The Bitcoin Lightning Network is intended to work like a digital Hawala network; have we solved the regulation problem?
Reference: https://en.wikipedia.org/wiki/Hawala The idea is that once channels have been set up between entities in the network, value can be moved through these channels from one node to another. This allows two individuals to use the network to route payments. While I have no problem with that in the slightest, I have not seen a discussion about how businesses can participate given the regulations around Money Service Businesses and Money Transmission Businesses. After all, each node along the route must be willing to transfer value from one party to another. Hawala networks were banned in many places for this reason, though like Bitcoin they are distributed and autonomous, so effectiveness of such bans is pretty hard to determine. The Lightning Network though must recruit a wide range of participants to work as a decentralized autonomous agent for Bitcoin transactions. I am a big fan of lightning networks. But I can't be the only one that is a little worried about the potential for a regulation problem. Hopefully there is an easy answer. EDIT 1 Reference to FinCEN rule in the US
31 CFR § 1010.100(ff)(5)(i)(A) states: (5) Money transmitter— (i) In general. (A) A person that provides money transmission services. The term “money transmission services” means the acceptance of currency, funds, or other value that substitutes for currency from one person and the transmission of currency, funds, or other value that substitutes for currency to another location or person by any means. “Any means” includes, but is not limited to, through a financial agency or institution; a Federal Reserve Bank or other facility of one or more Federal Reserve Banks, the Board of Governors of the Federal Reserve System, or both; an electronic funds transfer network; or an informal value transfer system; or (B) Any other person engaged in the transfer of funds.
[uncensored-r/Bitcoin] Hawala: shadow side of the East or world alternative banking?
The following post by darrylvh is being replicated because the post has been silently removed. The original post can be found(in censored form) at this link: np.reddit.com/ Bitcoin/comments/7q5fju The original post's content was as follows:
Local bitcoin nearest one is 80 km away.. please help
Hey guys, I’m sick of sending money to my ex and my daughter that live in Syria and they can’t receive money in US Dollars. Central bank playing dirty games there and pay my ex shitty money. I told her to get a bitcoin wallet but it’s not popular there yet. I checked localbitcoin and it’s far and dangerous to drive. Would really be happy if you could suggest something. Again I’m in the states and she’s in Syria. Not to mention the hassle every time Isend her money when WesternUnion start asking stupid questions and sometimes hold the money just bc they found out I was born in Syria. They ask how am I related to her. Why am I sending her money. When was the last time I was there. Am I planning on going there again. After all that. They sometimes say sorry we can’t help. And when they do, Syrian banks control prices. Thanks.
Potential competition emerging for Coinbase and Local Bitcoins on the ethereum blockchain! Hawala.Today
Here’s for my lazy people; you can do the thing. You know, the thing! Just do it, Nike wasn’t wrong. And here’s the TL;DR right from the get-go. Hawala.Today has the potential to be a replacement platform for Coinbase & Local Bitcoins. It’s hard working, dedicated & knowledgeable team, who are ahead of schedule, are working day and night (join the telegram to see for your self) to achieve their vision of becoming that, and much more. If you’re just looking for ROI, It is the surest bet among all the altcoins, since the HAT token is utilized in a rigid, well designed system and it serves a major purpose in all aspects of Hawala.Today’s platform! Also, Hawala.Today is privately funded by investors from Silicon Valley (OoOooo..). This write up is dedicated to the greatest telegram group in all of crypto and all of it’s participants. Shout out to my main men Chris & Rohit. You might have seen the name Hawala.Today around if you’re an active crypto-enthusiast like me. And whether you are in it for the technology, usability or for the money, in the case of Hawala you have potential for growth in each of these avenues. Imagine the legendary Bitcoin Center in New York transformed in to a digital platform encompassing all crypto currencies that spans the entire globe, with magnificent, minimal design and easy-to-use crypto-fiat P2P trading and asset management. That is what Hawala.Today WILL become. There are similar services currently, which are in my opinion, lacking and poorly designed. These services include Coinbase & Local Bitcoins. Now before you start snapping your suspenders and tugging your tie, let me, or rather the Hawala.Today’s white paper explain:
