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US Postal Service Explores Adding Bitcoin Exchanges
Coin Desk ^ | 3 Feb 2014 | Pete Rizzo

Posted on 02/03/2014 2:51:57 PM PST by Errant

While the New York Department of Financial Services (NYDFS) successfully monopolized media attention last week with a cast of bitcoin of A-listers debating the future of US virtual currency legislation, it wasn’t the only government agency to explore the topic in a way that could impact the global community.

On 29th January, the US Postal Service (USPS) Office of Inspector General (OIG) held a webinar on virtual currency attended by representatives from the Universal Postal Union (UPU) and World Bank that sought to “explore the possibility” of a “potential role” for bitcoin at post offices around the globe.

Topics included whether post offices could leverage their physical stores to act as in-person bitcoin exchanges and whether they could color coins as a way to underpin bitcoin’s value and increase adoption.

Darrell Duane, a Washington, DC-based bitcoin consultant who was initially approached by the USPS and later helped promote the event, said that though much of the material was educational, there were some suggestions that, if adopted, could have big implications for the bitcoin community.

(Excerpt) Read more at coindesk.com ...


TOPICS:
KEYWORDS: bitcoin; crypto; mail; usps
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1 posted on 02/03/2014 2:51:57 PM PST by Errant
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To: Lurkina.n.Learnin; nascarnation; TsonicTsunami08; SgtHooper; Ghost of SVR4; Lee N. Field; DTA; ...

Click to be Added / Removed.
2 posted on 02/03/2014 2:52:32 PM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Errant

No way! I can’t believe it.


3 posted on 02/03/2014 3:07:33 PM PST by Zuben Elgenubi (NOPe to GOPe)
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To: Errant

Whoa...this would be an amazing advancement!

I kind of wish things would slow down somewhat, mainly because of my own greed, I need more time, for a solid investment base.


4 posted on 02/03/2014 3:08:08 PM PST by PoloSec ( Believe the Gospel: how that Christ died for our sins, was buried and rose again)
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To: Errant

Somebody once paid me with a USPS money order (around $800).

I took it to my bank - and it was rejected. Why? Too easy to counterfeit, so bank policy was no USPS money orders.

I went to other banks, check cashing places, grocery store check cashing service...NONE of them would accept it.

So, I spent 3 days of my life calling the post offices in town and waiting for a drawer to accumulate at least $800.

What did I learn from this? The USPS is a large organization that suffers from huge inertia, and is apparently unable to keep up with the times, with the security of something as simple as a money order.

And they want to open a bit coin exchange....

Run away.


5 posted on 02/03/2014 3:21:28 PM PST by lacrew (Mr. Soetoro, we regret to inform you that your race card is over the credit limit.)
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To: lacrew

Wow, thanks for sharing. I had no idea.


6 posted on 02/03/2014 3:27:07 PM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: PoloSec

Lol! Diversify... ;) Don’t get stuck with too much of any one thing!


7 posted on 02/03/2014 3:28:14 PM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: lacrew
"Run away."

Sounds like good advice for... YOU!

8 posted on 02/03/2014 3:38:09 PM PST by PoloSec ( Believe the Gospel: how that Christ died for our sins, was buried and rose again)
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To: Errant

My post office has been closed almost 5 months due to the flooding. They ought to be able to do this quite well.


9 posted on 02/03/2014 4:00:13 PM PST by mountainlion (Live well for those that did not make it back.)
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To: PoloSec

Hey, people can make their own decisions. I just think its helpful for people to hear my parable about the USPS.

Should I keep quiet about it, or give out the information I know?


10 posted on 02/03/2014 4:00:50 PM PST by lacrew (Mr. Soetoro, we regret to inform you that your race card is over the credit limit.)
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To: lacrew

Between bitcoins and payday loans the US PO might become profitable, :-)


11 posted on 02/03/2014 4:07:16 PM PST by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped.)
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To: lacrew
I took it to my bank - and it was rejected. Why? Too easy to counterfeit, so bank policy was no USPS money orders.

