The Digital Currency dilemma: Anonymity vs. Privacy?

When creating First Global Credit we believed that like all financial institutions we needed to adopt KYC standards for several reasons. First and foremost, if you do not have knowledge of who is using your systems you are creating an invitation to thieves who thrive in an environment of anonymity. If users remain anonymous it is impossible to track them if they hack systems and steal assets. By simply demanding that people verify their identity and location, those looking for easy picking are likely to look elsewhere to carry out their thefts.

The second reason, and this speaks more directly to how we chose to structure our business, is that no one operates their business in a vacuum. We operate ours in the real world, where, if you choose to ignore AML and KYC, you are creating the perfect environment for a government to enter and seize your client’s assets.

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In theory, could you use bitcoin or blockchain tech to account for exactly where your taxes are used? via /r/Bitcoin

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In theory, could you use bitcoin or blockchain tech to account for exactly where your taxes are used?

So a random thought popped into my head. Would it be practical to track and account all of my money that goes to the government through taxes in a open ledger system like bitcoin? I would love to be able to see exactly how my personal tax dollars are spent at the State and Federal level. What percentages of that money go into healthcare, education, infrastructure, military, etc. Basically and itemized receipt on where all my money went. This seems like it would be a great way to ensure accountability and perhaps reduce corruption. What are your thoughts?

Submitted October 21, 2014 at 07:15AM by cythix
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