1/2
What on earth has government printing got to do with bitcoin. Honestly, there's a big difference between a default level of printing such as Zimbabwe and that being done by the US. Some debt can be good, it depends on how it is utilised.
As for this comparison with government printing, unless bitcoin is used as money in exchange, there is a comparison to be made. Until bitcoin is used not for exchanges but for transactions on a daily basis, this analysis of bitcoin is something like a competitor to the US dollar is asinine.
https://metanet-icu.slack.com/archives/C5131HKFX/p1584014337043700?thread_ts=1584014337.043700&cid=C5131HKFX
It's not even whether bitcoin is an unknown, it's not used. If you're not buying coffee with bitcoin, it's a speculative gambling asset. Until we have bitcoin tokens used as commodity exchange assets, it won't have any value other than speculation. I know I keep harping on this, but to be money it needs to be a valuable commodity first.
I'm not talking about a few transactions on exchanges. For bitcoin to be nonvolatile we need at least 500 million people using it on a daily basis. That would be an average of three transactions a day by 500 million people. (1 500 millions tx/day)
Until we get up to around 15,000 transactions a second average, with none of that being from exchange speculation, we aren't money.
------------
Bitcoin is not an appreciating asset either. It's a speculative commodity right now. An outsider BSV, is not even a commodity in any Blockchain system.
There are no dividends in bitcoin.
So the reality is, the value is a function of the fees paid to miners where the fees are competitive with other systems. If we are talking about fees over half a US sent, that won't go into the price of what bitcoin is. If you want to see bitcoin valuable, the commodity value earnt in mining matters. That's what we're working on.
---------
The total value of all of the worlds coins and banknotes is 7.6 trillion.
For bitcoin to be the global replacement for gold and digital notes and everything else, it is not going to be worth US$100,000.
If it is only money and it is used as a pure cash system, the best price we can get the bitcoin will be the order of US$1000 a bitcoin, the reality however is bitcoin has many other uses. Without these uses, bitcoin will be overvalued.
The truth however is that bitcoin can change more than just cash.the value of the stock market globally is 73 trillion that bitcoin will never be worth that because it is the basis for issuing certificates. Right now, each share certificate costs a number of cents. Bitcoin is not the value of the company when there is a share on top of bitcoin, it is the medium that the share certificate is worth. Bitcoin is not the derivative market, it is the medium that the value is written on.
Global trade and exchange is worth in the order of one quadrillion US dollars.
The best bitcoin will ever do is to capture 0.1% of that.
And I'm not selling bitcoin short. My life evolves around creating technology on top of bitcoin.
I'm trying to get people to be a bit realistic. For bitcoin to be valued at US$50,000, and to have value and not just speculative bull shit that will crash, it needs to be used everywhere.
I see the potential for bitcoin to be worth US$50,000. If everything I'm doing comes off then in 15 to 20 years I see that it could be worth as much as US$100,000.
To be worth that, it will be needing transaction volume in the order of around 1 million+ transactions are second or more. Each bitcoin could be worth US$100,000 - but I see this more likely as 50 K.
The value is not what Bitcoin is worth - it is the value in the exchange
The Bitcoin economy could be worth 1000 trillion a year and be less than 10k a BSV
It will be the businesses built on BSV that matter most
CSW
Mar 12, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1584017323062900?thread_ts=1584017323.062900&cid=C5131HKFX
1/2
https://t.me/CSW_Slack/2344
What on earth has government printing got to do with bitcoin. Honestly, there's a big difference between a default level of printing such as Zimbabwe and that being done by the US. Some debt can be good, it depends on how it is utilised.
As for this comparison with government printing, unless bitcoin is used as money in exchange, there is a comparison to be made. Until bitcoin is used not for exchanges but for transactions on a daily basis, this analysis of bitcoin is something like a competitor to the US dollar is asinine.
https://metanet-icu.slack.com/archives/C5131HKFX/p1584014337043700?thread_ts=1584014337.043700&cid=C5131HKFX
It's not even whether bitcoin is an unknown, it's not used. If you're not buying coffee with bitcoin, it's a speculative gambling asset. Until we have bitcoin tokens used as commodity exchange assets, it won't have any value other than speculation. I know I keep harping on this, but to be money it needs to be a valuable commodity first.
