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Bitcoin Invades Mainstream Banking System (Michael Maloney's Wealth Cycles blog)

Maloney's company has put out a blog about Bitcoin, have a read:


Bitcoin Invades Mainstream Banking System

Jan 11 2013
The WealthCycles Staff

Digital Currency Exchange, Bitcoin-Central, has been authorized by the French government to conduct bank style operations. In an announcement last month on bitcointalk.org, Paymium, the organization behind Bitcoin-Central said this:
We’re announcing today that Bitcoin-Central.net is getting, through a partnership with Aqoba, allowed to operate like a bank, (or more precisely like a PSP [Payment Service Provider], which is basically the same as a bank, just without the debt-money issuing part).

If you’ve been following the crypto-currency story, you will realize that this is a huge step forward. For the first time a crypto-currency exchange has been brought into the mainstream banking circle, allowing believers in the idea of free choice in currency the opportunity to transact business through traditional channels.

Read on at the link above!

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You are misinformed

There are no owners or a central authority of Bitcoin, it's just open source computer code anyone can read in it's entirety and anyone can use, adopt, spread, change and even sell as long as it stays open source. Read http://opensource.org/licenses/MIT

Here's the entire code for anyone to see: https://github.com/bitcoin/bitcoin

I'm not pushing Bitcoin, I'm simply spreading awareness about this amazing tool that was invented that I honestly believe (I, a staunch ancap and gold bug with decent basic knowledge of computer science) to be the best tool we have in order to fight the FED cabal and the tyrannical state.

A huge step forward?!?!

Banking laws require financial institutions to "know your customer" (KYC). It is legal precedence for bank assets to be seized when financial institutions are found to not know their customer.

It is illegal for banks to refuse or to be unable to provide the identity of its clients/customers.

How is this in ANY way a positive development?

~wobbles but doesn't fall down~

It is possitive for two reasons

IMO anyway:

- nr. 1: Bitcoin is not this company, Bitcoin-Central integrating with the banking system and following their rules has no bearin on Bitcoin outside of their customers and their customers alone.

- nr. 2: it actually makes Bitcoin more accessible to some people and even more importantly legally less ambiguous to the business community that perhaps is holding back their adopting out of fear of Bitcoin's grey legal status.