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Old 11-16-2017, 09:36 PM   #101
HeardARumor
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Join Date: Oct 2017
Posts: 139
Re: Why aren't poker sites accepting cryptocurrency?

Quote:
Originally Posted by prickly00 View Post
There's a few hundred BTC on a floppy disk in a drawer somewhere. Won on Seals with Clubs. May have sold the that desk in a garage sale. Oops. Oh well.
My new hobby is going to garage sales and buying old computers and hard drives. It's like a treasure hunt
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Old 11-17-2017, 11:55 AM   #102
Fatboy54
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Join Date: Jul 2011
Posts: 3,437
Re: Why aren't poker sites accepting cryptocurrency?

Quote:
Yah, seems likely considering most cash robberies of liquor stores are prob $200-$500 at most. In the context of what you're saying, "large" would be 5k+ I'd assume
It's not a threshold, it would be dependent on the levels of financial activity and balance on any given account. Point is anybody working in finance in Europe (and probably most of the Western world) has to by law undertake AML training, pass a basic AML test and adhere to AML reporting procedures (it's a criminal offence to partake in ML (14 years max) it's also a criminal offence not to report it - correctly - if you SUSPECT it (5 years max).

It is for that reason the UK retail banking industry is pretty much steering clear of CC, because of the ML connotations, and their fear that they cannot fufil their legal AML duties if they get caught up in it. (I'm talking operationally here...I'm well aware that various banks have expressed a "keen interest" in the possibilities).

The latest statement by the UK FCA on CC is basically... it's not money, it's not regulated, do wtf you want with it, but don't knock on our door if it goes belly up.

I have no idea if CC has a "regulated" future. I do know it does not have an "unregulated" one.
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Old 11-18-2017, 12:56 PM   #103
Gzesh
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Join Date: May 2011
Location: UTG
Posts: 1,261
Re: Why aren't poker sites accepting cryptocurrency?

Quote:
Originally Posted by HeardARumor View Post
My new hobby is going to garage sales and buying old computers and hard drives. It's like a treasure hunt
One industry guy I know several years ago lost his phone, it held 4 coins.

(I think you might be on to something.)
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Old 11-18-2017, 01:08 PM   #104
Gzesh
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Join Date: May 2011
Location: UTG
Posts: 1,261
Re: Why aren't poker sites accepting cryptocurrency?

Quote:
Originally Posted by Fatboy54 View Post
It's not a threshold, it would be dependent on the levels of financial activity and balance on any given account. Point is anybody working in finance in Europe (and probably most of the Western world) has to by law undertake AML training, pass a basic AML test and adhere to AML reporting procedures (it's a criminal offence to partake in ML (14 years max) it's also a criminal offence not to report it - correctly - if you SUSPECT it (5 years max).

It is for that reason the UK retail banking industry is pretty much steering clear of CC, because of the ML connotations, and their fear that they cannot fufil their legal AML duties if they get caught up in it. (I'm talking operationally here...I'm well aware that various banks have expressed a "keen interest" in the possibilities).

The latest statement by the UK FCA on CC is basically... it's not money, it's not regulated, do wtf you want with it, but don't knock on our door if it goes belly up.

I have no idea if CC has a "regulated" future. I do know it does not have an "unregulated" one.
A good, informative post, but you miss three points ...

1. The banking reticence you describe is very real, but were it easy everyone would do it. There is a large portion of the financial services industry that is not a "bank."
2. CC and blockchain technology both have regulated futures; it is in the nature of regulation to seek areas for expansion. To a certain extent of course, regulation might prohibit or strangle some applications of the technology, which segues to the third point below.
3. If some use case exists, where CC or blockchain tech supports a useful application, it will continue to exist in an unregulated manner. For example, as long as cash is king, CC will exist.
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