All of Satoshi's bitcoins will belong to NY after 5 years of inactivity - page 2.

gambian-

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Quote from: haploid23 on July 27, 2014, 12:41:16 AM

Quote from: taylortyler on July 26, 2014, 10:55:45 PM

Forfeit Bitcoins that are inactive for over 5 years to the State of New York - (200.12c)

Think for a minute. Lets say they do implement this. Now how are they going to execute and enforce this? One of the benefits of bitcoin is that it's yours, and you're in full control of it. The fundamentals of bitcoin does not operate within the law and regulation.

Exactly....there's no way to just take or seize bitcoins from someone so easily. It would take quite a process.

karlb187

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Need To Contact Me? Go To My Site!

NY is always trying to get its hands in everyone's profits Roll Eyes

Lauda

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Terminated.

Exactly how is a law in NY going to have an affect on me if I'm located in the other part of the world?
Besides, they can't claim the coins no matter what they do.

Meuh6879

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Quote from: transient858 on July 27, 2014, 01:47:57 PM

Tax evasion will get the owner in jail, which is far from freedom.

i understand pay VAT on merchandising.
i don't want pay tax on money ! (it's stupid)

taylortyler

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Quote from: defaced on July 27, 2014, 04:07:37 PM

Quote from: haploid23 on July 27, 2014, 12:41:16 AM

Quote from: taylortyler on July 26, 2014, 10:55:45 PM

Forfeit Bitcoins that are inactive for over 5 years to the State of New York - (200.12c)

Think for a minute. Lets say they do implement this. Now how are they going to execute and enforce this? One of the benefits of bitcoin is that it's yours, and you're in full control of it. The fundamentals of bitcoin does not operate within the law and regulation.

This is exactly what I was wondering. Unless they have some alien technology with some new form of maths that can crack private keys its safe to say his btc are outside the scope of the ny regulation.

I agree that it will be hard if not impossible to confiscate the coins, but it will allow them to potentially bring charges against a number of people or wallet addresses.

defaced

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Franko is Freedom

Quote from: AliceWonder on July 27, 2014, 04:08:09 PM

So I can start a service that charges $10 lifetime and sends 5 satoshis to your NY web wallet once a year, thus resulting in activity so it won't be seized. Right?

That seems like a pretty good service, but you would have to have a service that signs in to check on those funds i believe.

Yakamoto

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Quote from: AliceWonder on July 27, 2014, 04:08:09 PM

So I can start a service that charges $10 lifetime and sends 5 satoshis to your NY web wallet once a year, thus resulting in activity so it won't be seized. Right?

I believe you can actually do this, assuming the regulation is what I think it says...

Prepare for a new industry popping up in the service section!

AliceWonder

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So I can start a service that charges $10 lifetime and sends 5 satoshis to your NY web wallet once a year, thus resulting in activity so it won't be seized. Right?

defaced

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Franko is Freedom

Quote from: haploid23 on July 27, 2014, 12:41:16 AM

Quote from: taylortyler on July 26, 2014, 10:55:45 PM

Forfeit Bitcoins that are inactive for over 5 years to the State of New York - (200.12c)

Think for a minute. Lets say they do implement this. Now how are they going to execute and enforce this? One of the benefits of bitcoin is that it's yours, and you're in full control of it. The fundamentals of bitcoin does not operate within the law and regulation.

This is exactly what I was wondering. Unless they have some alien technology with some new form of maths that can crack private keys its safe to say his btc are outside the scope of the ny regulation.

Yakamoto

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Quote from: transient858 on July 27, 2014, 01:47:57 PM

Quote from: Yakamoto on July 27, 2014, 01:37:30 PM

Quote from: btcforall777 on July 27, 2014, 01:28:14 PM

With anon technology, city state and federal laws dont mean much. no need to go to Switzerland anymore. Every body has their own tax haven if they know how with crypto coins.

TAX REVENUES WILL PLUMMET!

Pretty much this.

Get your local stores accepting Bitcoin (or an alt) and BOOM!

We're free from regulations.

Tax evasion will get the owner in jail, which is far from freedom.