Hawala.Today, at its core, is a gateway between fiat and crypto currencies. The model built around it specifically focuses on dealing with the existing issues in the path to mass adoption. It is also inspired by the vision to see crypto asset trading and management become a favorable norm. This seemingly gargantuan task has had some attempts. Despite being extremely successful in their respective markets, none of them managed to bring a balanced ecosystem together which could sustain a global p2p network and provide a more reliable and convenient interaction. Often the existing issues standing in the way are identified as: • Lengthy processing times • High costs/fees (especially fiat) • Limited asset management • Limited accessibility
So.. There you have it in a nut. And also, if you forgot.. Coinbase is now called “Conbase” by many of it’s users and for good reasons. (Lost money, lost wires, lost coins, lost everything + waiting for eternity and beyond.) I do not know about Local Bitcoins, since I haven’t used them. But from a quick peek at their site, it confirms Hawala’s vision to bring simplicity, ease of access and to become a compact combination of Coinbase and Local Bitcoins with all the features they plan to implement. And here are the features, imagined in to the future, with a quick & easy to Grok descriptions: Incentive For Stake (IFS) So! After reading my awesome post in the year 2020, the year after the global crypto adoption. You’ve decided to buy a bag of HATs from the Hawala Exchange. Now after the astonishingly simple purchasing process with a cash card, the HATs now reside in your Hawala wallet. (HaWallet, HAHAHA. No.) Now simply add them to stake and enjoy your daily 0,041% (Or 15% yearly in the first two years, and descending to a 7.27% over a period of 10 years.) rewards, which you can claim every 3 days. Universal wallet for all currencies Nice, isn’t it? The most secure, easy-to-use and beautiful wallet on the market for ALL crypto currencies. There’s nothing much to say about a wallet. Store your crypto in it and smile. World wide availability Unless you’re not from this world, or Trump has nuked the planet, you should be able to use Hawala, today. Oh god. Hawala Exchange & P2P Trading In the year 2020, the exchange has evolved in to a globally adopted, super easy to use, sexy, ever evolving exchange, adding new assets via community votes and improving the experience of the exchange with constant interaction with the community. Trade from peer to peer, with a reputation system so you can instantly see if some one is a right out cunt and then you can stay away! Built on the Ethereum blockchain, with no fees, except for gas (which is going to be 0 in the year 2019, since Vitalik is a genius). Verified users & Hawaladars If you’re a richboi trading over 600$ you must go through an AML/KYC verification. But that’s only a good thing, since it secures your assets and makes you reputable. Maybe you’re a driven person with ambition and you want to reach all the goals you set for yourself and become successful in every aspect in your life? Well, then you can become a Hawaladar. A trading maniac, who upkeeps his volume and reputation consistently and makes great things happen in the Hawala community. Earn a 1000 HAT reward from becoming a Hawaladar! Hawala Token (HAT) What can the Hawala Token do? Well, I personally don’t know how to explain this simply, so here’s an abridged description from the white paper:
*Enable fiat-crypto exchanges *Become the payment mechanism to access the services and the platform offered by Hawala.Today *Pay for API calls on the Hawala platform *Enable access to AMS platform *Acquire IFS Rewards through staking
