Begining of the END for BTC. Bitcoin is becoming ultra regulated currency - page 3.

psudoBTC

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Quote from: oceans on July 19, 2014, 10:00:36 PM

Quote from: Cicero2.0 on July 17, 2014, 11:42:10 PM

Quote from: oceans on July 17, 2014, 10:59:20 PM

This is crazy. I hope other states don't follow. This is the exact opposite of what we want.
How would they control it anyway? How would they know who is sending what? I just
don't see this working. If the people don't come forward there's no way for them to know.

No it isn't really crazy at all. It is the state of New York, one of the most heavy handed regulatory environments in the US. This really only has meaning if you are a business in NY that wants to use bitcoin.

Other states will follow. Bitcoin is getting bigger and they are noticing. Generally states that over regulate will do so and the ones that don't won't.

Im aware that this is the State of New York, and how regulated everything there is. We'll see how it turns out. They are always the ones to jump on some new regulation that they feel will make the world a better place. When in reality they just take more and more freedoms away.

It really isn't a big deal. It is just making exchanges safer for consumers. The NYC regulations will not affect businesses that simply accept bitcoin.

oceans

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Quote from: Cicero2.0 on July 17, 2014, 11:42:10 PM

Quote from: oceans on July 17, 2014, 10:59:20 PM

This is crazy. I hope other states don't follow. This is the exact opposite of what we want.
How would they control it anyway? How would they know who is sending what? I just
don't see this working. If the people don't come forward there's no way for them to know.

No it isn't really crazy at all. It is the state of New York, one of the most heavy handed regulatory environments in the US. This really only has meaning if you are a business in NY that wants to use bitcoin.

Other states will follow. Bitcoin is getting bigger and they are noticing. Generally states that over regulate will do so and the ones that don't won't.

Im aware that this is the State of New York, and how regulated everything there is. We'll see how it turns out. They are always the ones to jump on some new regulation that they feel will make the world a better place. When in reality they just take more and more freedoms away.

Beliathon

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Activity: 784

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https://youtu.be/PZm8TTLR2NU

Quote from: dida on July 17, 2014, 03:42:07 PM

BTC is becoming peace of shit ultra regulated currency like USD, YEN, etc. and I don't like it. Probably true crypto believers will abandoned BTC soon if not even sooner:

http://www.businessinsider.com/nydfs-bitlicense-draft-2014-7

Yes, I agree, it's doomed. You should sell me all your BTC, for cheap, before the crash comes!

PM me, I'll give you great deal in super-trustworthy and definitely-not-going-to-crash-EVER US dollars for all your soon-to-be-worthless BTC.

Hurry, before it's too late!

tinof

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Quote from: e4xit on July 18, 2014, 05:01:53 AM

Quote from: DeathAndTaxes on July 17, 2014, 06:16:36 PM

Quote from: LostDutchman on July 17, 2014, 06:14:29 PM

Well,all those assholes outhere advocated for "regulation" (Which of course defeats the purpose!) and now they've got it.

Do you think that NY was waiting for someone to advocate regulation? Governments regulate. That is what they do, that is all they do. They will never ever stop.

Would you say that there are three things in this life that are certain? Death, taxes and governments regulating?

Only death is certain for now. There are ways to get around tax and regulation.

e4xit

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Quote from: DeathAndTaxes on July 17, 2014, 06:16:36 PM

Quote from: LostDutchman on July 17, 2014, 06:14:29 PM

Well,all those assholes outhere advocated for "regulation" (Which of course defeats the purpose!) and now they've got it.

Do you think that NY was waiting for someone to advocate regulation? Governments regulate. That is what they do, that is all they do. They will never ever stop.

Would you say that there are three things in this life that are certain? Death, taxes and governments regulating?

GreenCoin22

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Activity: 547

Merit: 500

Quote from: dida on July 17, 2014, 11:36:24 PM

Quote from: seriouscoin on July 17, 2014, 06:34:41 PM

Quote from: hollowframe on July 17, 2014, 06:20:08 PM

Quote from: acs267 on July 17, 2014, 05:31:38 PM

Yes, people can't ban Bitcoins, inflate, or stop them from being made.

