Re:Bitcoin-Central.net is now licensed to operate as a bank ...
by laSeek on Thursday December 06, 2012 @10:38PM
(#4885350)
Privacy is privacy - you don't know how important it is until you don't have it.
The main payment processors operate a mafia of sorts - it's a closed shop - tx fees are fixed and determined by them. One aspect of bitcoin is that is allows the person sending a payment & the person processing that payment (the mining pools) to negotiate the price. The theory being that transactions with a better tx fee will be included in blocks quicker than those that don't.
By freeing up these aspects of the systems we use to send & receive payment - you allow other forces to come into play.
Re:Bitcoin-Central.net is now licensed to operate as a bank ...
by mahyarm on Thursday December 06, 2012 @10:18PM
(#4885310)
What good is it to not let people know how much you make, how much is in your bank account or not wear a rolex in a ghetto? Tax evasion is not the only reason why you want your finances private.
Re:Bitcoin-Central.net is now licensed to operate as a bank ...
by lmm on Friday December 07, 2012 @05:41AM
(#4886373)
>What good is it to not let people know how much you make, how much is in your bank account or not wear a rolex in a ghetto?
It helps protect the establishment and preserve the status quo. That's about it. It would be in most people's interest for these things to be public.
I agree with you on simplifying payment processing, but what exactly is financial privacy good for except tax evasion? Is there an epidemic of Visa/Mastercard/AMEX selling purchase histories to advertisers or something? Isn't that illegal?