I'm not talking about a few transactions on exchanges. For bitcoin to be nonvolatile we need at least 500 million people using it on a daily basis. That would be an average of three transactions a day by 500 million people. (1 500 millions tx/day)
Until we get up to around 15,000 transactions a second average, with none of that being from exchange speculation, we aren't money.
------------
Bitcoin is not an appreciating asset either. It's a speculative commodity right now. An outsider BSV, is not even a commodity in any Blockchain system.
There are no dividends in bitcoin.
So the reality is, the value is a function of the fees paid to miners where the fees are competitive with other systems. If we are talking about fees over half a US sent, that won't go into the price of what bitcoin is. If you want to see bitcoin valuable, the commodity value earnt in mining matters. That's what we're working on.
---------
The total value of all of the worlds coins and banknotes is 7.6 trillion.
For bitcoin to be the global replacement for gold and digital notes and everything else, it is not going to be worth US$100,000.
If it is only money and it is used as a pure cash system, the best price we can get the bitcoin will be the order of US$1000 a bitcoin, the reality however is bitcoin has many other uses. Without these uses, bitcoin will be overvalued.
The truth however is that bitcoin can change more than just cash.the value of the stock market globally is 73 trillion that bitcoin will never be worth that because it is the basis for issuing certificates. Right now, each share certificate costs a number of cents. Bitcoin is not the value of the company when there is a share on top of bitcoin, it is the medium that the share certificate is worth. Bitcoin is not the derivative market, it is the medium that the value is written on.
Global trade and exchange is worth in the order of one quadrillion US dollars.
The best bitcoin will ever do is to capture 0.1% of that.
And I'm not selling bitcoin short. My life evolves around creating technology on top of bitcoin.
I'm trying to get people to be a bit realistic. For bitcoin to be valued at US$50,000, and to have value and not just speculative bull shit that will crash, it needs to be used everywhere.
I see the potential for bitcoin to be worth US$50,000. If everything I'm doing comes off then in 15 to 20 years I see that it could be worth as much as US$100,000.
To be worth that, it will be needing transaction volume in the order of around 1 million+ transactions are second or more. Each bitcoin could be worth US$100,000 - but I see this more likely as 50 K.
The value is not what Bitcoin is worth - it is the value in the exchange
The Bitcoin economy could be worth 1000 trillion a year and be less than 10k a BSV
It will be the businesses built on BSV that matter most
CSW
Mar 12, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1584017323062900?thread_ts=1584017323.062900&cid=C5131HKFX
1/2
https://t.me/CSW_Slack/2344
Telegram
CSW - Slack Channel
1/2
What on earth has government printing got to do with bitcoin. Honestly, there's a big difference between a default level of printing such as Zimbabwe and that being done by the US. Some debt can be good, it depends on how it is utilised.
As for this…
What on earth has government printing got to do with bitcoin. Honestly, there's a big difference between a default level of printing such as Zimbabwe and that being done by the US. Some debt can be good, it depends on how it is utilised.
As for this…
2/2
I have patents on 99.9% of components needed to make a blockchain work - so Bitcoin is not going away
The thing we need to do is stop all the negativity about what bitcoin will do to Fiat and government money. Not a single comment on that helps us. Every single time someone says bitcoin will destroy Fiat makes it more and more difficult for bitcoin to actually be used globally.
What we need to do is start building - boring every day businesses that use a ledger boring things like accounting, recordkeeping, notarisation, and even identity management.
In five years, there will not be a single cryptocurrency. They will be digital currencies and digital assets. Bitcoin is a digital asset and commodity. Digital currencies can be built on top of it.
A cryptocurrency is a system that seeks to act outside of the law. Bitcoin enables tracing, recovery and claiming. There is a concept in law called following, this is incredibly simple to achieve in bitcoin. Bitcoin allows tracing through mixtures because each token is fungible. Remember, one bitcoin is a collection of 100 million indivisible fungible tokens.
There are rules for following an tracing through mixtures. These are not new and have been around since the time of Rome.
Even using a mixing service does not save you, those using the service can expect to have their tokens taken because when you receive stolen goods, the property rights do not transfer to you.