Very regulated, however. Ultra regulated.

From what I can tell this would only apply to exchanges and businesses that process bitcoin on behalf of others (like bitpay and coinbase).

I don't think this would actually apply to, for example the coffee shop that accept bitcoin for payment.

SHhh you're talking too much sense, let these idiotic noobs have their drama.

http://www.wired.com/2014/07/ny_bitcoin/

http://www.reddit.com/r/Bitcoin/comments/2aycxs/hi_this_is_ben_lawsky_at_nydfs_here_are_the/

http://www.dfs.ny.gov/about/press2014/pr1407171-vc.pdf

thinks, I'm looking for the pdf http://www.dfs.ny.gov/about/press2014/pr1407171-vc.pdf

devphp

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Activity: 336

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Quote from: devphp on July 17, 2014, 03:53:00 PM

Decentralized exchanges is the answer.

tinof

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Activity: 343

Merit: 100

Quote from: novacn on July 18, 2014, 01:22:52 AM

Regulation coronates bitcoin.

The other way around. Regulation will kill bitcoin.

novacn

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Activity: 140

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Regulation coronates bitcoin.

BitsBitsBits

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Quote from: LiteCoinGuy on July 17, 2014, 03:59:36 PM

this is the start of mainstream BTC

I predict 10k$ by late 2015/early 2016.

EtherCoin

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Activity: 338

Merit: 255

Quote from: IIOII on July 17, 2014, 04:54:47 PM

It saddens me to see this bureaucratic madness unfold.

But I'm not without hope:

1. These bureaucratists think that the dollar is the state of the art and the measure of all wealth. They will be proven wrong by bitcoin. One day nobody wants to convert to fiat anymore.

2. If NY has bitcoin-hostile regulations, bitcoin business will relocate to more friendly states. Then they'll have to face the economic consequences of their shortsightedness.

+1 Agreed 100%, exactly the same feelings here.

Eth.

solex

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100 satoshis -> ISO code

Quote from: NapoleonBonaparte on July 18, 2014, 12:12:15 AM

Quote from: solex on July 17, 2014, 11:53:24 PM

The draft NY regulations are following the classic negotiating strategy of demanding everything, later conceding a few things, then eventually getting more than originally expected. Most (all?) of the feedback will want to rein in the original proposals. The real news will be how much this document is watered down before the final version appears in a few months.

As other posters have pointed out, Bitcoin will not go to the moon without a regulatory framework which major companies feel they can work within. If the regulations are too harsh and stupid then NY will definitely lose the digital currency initiative to many other more appealing jurisdictions: California, Texas, or Europe etc.

Who are they negotiating with?

Anyone who submits a formal comment about the proposals on the NYS Register site.

Nrcewker

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DGbet.fun - Crypto Sportsbook

Quote from: Cicero2.0 on July 17, 2014, 11:42:10 PM

Quote from: oceans on July 17, 2014, 10:59:20 PM

This is crazy. I hope other states don't follow. This is the exact opposite of what we want.
How would they control it anyway? How would they know who is sending what? I just
don't see this working. If the people don't come forward there's no way for them to know.

No it isn't really crazy at all. It is the state of New York, one of the most heavy handed regulatory environments in the US. This really only has meaning if you are a business in NY that wants to use bitcoin.

Other states will follow. Bitcoin is getting bigger and they are noticing. Generally states that over regulate will do so and the ones that don't won't.

hope so

NapoleonBonaparte

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Activity: 176

Merit: 100

Quote from: solex on July 17, 2014, 11:53:24 PM

The draft NY regulations are following the classic negotiating strategy of demanding everything, later conceding a few things, then eventually getting more than originally expected. Most (all?) of the feedback will want to rein in the original proposals. The real news will be how much this document is watered down before the final version appears in a few months.

As other posters have pointed out, Bitcoin will not go to the moon without a regulatory framework which major companies feel they can work within. If the regulations are too harsh and stupid then NY will definitely lose the digital currency initiative to many other more appealing jurisdictions: California, Texas, or Europe etc.

