BitInstant CEO Says World Operates "On an Inferior Monetary System"

Posted by samzenpus on Sunday September 16, 2012 @04:38AM from the your-money-is-no-good-here dept.

hypnosec writes "BitInstant's CEO Charlie Shrem and Erik Voorhees were invited to speak about virtual currency at the NACHA (the North American Payments Association) Annual Global Payments Forum held in Rio de Janeiro. At the conference the duo stated that the world operates 'on an inferior monetary system'. One of the more interesting parts of the whole forum was how Bitcoin as a currency and transaction system "works within current legal frameworks." A presentation by Senior Legal Counsel to the Federal Reserve titled: 'The Implications of Dodd-Frank Section 1073' sheds light on requirements that need to be fulfilled by "Remittance Payment Company" (RPC) guidelines. This law requires such companies to disclose a lot of information about money transactions. This is where Bitcoin as a currency and system collide head-on with the law."

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newsflash by etash · 2012-09-16 04:49 · Score: 5, Insightful

person A trying to sell product X, says all other products are inferior to his product
Re:Tracking money by BenEnglishAtHome · 2012-09-16 06:59 · Score: 4, Insightful

Not just interesting. Wonderful.
You could characterize the use of cash exactly the same way. I like paying cash. It would be nice if I could pay cash over the intertubes. If Bitcoin does (the equivalent of) that, lots of people are going to like it for lots of reasons, some nice and some not so nice.
Just like cash.