Bitcoin is not a cryptocurrency. BTC and BCH are cryptocurrencies.
There will not be digital gold. There is absolutely no reason to have digital gold in the world. Digital gold exist today. Gold is not a store of value, it is a speculative inflation hedge. To be a store of value it needs to have a currency peg to it. Gold was a store of value in the past but it isn't any more. The US dollar is a store of value in US dollar contracts because one US dollar remains equal to 1 US dollar. Gold was only a store of value when this was also the case. To be a store of value, you cannot have any increase or decrease. A store of value does not change in value.
Today, digital gold exists. It's called a tradable gold certificate.
So we don't need BTC as digital gold. The bull about being digital gold is a false narrative that it can be used in money-laundering, but even gold is covered under KYC rules
CSW
Mar 12, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1584017323062900?thread_ts=1584017323.062900&cid=C5131HKFX
2/2
https://t.me/CSW_Slack/2345
I have patents on 99.9% of components needed to make a blockchain work - so Bitcoin is not going away
The thing we need to do is stop all the negativity about what bitcoin will do to Fiat and government money. Not a single comment on that helps us. Every single time someone says bitcoin will destroy Fiat makes it more and more difficult for bitcoin to actually be used globally.
What we need to do is start building - boring every day businesses that use a ledger boring things like accounting, recordkeeping, notarisation, and even identity management.
In five years, there will not be a single cryptocurrency. They will be digital currencies and digital assets. Bitcoin is a digital asset and commodity. Digital currencies can be built on top of it.
A cryptocurrency is a system that seeks to act outside of the law. Bitcoin enables tracing, recovery and claiming. There is a concept in law called following, this is incredibly simple to achieve in bitcoin. Bitcoin allows tracing through mixtures because each token is fungible. Remember, one bitcoin is a collection of 100 million indivisible fungible tokens.
There are rules for following an tracing through mixtures. These are not new and have been around since the time of Rome.
Even using a mixing service does not save you, those using the service can expect to have their tokens taken because when you receive stolen goods, the property rights do not transfer to you.
Bitcoin is not a cryptocurrency. BTC and BCH are cryptocurrencies.
There will not be digital gold. There is absolutely no reason to have digital gold in the world. Digital gold exist today. Gold is not a store of value, it is a speculative inflation hedge. To be a store of value it needs to have a currency peg to it. Gold was a store of value in the past but it isn't any more. The US dollar is a store of value in US dollar contracts because one US dollar remains equal to 1 US dollar. Gold was only a store of value when this was also the case. To be a store of value, you cannot have any increase or decrease. A store of value does not change in value.
Today, digital gold exists. It's called a tradable gold certificate.
So we don't need BTC as digital gold. The bull about being digital gold is a false narrative that it can be used in money-laundering, but even gold is covered under KYC rules
CSW
Mar 12, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1584017323062900?thread_ts=1584017323.062900&cid=C5131HKFX
2/2
https://t.me/CSW_Slack/2345
Telegram
CSW - Slack Channel
2/2
I have patents on 99.9% of components needed to make a blockchain work - so Bitcoin is not going away
The thing we need to do is stop all the negativity about what bitcoin will do to Fiat and government money. Not a single comment on that helps us. Every…
I have patents on 99.9% of components needed to make a blockchain work - so Bitcoin is not going away
The thing we need to do is stop all the negativity about what bitcoin will do to Fiat and government money. Not a single comment on that helps us. Every…
Nodes do not set rules - they enforce them
Miners get paid
Say you have a recovery order, miners get paid to enforce it.
This helps set micropayments as untouchable and cash.
Say, the fee is USD 5,000 to recover bitcoin, then who would senk an order to recover 4000...
A bank charges to recover money... so add the carrot
Orphaning.
If the other nides do not accept the rules, they end orphaned
CSW
Mar 13, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1584120718286300?thread_ts=1584120718.286300&cid=C5131HKFX
https://t.me/CSW_Slack/2346
Miners get paid
Say you have a recovery order, miners get paid to enforce it.
This helps set micropayments as untouchable and cash.
Say, the fee is USD 5,000 to recover bitcoin, then who would senk an order to recover 4000...
A bank charges to recover money... so add the carrot
Orphaning.