Who are they negotiating with?

solex

legendary

Activity: 1078

Merit: 1006

100 satoshis -> ISO code

The draft NY regulations are following the classic negotiating strategy of demanding everything, later conceding a few things, then eventually getting more than originally expected. Most (all?) of the feedback will want to rein in the original proposals. The real news will be how much this document is watered down before the final version appears in a few months.

As other posters have pointed out, Bitcoin will not go to the moon without a regulatory framework which major companies feel they can work within. If the regulations are too harsh and stupid then NY will definitely lose the digital currency initiative to many other more appealing jurisdictions: California, Texas, or Europe etc.

Cicero2.0

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★☆★Bitin.io★☆★

Quote from: oceans on July 17, 2014, 10:59:20 PM

This is crazy. I hope other states don't follow. This is the exact opposite of what we want.
How would they control it anyway? How would they know who is sending what? I just
don't see this working. If the people don't come forward there's no way for them to know.

No it isn't really crazy at all. It is the state of New York, one of the most heavy handed regulatory environments in the US. This really only has meaning if you are a business in NY that wants to use bitcoin.

Other states will follow. Bitcoin is getting bigger and they are noticing. Generally states that over regulate will do so and the ones that don't won't.

dida

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Activity: 1190

Merit: 1000

SoNiC BooM

Quote from: seriouscoin on July 17, 2014, 06:34:41 PM

Quote from: hollowframe on July 17, 2014, 06:20:08 PM

Quote from: acs267 on July 17, 2014, 05:31:38 PM

Yes, people can't ban Bitcoins, inflate, or stop them from being made.

Very regulated, however. Ultra regulated.

From what I can tell this would only apply to exchanges and businesses that process bitcoin on behalf of others (like bitpay and coinbase).

I don't think this would actually apply to, for example the coffee shop that accept bitcoin for payment.

SHhh you're talking too much sense, let these idiotic noobs have their drama.

http://www.wired.com/2014/07/ny_bitcoin/

http://www.reddit.com/r/Bitcoin/comments/2aycxs/hi_this_is_ben_lawsky_at_nydfs_here_are_the/

http://www.dfs.ny.gov/about/press2014/pr1407171-vc.pdf

oceans

sr. member

Activity: 406

Merit: 250

This is crazy. I hope other states don't follow. This is the exact opposite of what we want.
How would they control it anyway? How would they know who is sending what? I just
don't see this working. If the people don't come forward there's no way for them to know.

seriouscoin

hero member

Activity: 658

Merit: 500

Quote from: LostDutchman on July 17, 2014, 06:40:52 PM

Quote from: seriouscoin on July 17, 2014, 06:36:04 PM

Quote from: LostDutchman on July 17, 2014, 06:31:11 PM

Quote from: hollowframe on July 17, 2014, 06:20:08 PM

Quote from: acs267 on July 17, 2014, 05:31:38 PM

Yes, people can't ban Bitcoins, inflate, or stop them from being made.

Very regulated, however. Ultra regulated.

From what I can tell this would only apply to exchanges and businesses that process bitcoin on behalf of others (like bitpay and coinbase).

I don't think this would actually apply to, for example the coffee shop that accept bitcoin for payment.

You haven't checked the latest IRS regs, have you?

That's what I thought!

Stick to "seeking justice from BFL" because you're making yourself a dumb fck here.

And a good evening to you!

You must be one of those pro-government types living off the dole who actually believes that the government is there to help you.

There is no medication but there is education available.

Eat your own words when you're trying to sue BFL ok dumb fck?

I love it when these anarchist cry about being scammed and ask government to help them.

larem

sr. member

Activity: 350

Merit: 250

Quote from: LiteCoinGuy on July 17, 2014, 03:59:36 PM

this is the start of mainstream BTC

This is my thought exactly. Most people aren't willing to get into BTC yet BECAUSE it has little regulation still. This will make people feel safer.

Topic: Begining of the END for BTC. Bitcoin is becoming ultra regulated currency - page 3. (Read 5843 times)