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OmniLayer / omniwallet

Omni Protocol Hybrid Web-Wallet
https://www.omniwallet.org
GNU Affero General Public License v3.0
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Idea for avoiding potential upcoming regulation: split Omni's wallet functionality into greasemonkey #574

Open dacoinminster opened 10 years ago

dacoinminster commented 10 years ago

I've heard some chatroom speculation that supposedly Fincen is going to require ALL wallet providers to register with them, regardless of what or how they trade.

Somebody even tweeted that Mastercoin is doing this: https://twitter.com/BryceWeiner/status/476869150359695361

Not sure where they are getting their info. All I've heard is chatroom speculations and second-hand reports. We certainly haven't heard anything official.

Ron's offhand comment was that we could just make sure Omni is hosted outside of U.S. jurisdiction, but IF regulators require all wallet providers to register with Fincen (big IF), there's another approach we might consider:

We could make the omniwallet website simply be a block explorer, and move ALL the wallet stuff into a greasemonkey script, making it 100% client-side.

This is just a brainstorming idea, in case this situation ever arises.

genecyber commented 10 years ago

This concept of a wallet is strange to me anyway. Omni is a keychain. I'm confused, are other keychain type services regulated or have a requirement to register with an oversight committee?

I like the grease monkey aspect. Largely because I like to write my own scripts. 

Also why isn't there a homegrown oversight for these kinds of things. I wouldn't mind joining and following a group with guidelines written by other crypto entrepreneurs. I wouldn't mind opening my books or my security procedures. I'd even say the industry needs a standard or people are just going to keep being robbed, lowering trust overall.

On Thu, Jun 12, 2014 at 6:03 PM, dacoinminster notifications@github.com wrote:

I've heard some chatroom speculation that supposedly Fincen is going to require ALL wallet providers to register with them, regardless of what or how they trade. Somebody even tweeted that Mastercoin is doing this: https://twitter.com/BryceWeiner/status/476869150359695361 Not sure where they are getting their info. All I've heard is chatroom speculations and second-hand reports. We certainly haven't heard anything official. Ron's offhand comment was that we could just make sure Omni is hosted outside of U.S. jurisdiction, but IF regulators require all wallet providers to register with Fincen (big IF), there's another approach we might consider: We could make the omniwallet website simply be a block explorer, and move ALL the wallet stuff into a greasemonkey script, making it 100% client-side.

This is just a brainstorming idea, in case this situation ever arises.

Reply to this email directly or view it on GitHub: https://github.com/mastercoin-MSC/omniwallet/issues/574

ghost commented 10 years ago

Agreed that we could move Omni to the client, but it really depends, what constitutes a wallet? all we store are encrypted characters, the server doesn't understand what a "wallet" is.

Certainly there are legal aspects, but for all intents, we literally don't store wallets, clients are the ones that decrypt the bytes sent by the server into a "wallet" ;)

dacoinminster commented 10 years ago

Regulators are likely to use the "looks like a duck, quacks like a duck" legal standard. I'm just suggesting that our platypus could have some surgery if it needed to look less like a duck :)

On Fri, Jun 13, 2014 at 6:57 AM, Faiz Khan notifications@github.com wrote:

Agreed that we could move Omni to the client, but it really depends, what constitutes a wallet? all we store are encrypted characters, the server doesn't understand what a "wallet" is.

Certainly there are legal aspects, but for all intents, we literally don't store wallets, clients are the ones that decrypt the bytes sent by the server into a "wallet" ;)

— Reply to this email directly or view it on GitHub https://github.com/mastercoin-MSC/omniwallet/issues/574#issuecomment-46013962 .

Onat commented 10 years ago

Any of the resources coming from the foundation to host the ongoing activity of omni wallet and the trades will closely associate the foundation with the exchange. Until the hosting of the exchange service can be decentralized, the entity powering (paying for) the exchange should be incorporated in Zug, Switzerland. We should also seek to offer the service in completely decentralized hosting.