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Verisend simply cannot be trusted as it is closed source and relies on a centralized mixer on a windows server, Vericoin foundation will likely see major legal issues involving money laundering in the future if they maintain this service and Vericoin does reach ever mainstream use. If services like Lavabit/Twitter/Google/etc can have their records seized by the US government without being allowed report it, it certainly can happen to Verisend.
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Actually, as someone who has a long standing background in the financial world and has personally worked extensively with FinCEN, Vericoin's features in that regard are under very low risk. What is at very high risk of catching unwanted attention is the recent batch of alts that have anonymity woven into them.
By centralizing certain aspects of Verisend, they technically have the ability to comply with US Federal regulations. Coins that have built in decentralized anonymity quite literally have a target painted on their collective asses, and will be the first hammered into the dirt by the Feds should they ever start looking in that general direction.
Thank you Fippy. Your background adds a lot of relevance to your argument.
Appreciate you clarifying that for those of us not as familiar with FinCEN.
I had the same thought. It looks like more countries are moving to regulate and participate in bitcoin / crypto currencies.
Now, do I believe anon features have a place in crypto? Yes.
Will the anon coins be the one to win over governments, and those trying to make it a more trustworthy system over the current financial system? I don't think there is a snowballs chance in hell. I think anon coins will have a niche market, just like the computer geek niche that Bitcoin has attracted right now.
VeriCoin is the first "Gimmick" (LOL I love the idiots who say that.) that will actually make your mom want to take some bitcoins on her next trip overseas. Or how about your international company? You don't think international companies with a focus on internet commerce are going to embrace a new solution? One without the stigma of super nerdy, complicated computer algo's?
Brand yourself as a payment method for the masses and take on a new market space. BRILLIANT! While the other cryptos fight it out in the red ocean, VeriCoin takes the blue ocean strategy and creates its own rules / demand.
This will be exciting to watch grow in the years ahead.