AgoristRadio/gist:5202850

## gistfile1.txt
<FellowTraveler> Hmm
<FellowTraveler> "intermediaries in the transfer of virtual currencies from one person to another person, or to another location, are money transmitters that must register with FinCEN as MSBs unless an exception applies."
<FellowTraveler> Is an OT server actually an intermediary?  I don't think it is!
<FellowTraveler> an OT server is a notary.
<FellowTraveler> the transaction is between two people — the OT server countersigns it.
<FellowTraveler> the OT server never takes possession of any of the actual money.
<FellowTraveler> is a notary an intermediary ?
<FellowTraveler> basically the OT server "signs as a witness"
<FellowTraveler> it does not sign as a party.
<FellowTraveler> and it does not take any money in or out — the issuers do that.
<FellowTraveler> Technically the OT server also doesn't create any virtual currency units
<FellowTraveler> the issuers do.
<FellowTraveler> which is just another way of saying, "the users do" since the issuer is just another user
<FellowTraveler> if User A says, "I'm inventing a new currency, and my new issuer account will start with a 0 balance" the OT server says, "fair enough" and signs it
<FellowTraveler> meaning OT server is just a notary, he hasn't created any units, he's just "signed as a witness" that someone else has.
<FellowTraveler> does that make him an intermediary?
<knotwork> no more than a notary-public maybe
* MathCampbell has quit (Quit: MathCampbell)
<FellowTraveler> does a notary-public have to register as a money transmitter?
<FellowTraveler> is a notary-public considered an "intermediary" to transactions he notarizes ?
<BenderCoin> wild
<FellowTraveler> Another example, if Alice says, I have 5 units of Gold, and I am giving it to Bob. Signed Alice. The server verifies this is true, and then countersigns it (DOES NOT CHANGE BOB'S BALANCE)
<FellowTraveler> Then Bob says, "I am receiving Alice's transfer, Signed Bob."  The server verifies this also, and the countersigns it as well.
<FellowTraveler> Therefore the server never actually "transfers" anything to Bob.
<FellowTraveler> The server only verifies that Alice and Bob both actually signed it.
<FellowTraveler> A notary.
<BenderCoin> Open-Notary
<FellowTraveler> I think the authorities will end up having to regulate OT as a notary
<FellowTraveler> "unlicensed notary service"
<FellowTraveler> not as a money transmitting software
<FellowTraveler> I wonder, is it illegal to operate notary-like software, if you are not a licensed notary?
<FellowTraveler> What if you post a legal notice that you are not a licensed notary?
<FellowTraveler> "Use at your own risk. Not a licensed notary."
<randy-waterhouse> crupto-notary is similar in essence but nothing like a legal notary in law
<randy-waterhouse> s/crypto-notary
<FellowTraveler> I think the technical truth may not be the same as the legal truth
	<FellowTraveler> Hmm
	<FellowTraveler> "intermediaries in the transfer of virtual currencies from one person to another person, or to another location, are money transmitters that must register with FinCEN as MSBs unless an exception applies."
	<FellowTraveler> Is an OT server actually an intermediary? I don't think it is!
	<FellowTraveler> an OT server is a notary.
	<FellowTraveler> the transaction is between two people — the OT server countersigns it.
	<FellowTraveler> the OT server never takes possession of any of the actual money.
	<FellowTraveler> is a notary an intermediary ?
	<FellowTraveler> basically the OT server "signs as a witness"
	<FellowTraveler> it does not sign as a party.
	<FellowTraveler> and it does not take any money in or out — the issuers do that.
	<FellowTraveler> Technically the OT server also doesn't create any virtual currency units
	<FellowTraveler> the issuers do.
	<FellowTraveler> which is just another way of saying, "the users do" since the issuer is just another user
	<FellowTraveler> if User A says, "I'm inventing a new currency, and my new issuer account will start with a 0 balance" the OT server says, "fair enough" and signs it
	<FellowTraveler> meaning OT server is just a notary, he hasn't created any units, he's just "signed as a witness" that someone else has.
	<FellowTraveler> does that make him an intermediary?
	<knotwork> no more than a notary-public maybe
	* MathCampbell has quit (Quit: MathCampbell)
	<FellowTraveler> does a notary-public have to register as a money transmitter?
	<FellowTraveler> is a notary-public considered an "intermediary" to transactions he notarizes ?
	<BenderCoin> wild
	<FellowTraveler> Another example, if Alice says, I have 5 units of Gold, and I am giving it to Bob. Signed Alice. The server verifies this is true, and then countersigns it (DOES NOT CHANGE BOB'S BALANCE)
	<FellowTraveler> Then Bob says, "I am receiving Alice's transfer, Signed Bob." The server verifies this also, and the countersigns it as well.
	<FellowTraveler> Therefore the server never actually "transfers" anything to Bob.
	<FellowTraveler> The server only verifies that Alice and Bob both actually signed it.
	<FellowTraveler> A notary.
	<BenderCoin> Open-Notary
	<FellowTraveler> I think the authorities will end up having to regulate OT as a notary
	<FellowTraveler> "unlicensed notary service"
	<FellowTraveler> not as a money transmitting software
	<FellowTraveler> I wonder, is it illegal to operate notary-like software, if you are not a licensed notary?
	<FellowTraveler> What if you post a legal notice that you are not a licensed notary?
	<FellowTraveler> "Use at your own risk. Not a licensed notary."
	<randy-waterhouse> crupto-notary is similar in essence but nothing like a legal notary in law
	<randy-waterhouse> s/crypto-notary
	<FellowTraveler> I think the technical truth may not be the same as the legal truth