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re: How to convert USD to Bitcoins
Posted on 4/2/13 at 10:16 pm to WikiTiger
Posted on 4/2/13 at 10:16 pm to WikiTiger
quote:Wasn't one of the advantages of bitcoins the supposed lack of government regulation? Localbitcoins.com as a third party intermediary has an obligation to comply with anti-money laundering laws, and it is subject to regulation by the government. Your admission that a regulated transaction is a more secure transaction is more than just a little hypocritical. It is a complete repudiation of one of the advantages you are claiming for bitcoins.
fwiw, localbitcoins.com has a built in escrow service that increases security
1
Posted on 4/3/13 at 1:49 am to Poodlebrain
quote:
Your admission that a regulated transaction is a more secure transaction is more than just a little hypocritical. It is a complete repudiation of one of the advantages you are claiming for bitcoins.
To be fair I don't think Wiki or anyone else claims fraud is impossible with bitcoins. This "escrow" is simply a paid service.
I will note though that in order for a bitcoin ecosystem to be fully viable these sorts of mechanisms must exist whether provided for by a government or by private entities.
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