If the other nides do not accept the rules, they end orphaned
CSW
Mar 13, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1584120718286300?thread_ts=1584120718.286300&cid=C5131HKFX
https://t.me/CSW_Slack/2346
Telegram
CSW - Slack Channel
CSW
Mar 13, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1584120718286300?thread_ts=1584120718.286300&cid=C5131HKFX
https://t.me/CSW_Slack/2346
Mar 13, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1584120718286300?thread_ts=1584120718.286300&cid=C5131HKFX
https://t.me/CSW_Slack/2346
Bitcoin is *not* currency. Currency is current money and requires legal recognition as tender.
Bitcoin is property. It is a form of digital asset that may be exchanged as cash.
There ios NOTHING in the WP that notes Tender. Not even a hint of a hint
Tender is a specific term of art - it is a money that is used in fulfilment of a debt from a court as deemed by Law.
USD is NOT tender in the UK - nor can it be made to be
Euro is NOT tender in Canada
Bitcoin CANNOT be legal tender - Gold was never legal tender. EVER IN human history
I have not even implied once ever that Bitcoin is an investment vehicle - where the fuck does that come from?!!?!?!?!
Property has nothing at all do do with investment - your pot noodles are property - yet they are hardly an investment (note I did not use toilet paper right now as an example...)
Cash is by definition PROPERTY!
Can people please look at what the works mean.
Bitcoin cannot be legal tender as it is not region specific.
Legal tender, say USD or a digital Euro can be created in Bitcoin.
That DOES NOT make Bitcoin legal tender in any sense.
Tender is the legal definition.
The fact that people use words incorrectly - meh.
Go to a court and seek a judgement and say, well I mean X when the rest of the world thinks Y and... well no judge will entertain you
I am not trying to come across as an ass, I know that I can
A magic grey metal that can be sent via the internet
Bitcoin is a set of tokens, the tokens are property.
Keys are not the tokens.
You can own tokens without ownership of the key.
Web wallets and custodial services allow this.
A bank is NOT a depository and Bitcoin DOES NOT replace banks
A bank cannot work without the structure it has and society cannot work without banks
The poor are unbanked as they cannot get access to loans, leases, and other methods to raise and distribute capital
Bitcoin DOES NOT SOLVE THIS!
It does allow the poor to trade - and in time, build a source of savings without a bank such that they could in time have enough wealth to go to a bank
Banks have savings and current accounts
In a savings account, the bank uses the money in a long term manner.
A cheque or current account t is different - the bank must hold the money on hand - and they charge fees for this
People have stopped using chequing or current accounts as they have been mislead by idiots outside of banking into thinking all accounts should be free.
Current accounts do not earn the bank money, they are a cost.
No home loans are derived from current accounts - no car leases, no business fiance
Please do not make Bitcoin something it was never designed to be.
Banks have more than cash. Society will not run on cash and no more - we are beyond that and the only way back is to go back to the 1800s
and to remove 6 billion people - as there is no way an earth with old financial systems will support more than a billion people
Custodial is 0.0000000000000000000000001% of what banks are about
And, there are nearly no current accounts used now - just old farts like me
CSW
Mar 14, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1584181358340100
https://t.me/CSW_Slack/2350
Bitcoin is property. It is a form of digital asset that may be exchanged as cash.
There ios NOTHING in the WP that notes Tender. Not even a hint of a hint
Tender is a specific term of art - it is a money that is used in fulfilment of a debt from a court as deemed by Law.
USD is NOT tender in the UK - nor can it be made to be
Euro is NOT tender in Canada
Bitcoin CANNOT be legal tender - Gold was never legal tender. EVER IN human history
I have not even implied once ever that Bitcoin is an investment vehicle - where the fuck does that come from?!!?!?!?!
Property has nothing at all do do with investment - your pot noodles are property - yet they are hardly an investment (note I did not use toilet paper right now as an example...)
Cash is by definition PROPERTY!
Can people please look at what the works mean.
Bitcoin cannot be legal tender as it is not region specific.
Legal tender, say USD or a digital Euro can be created in Bitcoin.
That DOES NOT make Bitcoin legal tender in any sense.
Tender is the legal definition.
The fact that people use words incorrectly - meh.
