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     8 years ago 

    BitGate will use BitShares as infrastructure. This was the intention of BitShares from the beginning, to enable new gateways in different jurisdictions: http://bytemaster.github.io/update/2014/12/18/Benefits-of-Being-a-BitShares-Gateway/

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     8 years ago 

    Thanks for the pointer relating to BitShares, I wasn't aware of this as of yet. So much is happening in relation to the crypto-world right now, it is overwhelming really.

    I was wondering how kosher it would be to start moving toward governmental laws, especially because of their design at keeping the poor poor and the rich wealthier and wealthier off? From there my thought can't help but wonder if it would be some sort of stratagem to bypass the decentralization strength to regain the upper hand on the grass-root movement of crypto-currencies?

    Thanks for your patience with my ignorance, namaste :)

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     8 years ago 

    The idea is to allow each jurisdiction/region to regulate their own assets on the blockchain, while keeping the core exchange and assets decentralized and autonomously governed. 2 years ago we didn't think traditional financial institutions would accept this, but the times are changing. Regulations, lawyers, bankers, are increasingly open to the idea of a hybrid solution. In the end nation-states will be exposed to competition just like any other entity.

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     8 years ago 

    Well, I'm absolutely sure the banking system and the layers would be agreeable to a an "hybrid solution", it keeps them going instead of seeing their institutions fall to the alternative, the sole presence of cryptocurrencies, unmanned, autonomous and omnipotent by the algorithms of equanimous justice for all instead of a few...

    I'm very curious to see how it will play out and whether or not the tug-o-war of justice will still end up in the hands of the people with money. This seems to be a risky move on our behalf to let this happen, but maybe it will work. I still need convincing in that domain I guess or I simply don't understand the way such a project could and will actually empower everyone equally. Thanks again for your patience and expertise in the domain. Your information is valuable to me and, hopefully, to many others too. All for one and one for all! Namaste :)

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     8 years ago (edited)

    Candidly, if the crypto world had taken the Bitgate approach 5 years ago crypto adoption would be far, far ahead of where it is today. As much as the few (myself included) want to see existing financial institutions replaced with decentralized trustless infrastructure it is not going be like switching a light off. There is a transition period that will require solutions like Bitgate. @dantheman saw this years ago and called them on-ramps: interfaces with the current regulatory environment that will allow fiat value to flow into crypto.

    Here's the neat thing though... it's a one way trip. ;)