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    Default Italian MPs sign bill against 'anonymous' cryptocurrencies

    The launch of the new cryptocurrency Zcash was greeted in Italy with a new bill to ban fully anonymous cryptocurrencies, even though, "by definition, it is impossible to ban cryptocurrency, unless there is a corporation behind it."

    From Yogotnet.com:

    The decision to attempt banning fully anonymous cryptocurrencies comes at a troubling time for Italy. The country is dealing with underperforming banks and a looming financial crisis. The last thing they need is for a new cryptocurrency to drain more money out of the local economic ecosystem. Again, if anyone in Italy wants to purchase ZCash, stopping them will be virtually impossible.

    One could make the argument of how the Euro is nearly fully anonymous as well. Every Euro in a bank’s possession can be tracked, but once they leave the bank’s systems, they are untraceable. Since the majority of crime still relies on using cash and bank transfers, there are bigger fish to fry than ZCash, bitcoin, or other cryptocurrencies.
    Here is a link to the entire article: http://www.yogonet.com/international...yptocurrencies

    And speaking of cryptocurrencies, if you haven't already, check out the cover story from the new GPWA Times magazine about bitcoin: http://www.gpwatimes.org/issue36/#18

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    This is a very interesting development, and will likely lead to more regulations against unauthorized crypto currencies.

    Rick
    Universal4

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    There are no "authorized cryptocurrencies".

    Zcash case and Italy are both interesting. Italy has I think limit on cash transactions of 1000 EUR (10x lower than elsewhere). They impose taxes on all money coming from abroad upfront etc. Now their politicians read few hype-articles that tried to promote absolutely probably useless altcoin and they came out with a bill, that makes no sense.

    Nobody can do anything against the blockchain of cryptocurrencies. They can be banned by law at the same level of success as weather or human stupidity. Yesterday came out interesting article about Silk Road hunt and rogue policemen. The most interesting part is that US officials finally understood what is going on: Nobody can shut down Bitcoin, Zcash and any other cryptocurrency with law. I wrote it here many times. Some people and Italian government do not understand that. It will be interesting to see what will US do now.
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    Only time will be the deciding factor as to whether they can write laws structured in such a way as to actually slow the growth of what they determine to be unauthorized cryptocurrencies.

    While I agree that previously there was not such a thing ans cryptocurrencies that were "authorized" but it seems this step is in the direction, and sends a message (or at least implies that message) that cryptocurrencies do have a path to getting "authorized" or at least to be in good standing with the Italian government.

    I wonder if this could lead to an exchange or two wanting to open up shop there, or if it will end up driving the market even further underground in Italy.

    I think this is a general indication that eventually in order for any crypto to survive, the KYC will have to be followed, at all steps along the way, will have to be traceable back to the sender/receiver and the anonymity will have to be conquered in order for it to survive.

    Rick
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    The point of cryptocurrencies is to be untraceable. The money always was untraceable. Now with all AML bullshit USA were powerfull enough to force whole world to choke moeny transfers. But the "free money" is still needed. So many niches including our need money that can offer privacy. So here it is bitcoin and world of cryptocurrencies.

    Nobody from real economy needs a fully traceable cryptocurrency. They do exist (like Ripple or Stellar), there was a hype over them. Basically any wallet of those cryptocurrencies must go through KYC. This is why nobody uses them. For traceable transactions it does not make sense to use expensive decentralised currency. Fiat is fine.

    So it will be either pseudonymous (onyone can see transactions in blockchain, but not owners of wallets) currency as Bitcoin or anonymous as Monero or Zcash. With Bitcoin there are upgrades in progress that will make even Bitcoin anonymous. The more anonymous currency is the more costly is the network, so this will be a factor as well.

    Grey and black economy was always few tens of percent of global economy. To think that this economy will vanish is naive. Bitcoin is not an offspring of technological innovation. Bitcoin is an offspring of government regulation, cashless economy, antimoneylaundering laws and incredibly stupid belief, that the war against "evil" can be won.

    Nobody says this officially, because everybody is shitting into pants from USA, but there are countries that really do not like how USA monopolised their supervision over currency flows. Maybe that is why Swiss state railways now installed Bitcoin cash machines to their trains. For Bitcoin it is enough when just few countries work as hubs into cryptoworld. Russia is not that antibitcoin as it was 2 years ago, to name one another possible channel.

    Again: even US admitted it is not possible to "ban bitcoin". That was from the beginning the original idea: to create the kind of money that can not be banned.

    edit: http://www.reuters.com/article/us-sw...-idUSKBN12X123 <- another news from Switzerland
    Last edited by Sherlock; 2 November 2016 at 7:26 pm.
    We are all bloodsucking ticks, hungry, devious
    each one latched on to the ass of the previous
    when the last and the first latch on it can be shown
    ass-blood sucked by the first from the last is his own

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