Go to a court and seek a judgement and say, well I mean X when the rest of the world thinks Y and... well no judge will entertain you
I am not trying to come across as an ass, I know that I can
A magic grey metal that can be sent via the internet
Bitcoin is a set of tokens, the tokens are property.
Keys are not the tokens.
You can own tokens without ownership of the key.
Web wallets and custodial services allow this.
A bank is NOT a depository and Bitcoin DOES NOT replace banks
A bank cannot work without the structure it has and society cannot work without banks
The poor are unbanked as they cannot get access to loans, leases, and other methods to raise and distribute capital
Bitcoin DOES NOT SOLVE THIS!
It does allow the poor to trade - and in time, build a source of savings without a bank such that they could in time have enough wealth to go to a bank
Banks have savings and current accounts
In a savings account, the bank uses the money in a long term manner.
A cheque or current account t is different - the bank must hold the money on hand - and they charge fees for this
People have stopped using chequing or current accounts as they have been mislead by idiots outside of banking into thinking all accounts should be free.
Current accounts do not earn the bank money, they are a cost.
No home loans are derived from current accounts - no car leases, no business fiance
Please do not make Bitcoin something it was never designed to be.
Banks have more than cash. Society will not run on cash and no more - we are beyond that and the only way back is to go back to the 1800s
and to remove 6 billion people - as there is no way an earth with old financial systems will support more than a billion people
Custodial is 0.0000000000000000000000001% of what banks are about
And, there are nearly no current accounts used now - just old farts like me
CSW
Mar 14, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1584181358340100
https://t.me/CSW_Slack/2350
Telegram
CSW - Slack Channel
CSW
Mar 14, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1584181358340100
https://t.me/CSW_Slack/2350
Mar 14, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1584181358340100
https://t.me/CSW_Slack/2350
Bitcoin can only be used as a safe haven if it is *Used*!
Right now, there is a rush for cash.
Companies do not want Gold, nor Bonds.
Neither will aid their survival through a depression. Only cash will.
In a recession, cash is king.
If bitcoin was not hijacked, this would be where global business rushed into bitcoin. But, like gold, BTC does not allow direct trade.
You cannot directly spend bitcoin now, you could in 2013.
Bitcoin is cash, and as cash it is valuable.
https://www.kitco.com/news/2020-03-19/Gold-prices-can-fall-to-1-300-an-ounce-as-recession-looms-IHS-Markit.html
Gold was a good cash substitute only when gold was directly linked to the USD, Pound etc.
It is now an archaic anachronism. An atavistic throwback to an age without technology.
Bitcoin should not be trying to be gold. Right now, gold is falling. Cash, USD, etc is king.
Bitcoin can only win as cash.
Please stop thinking that there is some change - that the world falls apart and the Internet remains.
There is not. The world grows or we all end.
There is nothing else.
My primary reason to create Bitcoin is the ability to conduct Micro-payments and digital cash.
I do not like the manipulation of the Central Banks - and more I loathe the use of debt instruments as they are deployed
But, Bitcoin does not solve this unless it is used extensively as cash and more
Bitcoin needs to be a common and ubiquitous method of payment and exchange if it is to have any use in opening competition between central banks and the people who use money.
If you want Bitcoin to become a measuring stick, as Gold was, that limits the CBs, then it is necessary to first have it as a commonly used means of savings and payment
Cash first.
Then, more follows.
I am not defending the Fed nor USD
I am stating fact
Not all facts are good
For bitcoin to become all that can be, for it to be a measuring stick against the US dollar it needs to 1st become the primary medium used by the majority of people in the world in some manner. To do this, it can become a micro payment system and cash. At that point when people hold bitcoin and other currencies, they can very quickly see the discrepancies between an appreciating asset that values based on scarcity and supply needs against and inflating supply.
However, without the ability for bitcoin to be used and for it to be distributed across the majority of the world's population in some form that is not the store of value mantra but rather one that involves monetary velocity and use, bitcoin becomes merely a Ponzi and eventually fails.
