Authored by Tom Luongo via TomLuongo.me,
The big boys, Apple and Google, are now actively developing a payment API for cryptos to use within their browsers. This is a double-edged sword and possibly indicates a shift in tax policy.
I don’t trust either Apple or Google at all. The news from Coindesk about Apple and Google developing a payment API on the heels of multiple avenues of officaldom cracking down on cryptocurrencies is enough to give you whiplash.
The work, started by the World Wide Web Consortium (W3C) with the help of Microsoft, Google, Facebook, Apple and Mozilla, is a tangible step forward for a currency-agnostic web payment standard first conceived in 2013. Equally, as bitcoin and other cryptocurrencies gain more momentum, the launch signifies the growing recognition of cryptocurrency as a payments technology.
Indeed, the W3C has gotten more interested in blockchain technologies over the years, hosting its first ever blockchain workshop in June last year. But while participants were left with interest in standardizing and democratizing the technology’s use, no formal work was decided upon then. That, however, has changed.
Announced on Thursday, the API is currently being implemented in browsers including Google’s Chrome, Microsoft’s Edge, Apple’s Webkit, Mozilla’s Firefox, the Samsung Internet Browser and Facebook’s in-app browser. When activated, the Payment Request API will allow new payment types, including bitcoin, ether any any other available cryptocurrency (as well as more traditional online payment methods) to be stored directly in the browser.
The last thing anyone should want is for their cryptos to be held in their browser knowing that all code developed in the U.S. is subject to government intelligence oversight.
Trust Big Google
This is absolutely a Trojan Horse designed to look like it legitimizes cryptos like Bitcoin but immediately puts them at risk of seizure by anyone with malicious intent.
First, it’s not like any code developed by these people is exploit-proof. Let’s get serious, security on Android, iOS and Windows is a joke. Google took Linux and made it worse than Windows. It’s actually an astounding feat of bad engineering.
Microsoft, Apple and Google are all very tight with the U.S. government.
It’s part of the reason why Russia continues to crack-down on use of their software. Putin knows it’s all spyware.
Second, if your cryptos are stored in your browser then they can be stolen from you. Forget petty thieves. I’m thinking much bigger than that. Do you really think any of these companies would not comply with an IRS decree to seize your assets directly off of your computer?
If you do, then I have a nice piece of water-spanning real estate to sell you connecting Manhattan and Brooklyn.
Moreover, let’s see how this “standard” develops.
Will it support third-party hardware wallets like a Trezor or Ledger?
Will it accept any crypto in payment, including the anonymous ones like Monero and Dash?
If the answers to these questions in no, then that’s your sign that this API isn’t simply another backdoor way to maintain control over everything.
Cause I’m the Tax Man
This announcement makes me believe that the recent bill introduced by House Reps Jared Polis (D-CO) and David Schweikert (R-AZ) will likely sail through Congress. The bill would exempt cryptocurrency transactions under $600 from capital gains taxes.While this bill is an unqualified good thing as it will radically improve liquidity it is also the prerequisite needed to jump start this API development. So, while the U.S. will continue to fight the crypto-market officially for as long as it can, it is also bowing to the pressure from its corporate partners to free them up for commerce to begin.
The IRS rule is actually choking off a significant amount of money velocity in the world economy. This will only get worse if it doesn’t change. Bitcoin was designed to put purchasing power back in the hands of the people themselves and take it away from the banking system who demand their vig on every transaction.
So, there will be a trade-off to using this API when it is finally released if it doesn’t support the part of the crypto-market the government doesn’t have control over yet.
* * *
And finally, don't forget, "don't buy bitcoin... it's going to crash!"
Source : http://www.zerohedge.com/news/2017-09-17/hold-tight-googles-coming-your-cryptos
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surely they wants to
This isn't going to fool any of us early adopters. What we really need to do is support more User-friendly mass market products so that the Mainstream audiences will have great options outside of these NSA lapdogs.
Personally I'm a big fan of Dash, NEM, PIVX. There are all great coins with solid foundations and amazing roadmaps. Dash and PIVX also has pretty much perfect governance, 1.3 second transactions and PrivateSend.
NEM also has great ease of use and smart contract support. Then there is Monaco(My Favorite), TenX, Metal etc. That give you debit cards.
Forget the old prototype BTC and support these products. We already have better stuff than Goolag or Apple. Just promote them. It's war and we need to pull out our mainstream adoption weapons.
Also, don't forget the Basic Attention Token and the Brave Browser. Please check them out.
I recently read about BAT and am looking forward to following their work!
Yeah PIVX is really good.
Already have their wallet on phone and desktop.
I think many early adopters who are tech savy will also develop new tools to keep government at bay so we can all enjoy our freedom.
Part of the reason I don't currently own any cryptos, is I don't know which platforms I really have much trust in. Goole? Microsoft? Apple?
Thank you very beautiful information
@zer0hedge , Google, Apple and Microsoft are centralized companies with closed operative systems. They control the code and their codes are not opened to verification and they are vulnerable. I also agree wth you that this is also so a way to continue their kingdom and manipulation. @gold84
Good thought..
Upvoted & Resteemed! Google; Apple & All the big wigs want a piece of the Bitcoin / Crypto Pie.... Greed Fear & more Greed plays apart in their shenanigans!
Every big company wants to be a part of a CCurrency market. It's good for CCurrency. It means that nobody going to close this market and big investments will come soon through API.
Good future waiting for us.
thank for the infos
I don't know why anyone would use this payment API fresh out of the box if we don't even know about the security vulnerabilities or what it's been tested against
If you are a publically traded company not a DAO then it seems pretty clear that your best interests will never be more than occasionally the same as mine.
Apple et al are just closer to the tip of that greasy pyramid than most companies this is one more example of how important to them you really are
Excellent information. Honestly didn't realize that blockchain had become such a threat. In a way it is laughable, in another it is maddening! Thanks for the in post. 🐓🐓
BUENA INFORMACION PERO ME PARECE QUE LAS TRANSACCIONES DE MONEDA NO SE DETIENE Y TODOS VAMOS PARA ALLA, BUEN POST
Thanks for sharing. I think the best way to check whether you can trust this platform or not, is just give it some time to make it work.