MaxwellsDemon
Full Member
***
Offline Offline

Activity: 187
Merit: 100

Converting information into power since 1867


View Profile Personal Message (Offline)

Ignore
May 25, 2014, 12:54:20 AM

And why are those two mutually exclusive in your opinion? Is making Bitcoin useful for businesses detrimental to the democratic nature of Bitcoin? I don't see how really, and I also don't see how the initial ideals can ever come to fruition if you don't make it useful for businesses and palatable to politics.

Here you go:

http://www.reddit.com/r/Bitcoin/comments/26apno/bitstamp_will_not_process_withdrawal_unless_you/

This is what happens when you try to make bitcoin palatable to the state.

That's just Bitstamp, and it's precisely because of the unclear regulatory nature of Bitcoin right now that they are erring on the safe side. Not all the exchanges are asking those kind of intrusive questions, so if you don't like it then use another exchange or don't use an exchange at all.

That's just it, I don't think they're erring on the safe side. I think they're heralding the future.
It's just a question of time until all exchanges are forced to become this intrusive. It's just what governments do.
If this becomes the norm, bitcoin will lose its primary benefits: privacy and fungibility. It will then either disappear or become a backend solution for the existing financial system.