As I keep stating, my goal is a long-term. By this I do not mean five years but rather more like 20 to 30 years. For us to start creating a system that will enable everything I've been talking about requires that we create a system that is used first of all for the primary purpose that bitcoin solves that no other system can, micro payments
This end is not achieved through attacking central banks head on. It is not achieved by taking on the US government and it is not achieved by kicking the proverbial gorilla in the nuts
CSW
Mar 20, 2021
https://metanet-icu.slack.com/archives/C5131HKFX/p1584692477235700?thread_ts=1584692477.235700&cid=C5131HKFX
https://t.me/CSW_Slack/2353
Right now, there is a rush for cash.
Companies do not want Gold, nor Bonds.
Neither will aid their survival through a depression. Only cash will.
In a recession, cash is king.
If bitcoin was not hijacked, this would be where global business rushed into bitcoin. But, like gold, BTC does not allow direct trade.
You cannot directly spend bitcoin now, you could in 2013.
Bitcoin is cash, and as cash it is valuable.
https://www.kitco.com/news/2020-03-19/Gold-prices-can-fall-to-1-300-an-ounce-as-recession-looms-IHS-Markit.html
Gold was a good cash substitute only when gold was directly linked to the USD, Pound etc.
It is now an archaic anachronism. An atavistic throwback to an age without technology.
Bitcoin should not be trying to be gold. Right now, gold is falling. Cash, USD, etc is king.
Bitcoin can only win as cash.
Please stop thinking that there is some change - that the world falls apart and the Internet remains.
There is not. The world grows or we all end.
There is nothing else.
My primary reason to create Bitcoin is the ability to conduct Micro-payments and digital cash.
I do not like the manipulation of the Central Banks - and more I loathe the use of debt instruments as they are deployed
But, Bitcoin does not solve this unless it is used extensively as cash and more
Bitcoin needs to be a common and ubiquitous method of payment and exchange if it is to have any use in opening competition between central banks and the people who use money.
If you want Bitcoin to become a measuring stick, as Gold was, that limits the CBs, then it is necessary to first have it as a commonly used means of savings and payment
Cash first.
Then, more follows.
I am not defending the Fed nor USD
I am stating fact
Not all facts are good
For bitcoin to become all that can be, for it to be a measuring stick against the US dollar it needs to 1st become the primary medium used by the majority of people in the world in some manner. To do this, it can become a micro payment system and cash. At that point when people hold bitcoin and other currencies, they can very quickly see the discrepancies between an appreciating asset that values based on scarcity and supply needs against and inflating supply.
However, without the ability for bitcoin to be used and for it to be distributed across the majority of the world's population in some form that is not the store of value mantra but rather one that involves monetary velocity and use, bitcoin becomes merely a Ponzi and eventually fails.
As I keep stating, my goal is a long-term. By this I do not mean five years but rather more like 20 to 30 years. For us to start creating a system that will enable everything I've been talking about requires that we create a system that is used first of all for the primary purpose that bitcoin solves that no other system can, micro payments
This end is not achieved through attacking central banks head on. It is not achieved by taking on the US government and it is not achieved by kicking the proverbial gorilla in the nuts
CSW
Mar 20, 2021
https://metanet-icu.slack.com/archives/C5131HKFX/p1584692477235700?thread_ts=1584692477.235700&cid=C5131HKFX
https://t.me/CSW_Slack/2353
Since 2007. At some point I became convinced there was a way to do this without any trust required at all and couldn't resist to keep thinking about it. Much more of the work was designing than coding.
Users can link identity.
See Section 10 of my Whitepaper.
At no point is identity removed from bitcoin. Rather, in the new privacy model of bitcoin identities are exchanged where needed between individual parties. Today, there are laws for cash and the transaction of money using cash. Because you're using cash does not mean that you can avoid recording identity.
Know your customer requirements, customer due diligence and anti-money laundering laws all cover cash.
https://www.gov.uk/guidance/money-laundering-regulations-high-value-dealer-registration
Whether it is a single transaction or multiples, where the value is €10,000 or more, the person transacting would require registration as a high-value dealer.
This even applies if you make instalments or payments on account. Bitcoin is a cash money system. Consequently, all of the money laundering regulations concerning cash will apply.
If you're receiving small amounts of money, not only micro-payments but even if you're running a coffee shop or restaurant, there will be no requirement to register as a high-value dealer. A real estate broker offering commercial leases could easily exceed this amount and thus have to require registration.