And also, HATs will fill your bags with profits ;) (NO PRICE SPECULATION RARARARA!!) Cash cards Ahh.. Remember when you used to buy gift cards as a last minute, thoughtless Christmas gift for your poor ol’ memaw? Well thanks to Hawala and their incredible cash cards, those meaningless Walmart gift cards are replaced by a sexy Hawala Cash Card (TM!) accompanied by an ear-beating, by you, of how the crazy money-revolution has begun!! Beautiful & minimal design Nothing to describe, really.. It's awesome. See for yourself! If you don’t find the color scheme and design pleasing, you might be Hitler reincarnated. Although he had a knack for art. I digress. But, I mean.. If he’d been accepted in to the world of artistry, maybe we’d be living in a different world. Ok? No? Ok. Here’s a section I call: T.A.F.A.S.C.I.J The Anti-Fud Anti-Scam Cup of Information Juice HEY ANTTI! THE DEVS ARE ANONYMOUS, WHY? From the telegram: The team is awaiting MSB licensing before we can safely reveal ourselves. There is no other way about it. There is also no confirmed date but it can take anywhere from 2–6 months. HEY ANTTI! THE ANONYMOUS DEVS ARE GOING TO EXIT SCAM AND FUND TERRORISTS ACCORDING TO A NECKBEARD FROM 4CHAN WHO HAS NO REPUTABLE PROOF WHATSOEVER, WHY? Okay. I hear your concern. BUT! Why would they airdrop all of their tokens and then steal literally nothing? Why put countless of person-hours (c wut i did there?) to develop an incredible product and maintain progress and a workflow, that even many professional, legit businesses fail to achieve. These two points should be enough to convince you. If this is a scam, that has been profitable to it’s adaptors already (with no ICO) after seeing this much trouble, they’ve only played them selves. OK? OK. That concludes my fanboi write-up of the most promising projects of 2018–2XXX. As you can probably sense from this article, I have a solid belief and appreciation for Hawala.Today and it’s community. I could write how amazing the admins and developers of this project are, but I want you to find out for yourself! Join our loving communities at: Telegram: https://t.me/hawala_chat Reddit: /HawalaToday/ Twitter: https://twitter.com/hawalatoday?lang=en Facebook: https://www.facebook.com/hawalatoday/ Bitcointalk: https://bitcointalk.org/index.php?topic=2285591.0 Slack: http://bit.ly/2k3I5My AND GO GIVE ME THE CLAP AT MEDIUM! https://medium.com/@anttikaipio/a-constant-mesmerizing-point-of-light-trailing-the-bear-markets-back-d9c3bec97a65
Why is no one creating [Hawala](https://en.wikipedia.org/wiki/Hawala) like service with Bitcoin?
It seems that with enough users participating (perhaps just tapping the existing localbitcoin users) we could allow others to send money around the world in a fiat of their choice using bitcoin for the cross border settlement. We could use the trust network involved in localbitcoins or just make participants escrow a certain amount to participate. Any thoughts?
Ein Bitcoin Konto auf Bitwala eröffnen ist sehr einfach und außerdem sehr günstig. Null Euro Bankkonto Gebühren! Nur 1% beim Bitcoin Kauf! Bitcoin and Hawala: An unlikely couple. Even though some argue for a marriage between Bitcoin and Hawala, the two systems make an unlikely couple. Block chain technology allows regulators to ... Hawala is a method of transferring money without any actual movement. One definition from Interpol is that Hawala is "money transfer without money movement." Hawala is an alternative remittance ... Hawala is a system of transferring money and property in a parallel arrangement avoiding the traditional banking system. It is a simple way of money laundering and is banned in India. But a new hi-tech form of hawala has appeared: the digital currency, bitcoin. As a result of GoI’s demonetisation initiative, today, there is a flood of such digital transactions in the country. Bitcoin and hawala avoid the overhead and fees of banks by not needing a trusted, central authority to mediate transactions. They simply do it in different ways, one modern, one ancient. Bitcoin uses open-source code to decentralize trust among a peer-to-peer network; hawala relies on the honor system and the power of personal reputation. Although Bitcoin brings to mind an image of individuals ...
In this video you will learn about HAWALA transaction and many other things... #hawala #transactions #illegal #blackmoney Hawala.Today is A P2P crypto-fiat currency exchange platform which allows for near-instant and secure exchanges, anywhere around the world. With the help of the exchange’s discovery mode, buyers ... The world has begun to take notice of blockchain technology and the advantages of a decentralized asset trading platform ever since Bitcoin began its meteoric rise in the past few years. Hawala ... Hawala.Today это платформа для обмена крипто-фиатных валют P2P, которая позволяет практически мгновенно и ... What is Hawala, concept of hawala, hawala. illegal hawala. hawala is illegal.