[scoofy]

Again, the purpose of blockchain-as-capital is exactly to escape regulatory requirements. One of the main reasons why we are able to use the banking systems like we do, is the ability, generally, to unwind translations that were fraudulent. There are also disclosure forms that must be presented as a double-check, to transactions that cannot be unwound.

With most blockchains, this is entirely not feasible. The irony is that many of the brokers will likely be swamped by regulation going forward exactly because people will be unhappy with the lack of these types of disclosures.

[rory]

No need to condescend-- the gap isn't that I didn't read what you wrote, or even that I disagree. Your point is just unrelated to the situation we're talking about.

A wallet is not like a bank. It's like.. well, a wallet. If you hand a wallet full of cash to a thief, no banking regulation will protect you. The tradition digital equivalent is a Visa gift card or Western Union.