I went to other banks, check cashing places, grocery store check cashing service...NONE of them would accept it.

Money orders are what they are. Try cashing a Western Union money order in a place that doesn't have a Western Union sign out front: banks and post offices included. It's not a particularly effective argument.

12 posted on 02/03/2014 4:34:37 PM PST by BfloGuy ( Even the opponents of Socialism are dominated by socialist ideas.)
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To: BfloGuy

I glossed over the part where the USPS would not honor the money order. Their drawers didn’t have enough money...I drove to every office in town with no luck - and frankly all I got was a lot of bad attitudes. After 3 days ofendlessly calling to check drawers, I found one with enough money and drove across town to redeem.

How about they take that attitude with redeeming Bitcoin.


13 posted on 02/03/2014 5:06:09 PM PST by lacrew (Mr. Soetoro, we regret to inform you that your race card is over the credit limit.)
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To: Errant

I believe that would give them a crumb through which to find your wallet and then they can track your purchases

assuming they can crack the encryption (which has me wondering these days after the snowden / SSL revelations)


14 posted on 02/03/2014 5:15:00 PM PST by sten (fighting tyranny never goes out of style)
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To: sten

Good point. I doubt they can crack the encryption, but wouldn’t doubt they already know many of the addresses.


15 posted on 02/03/2014 5:27:09 PM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Errant

if you had your wallet confiscated, ther is no doubt they would crack it... just like the guy from silk road and those bitcoins being exchanged to dollars.

once cracked, they have the ability to find all your transactions


16 posted on 02/03/2014 6:01:24 PM PST by sten (fighting tyranny never goes out of style)
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To: sten
The ability to crack it would depend upon what you've used for a pass phrase. A large one 100+ characters with a representation from each class of character, would make it prohibitory expensive to crack. Somewhere on the internet I've seen a scale that gives an estimate of what it would cost (billions and billions).

An example of a pass phrase practically impossible to crack: 4Score&7YearsAgoOurFathersBrought4thOnThisContinentANewNation,ConceivedNLiberty,&Dedicated2ThePropositionThatAllMenRCreatedEqual!

17 posted on 02/03/2014 6:36:35 PM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: lacrew

Would the bank let you deposit it in your account and wait till it cleared before you got the money?


18 posted on 02/03/2014 6:42:48 PM PST by Lurkina.n.Learnin (This is not just stupid, we're talking Democrat stupid here.)
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To: Errant

actually, no. that’s the point of the snowden reveal.

the long passphrase is used to form your crypto keys which relies on a proper random number generator. if the set if random numbers isn’t billions and billions... but thousands... then it’s easily crackable


19 posted on 02/03/2014 6:51:42 PM PST by sten (fighting tyranny never goes out of style)
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To: Errant

The experts who rolled out the Obamacare website should be able to whip up the right software to allow the USPS to do this.


20 posted on 02/03/2014 7:19:50 PM PST by Cementjungle
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To: sten

Without going into detail, from friends in the IT security business: with a lengthy passphrase and a secure application, you’re pretty safe. I wouldn’t trust any of Microsoft’s office applications and etc., but a local Bitcoin wallet is pretty trustworthy if you passphrase protect it with a lengthy passphrase.


21 posted on 02/03/2014 7:39:45 PM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Cementjungle

For the right price of course and given plenty of time... ;)


22 posted on 02/03/2014 7:40:46 PM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Lurkina.n.Learnin

No. I tried that. They wouldn’t do it because some USPS money orders have ‘cleared’, having an apparently legitimate code, only to be discovered to be counterfeit months later. In short, the USPS doewn’t have its act together, and wants to be able to claim ‘take backs’ with banks...and the banks are fed up and don’t want the hassle.


23 posted on 02/03/2014 7:59:31 PM PST by lacrew (Mr. Soetoro, we regret to inform you that your race card is over the credit limit.)
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