whole Of The Law"
On Fri, May 04, 2007 at 11:18:53AM -0700, Eric Cordian wrote:
The government has a long history, particularly where the IRS is
IRS who?
concerned, of ruling that what something actually is, is not necessarily what it is called.
The governments have a long history of using whatever means available to maintain their monopoly -- be it exertion of force or maintaining the mint.
This will extend the "know your customer" BS to a plethora of other businesses, and subject them to the same onerous regulatory climate banks now experience.
I'm not quite following you here. Examples?
This will be the death of e-cash.
Banknotes are numbered, and soon, RFID-tagged to remove any residual transaction anonymity. The only thing that's left is barter, which will also be made illegal at some point (at which everybody revolts, and we hang the bastards -- but not yet). -- Eugen* Leitl <a href="http://leitl.org">leitl</a> http://leitl.org ______________________________________________________________ ICBM: 48.07100, 11.36820 http://www.ativel.com http://postbiota.org 8B29F6BE: 099D 78BA 2FD3 B014 B08A 7779 75B0 2443 8B29 F6BE
On Fri, 4 May 2007, Eric Cordian wrote:
This will be the death of e-cash.
I certainly hope so! As done today, there is no form of "e-cash" which is safe from government theft. With this in mind, why would we allow e-cash to continue? Better to stockpile those matls yourself. -- Yours, J.A. Terranson sysadmin@mfn.org 0xBD4A95BF "The real point is that you cannot harbor malice toward others and then cry foul when someone displays intolerance against you. Prejudice tolerated is intolerance encouraged. Rise up in righteousness when you witness the words and deeds of hate, but only if you are willing to rise up against them all, including your own. Otherwise suffer the slings and arrows of disrespect silently." Harvey Fierstein is an actor and playwright.
participants (3)
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Eric Cordian -
Eugen Leitl -
J.A. Terranson