The Free Market In Action. TOR Becomes A Reality On OpenBazaar (The Cryptoverse #210)

On Today’s Episode Of The Cryptoverse:
The Bitcoin-powered marketplace has finally merged Tor integration into the Openbazaar platform adding a long-awaited layer of privacy to the program.

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1 Comment

  • Gary Bryan

    February 20, 2017

    Hey Chris,

    You asked the question why would a legitimate online business want to utilize the TOR features of OpenBaazar. I’ll give you 2:

    1) To make your website more difficult to hack. It’s certainly possible to hack websites hosted in the Dark Web as evidenced by the recent Freedom Hosting II hack – but still, it requires a much higher level of skill to compromise a site hosted in the Dark Web.

    This also offers a higher level of protection for customer privacy and data. And if your website takes standard Credit Cards, you have to be in full compliance with all of the PCI (Payment Card Industry) standards which is expensive both in dollars and time. A TOR based shop is far more secure than any publicly hosted website that is 100% PCI compliant.

    2) Small merchants are responsible to be tax collectors for the state. Regulations and compliance fees on small businesses are ridiculous. Currently in the US, most online retailers only have to collect sales tax for their our own state, but Congress keeps wanting to make small businesses collect taxes for all states.

    You can debate if the tax is fair or not, but making small business unpaid tax collectors for 50 different state regulatory agencies is a terrible burden. Bitcoin makes people responsible for their own money – well, consumers should be responsible for reporting their own taxes. I believe everyone should follow the laws in their own jurisdictions and that small businesses should focus on delivering high quality products and services.

    By keeping transactions anonymous, the taxing agencies would have to rely on the honesty of the citizenry. I believe tech like this as well as Bitcoin and other cryptos will eventually force the gov’t away from a transaction based tax system to a consumption based system – probably within then next 6 to 7yrs.

    Gary

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