The majority of exchanges made using bitcoin will not require registration. Any exchange or custodial service will require registration. Local bitcoin and related organisations will require registration. When people go wrong is to think that normal everyday coffee shops and related organisations will require registration.
The need for trust is mitigated using registered identity based keys and hierarchies of linked keys.
CSW
Mar 26, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1585249153076800?thread_ts=1585249153.076800&cid=C5131HKFX
https://t.me/CSW_Slack/2355
Users can link identity.
See Section 10 of my Whitepaper.
At no point is identity removed from bitcoin. Rather, in the new privacy model of bitcoin identities are exchanged where needed between individual parties. Today, there are laws for cash and the transaction of money using cash. Because you're using cash does not mean that you can avoid recording identity.
Know your customer requirements, customer due diligence and anti-money laundering laws all cover cash.
https://www.gov.uk/guidance/money-laundering-regulations-high-value-dealer-registration
Whether it is a single transaction or multiples, where the value is €10,000 or more, the person transacting would require registration as a high-value dealer.
This even applies if you make instalments or payments on account. Bitcoin is a cash money system. Consequently, all of the money laundering regulations concerning cash will apply.
If you're receiving small amounts of money, not only micro-payments but even if you're running a coffee shop or restaurant, there will be no requirement to register as a high-value dealer. A real estate broker offering commercial leases could easily exceed this amount and thus have to require registration.
The majority of exchanges made using bitcoin will not require registration. Any exchange or custodial service will require registration. Local bitcoin and related organisations will require registration. When people go wrong is to think that normal everyday coffee shops and related organisations will require registration.
The need for trust is mitigated using registered identity based keys and hierarchies of linked keys.
CSW
Mar 26, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1585249153076800?thread_ts=1585249153.076800&cid=C5131HKFX
https://t.me/CSW_Slack/2355
GOV.UK
Money laundering supervision for high value dealers
Find out if you’re a high value dealer and need to register with HMRC under the money laundering regulations.
Hash does not secure the network.
This crazy BTC bull shit that hash rate is the security mechanism is wrong. The proof of work hash rate calculation is an economic signal. It is a game theoretic process that allows miners to be recognised and for law to take action. It is how we keep miners honest.
CSW
Apr 9, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1586452690189500?thread_ts=1586448127.185400&cid=C5131HKFX
This crazy BTC bull shit that hash rate is the security mechanism is wrong. The proof of work hash rate calculation is an economic signal. It is a game theoretic process that allows miners to be recognised and for law to take action. It is how we keep miners honest.
CSW
Apr 9, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1586452690189500?thread_ts=1586448127.185400&cid=C5131HKFX
Something people haven't thought about. If bitcoin is not used as cash, it won't be an inflation hedge. This concept of store of value and protecting against inflation is absolutely asinine when the asset has no use.
People have been selling shares to get cash. If you cannot spend bitcoin as money, then people will start to sell it. The same goes for any crypto. If we had bitcoin as a medium of exchange, right now the market would be flocking towards bitcoin. Cash is at a premium right now. If bitcoin was used as a cash based money system today, and not subverted and hardly used as it is, it would have a global rush to bitcoin. Instead we see a global rush to US dollars and euros.
Worse, when the average person finally gets shitted off with the government control tactics and fear mongering and we just start working and CV19 can go to hell, then money will flow out of Bitcoin even faster.
CSW
May 14, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1589452266223600?thread_ts=1589452266.223600&cid=C5131HKFX
https://t.me/CSW_Slack/2361
People have been selling shares to get cash. If you cannot spend bitcoin as money, then people will start to sell it. The same goes for any crypto. If we had bitcoin as a medium of exchange, right now the market would be flocking towards bitcoin. Cash is at a premium right now. If bitcoin was used as a cash based money system today, and not subverted and hardly used as it is, it would have a global rush to bitcoin. Instead we see a global rush to US dollars and euros.
Worse, when the average person finally gets shitted off with the government control tactics and fear mongering and we just start working and CV19 can go to hell, then money will flow out of Bitcoin even faster.
CSW
May 14, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1589452266223600?thread_ts=1589452266.223600&cid=C5131HKFX
https://t.me/CSW_Slack/2361
Telegram
CSW - Slack Channel