Quote from: Medusah on Today at 09:26:19 PM

Quote from: legiteum on Today at 09:13:13 PM

Haypenny is a digital currency, just like Bitcoin is. You could also say, "Bitcoin operates similarly to PayPal but without the need for identification". I guess that's one way to look at it...

Except for one major distinction: in Haypenny, a state-level entity could potentially dismantle the system by targeting you, the central figure of Haypenny. In Bitcoin, there is no individual or collective entity that, if attacked, could result in the shutdown of the entire system.

As we've discussed in another thread this week, a major nation-state like China could easily take over Bitcoin if it wanted to by controlling 51% of the hashrate. In our discussions most agreed that it was completely possible, although people questioned why they (or any other big country) would want to do that, which I agree with.

And by the same token, I don't know why some state-level actor would want to attack Haypenny either. Or PayPal, or Visa, or Citibank, or a corner grocery store?

I agree Haypenny can be attacked, but so could anything.

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Quote from: legiteum on Today at 09:13:13 PM

Like with Bitcoin, the businesses who are compelled to deal KYC and so forth are the ones who take in and send out sovereign currencies e.g. US dollars and so forth.

...because there isn't a central authority that controls Bitcoin? If such an entity existed, it's likely governments would enforce Know Your Customer policies on it or even threaten it if it resisted compliance.

Have governments gone after the many blockchain-based currencies that are defacto centralized (e.g. Ether)? I don't see why they would since these entities have public ledgers like Bitcoin does, and as such they can be tracked by anybody, including criminals, marketers, and... governments.

Haypenny, like any company, will respond to valid government subpoenas, and we make that very clear to our customers. But unlike cryptocurrencies with public ledgers, your transactions aren't out in the public for all to see. This makes Haypenny far more private that most blockchain-based currencies.

And this brings us right back to the beginning of this thread: blockchain's sole advantage is resisting government subpoenas into transaction activity. Then they figured out that Bitcoin couldn't really do that because of chain analysis, so mixers were invented. Now governments are cracking down on mixers. If they are successful, one wonders what utility Bitcoin has at all, since net-net it's less private than non-blockchain-based currencies like Haypenny.

Quote from: legiteum on Today at 09:13:13 PM

Of course, authorities can "demand" all they want--the platform simply doesn't have any identity inside of it. The only personal information we collect is an email address, and that's only for those wanted to create their own currency. You can have a client-side wallet with no identity at all if you want.

No disrespect, but were you just born yesterday? Your company operates under the jurisdiction of a country's laws. If those laws mandate the collection of personal information, you have to comply, or else you're breaking the law. And just so you know, this puts your users' funds at risk because you're a single point of failure, in case you haven't realized it yet.
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Of course we follow the law. There's no demand for an entity to do KYC who does not take in or give out tradable money. We are regulated exactly as any cryptocurrency is regulated.

As for our transaction integrity, every Haypenny transaction is written to three geographically separate locations before the transaction is marked as completed. And then, within about 10 seconds, transactions are written to military/financial-compliant distributed WORM system, meaning transactions cannot be erased no matter what, forever. This treatment of data is similar, or generally exceeds that of any major financial institution like a bank or a broker. (And as such, 95% of Bitcoin investors probably do not have this level of transaction integrity since their broker of choice is probably not this diligent with their transactions, and they may not even be with their own direct Bitcoin transactions).