They don't have taxes on Bitcoin, but I do see what you are saying.

I say that, since it is decentralised, they couldn't technically impose taxes, and they could only lay tax claims on Fiat exchanges. So if you work for USD and exchange, you have to pay taxes. Just have plain BTC (Not exchanged) and you should probably be fine. But don't quote me on this, since I'm probably missing a lot of laws. Not familiar with the US legal system.

transient858

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Quote from: Yakamoto on July 27, 2014, 01:37:30 PM

Quote from: btcforall777 on July 27, 2014, 01:28:14 PM

With anon technology, city state and federal laws dont mean much. no need to go to Switzerland anymore. Every body has their own tax haven if they know how with crypto coins.

TAX REVENUES WILL PLUMMET!

Pretty much this.

Get your local stores accepting Bitcoin (or an alt) and BOOM!

We're free from regulations.

Tax evasion will get the owner in jail, which is far from freedom.

Yakamoto

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Activity: 1218

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Quote from: btcforall777 on July 27, 2014, 01:28:14 PM

With anon technology, city state and federal laws dont mean much. no need to go to Switzerland anymore. Every body has their own tax haven if they know how with crypto coins.

TAX REVENUES WILL PLUMMET!

Pretty much this.

Get your local stores accepting Bitcoin (or an alt) and BOOM!

We're free from regulations.

btcforall777

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Activity: 235

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With anon technology, city state and federal laws dont mean much. no need to go to Switzerland anymore. Every body has their own tax haven if they know how with crypto coins.

TAX REVENUES WILL PLUMMET!

Meuh6879

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Quote from: Malin Keshar on July 27, 2014, 09:28:18 AM

Or are they trying to enforce their own lawns over all the world?

Malin Keshar

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Any reason to believe that Satoshi's coins are under the jurisdiction of the NY laws?

Or are they trying to enforce their own lawns over all the world?

right wing authoritarian

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I guess if bitcoin were that easy to regulate than bitcoin would already have been regulated out of existence. If you want a business to hold an asset for you for more than five years then you should buy EFT's not bitcoin. This does however bring up the problem of the unintended consequences of regulation. New York has been proactive which may mean bitcoin develops faster there because of certainty of regulation or may mean NY becomes a bitcoin free zone and business domicile in other places to avoid the inconvenience.

TopherB

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Quote from: leahsandes on July 26, 2014, 11:48:12 PM

Quote from: coynbyer123 on July 26, 2014, 11:42:32 PM

if they do that theres no need to wait 5 years.

bullshit charge can be used to seize the account immediately.

They haven't managed to seize all of DPR's yet and he had semi-legit charges.

There isn't any bullshit charges that let them take monies as easy as wait 5 years that I know of.

My Uncle had $17,000 seized for the heinous crime of having $17,000 in cash. Obviously large amounts of cash money could only be used for illegal purposes and therefore were seized under RICO without any charge filed other than suspicious cash. It took just over 3 years and over half that sum to get it back. This was in the mid 90s.

juju

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Quote from: taylortyler on July 26, 2014, 10:55:45 PM

Forfeit Bitcoins that are inactive for over 5 years to the State of New York - (200.12c)

Am I reading this right?

https://www.youtube.com/watch?v=XEpg-B6anWU#t=770

Nah

I bet that no one loses a Satoshi for them sitting for 5 years.

commandrix

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This is why I've NEVER used third party wallets. Well, that and I didn't even know that online "wallets" existed when I first got started with Bitcoin. Storing them that way is the same thing as storing money in the bank. You're trusting them to keep your Bitcoin safe and we've seen with Mt Gox that third party applications have no incentive to look out for YOUR best interests.

Meuh6879

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Quote from: DeathAndTaxes on July 26, 2014, 11:06:16 PM

So under the BitLicense if you had an account with an exchange and you didn't login for 5 years the EXCHANGE would turn the account over to the state.

like mtgox ... Grin

ALWAYS RETRIEVE bitcoins to your private wallet !

Topic: All of Satoshi's bitcoins will belong to NY after 5 years of inactivity - page 2. (Read 4764 times)