Post
Topic
Board Bitcoin Discussion
Re: Stop saying Bitcoin is good for money transfer. It isn't.
by
vongesell
on 16/09/2013, 10:53:54 UTC
We could have decentralized exchanges which would be effectively unregulatable if a method existed for creating a distributed, P2P fiat interface so that the exchange would not need to deal with a bank.

In order to create such an interface though you need some kind of cross-border contract enforcement and dispute resolution system that does not require any assistance from the existing legal systems in order to function (because one or more parties might be located in incompatible legal jurisdictions, or be anonymous, or be located where there is no functioning legal system).

I agree. What p2p does very well is reputation systems. but these are not enough in themselves to provide similar levels of trust that a regulated exchange with AML/KYM'ed users can provide. I would be up for a network that combines a p2p network exchange with reputation that has optional physical anchoring. Where one builds their reputation through successful virtual transactions while also having the option of using physical gatherings to share notarised ID/papers.

I also agree with everyone that the problems I am experiencing are due to FIAT, not Bitcoin. But this problem is here to stay. If anything, it should solidify that argument that governments have nothing to fear. Their monopoly on finance is safe, for the most part.