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Comment Weasely sentence in the article (Score 3, Insightful) 134

"It is unclear how Japanese law would treat any such diversion of customer funds as Mt. Gox was not regulated as a financial institution. As a private firm in which Karpeles held an 88 percent stake with no declared debt, Mt. Gox was under no obligation to share any details on its finances."

The lack of regulation means that they cannot prosecute the *lack of disclosure* but the article makes it sound like it implies they cannot prosecute the fund diversion itself. Of course you can, it's embezzlement, there are laws on the book against it, and no you don't need to be "regulated" for these laws to apply.

Financial regulation is something that can make such frauds harder to perpetrate, it's not what makes is illegal. Sheesh.

Comment Go ahead regulate (Score 1) 385

Bitcoin was built to evade controls. Sure you can regulate that transactions above a certain amount must be reported, but good luck enforcing it. Transactions can be split into thousand of components at no cost, be dispatched through mixers to thousands of wallets. If the government become savvy enough to track such movements, then anonymous internet banking with chaumian cash can be implemented on top of bitcoin.

So if regulation gives the government the temporary illusion that it's controlling bitcoin, then by all means start regulating. The alternative is government trying to kill bitcoin, which it might be able to pull off at this stage by targeting the exchanges.

Comment Re:Systematic problem with democracy (Score 1) 536

Ah then I'm surprised you're not mentioning the horrible record of Woodrow Wilson, probably the worst president of the US ever. One time member of the KKK, when he became the dean at Princeton he *re*segregated the school.

Also, in the pursuit of democracy, he encouraged the Russian revolution which eventually led to the rise of the Soviets, he pushed for the harsh conditions of the Versailles treaty which became fertile ground for Nazism. Also he created the Federal Reserve, the first permanent income tax, instituted a draft.

Pretty evil guy.

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