

Bitcoin and Digital Cash: A Vision of the Future - zacharyvoase
http://blog.zacharyvoase.com/2011/12/14/bitcoin/

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wmf
Here's your bank software, if you haven't already heard of it:
<https://github.com/FellowTraveler/Open-Transactions/wiki>

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matonis
Zachary, in the dual system proposal where bitcoin's decentralization is only
leveraged for verifiable reserve audits, how does an 'identifiable' (and
centralized) currency issuer based on Chaum's blinding protocols located in an
'identifiable' jurisdiction avoid government shutdown and asset confiscation?

~~~
FellowTraveler
1) Run the transaction server anonymously on i2p, earning a profit in
Bitcoins. This way it cannot be shut down.

2) To prevent the server from stealing the Bitcoins, bail them into a voting
pool instead of to a single server. (It is possible, using the Bitcoin script
language, to require multiple signatures on the blockchain before coins can be
transferred back out.)

3) To prevent the server from counterfeiting (inflation) it will be necessary
for the other pool members to have access to the same audit data (the
receipts) that a normal gold issuer would be expected to have.

4) To eliminate any privacy concerns vis-a-vis the other pool members, run the
transaction server entirely in cash-only mode.

