Topic: Begining of the END for BTC. Bitcoin is becoming ultra regulated currency - page 5. (Read 5843 times)

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

DUMB motherfuckers!

Assholes, anyway.

Just to point out how poorly written the regulations are:

The bitcoin tip-bot on Reddit would fall under this regulation if it allowed users to tip people that reside in New York (or if the operator itself was in New York).

Just because you have accustomed yourself to the worst doesn't make the evil more enchanting. That's slave-think.

It's not a good day for bitcoin. But bitcoin has the power to overcome these brainless acts of bureaucratically enforced arbitrariness. Bitcoin can do much better for the whole society without those backwards-minded regulation mongers.

No this is not the END of BTC. This is the beginning of BTC.
Stop spreading pointless FUD. It had to become regulated at some point.

It's definitely a fine line between sticking to the core values and gaining some sort of legal footing (i.e. draconian legitimacy). I don't necessarily think we've crossed that line since this is only dealing with processors and exchangers (the way I interpret it, it doesn't affect "bartering" with bitcoins); however, with a few tweaks we'll be perilously close to that line and could very easily cross it.

These regulations are a product of bitcoin success. No one tries to regulate something that isn't a major factor in economics. Expect more and more of this as bitcoin grows. Knowing the regulatory climate of New York this could have been far more invasive.

This is a good day for bit coin. 

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

Very regulated, however. Ultra regulated.

Bitcoin island!

See! Everyone follow this man's advice and start pooling your BTC so we can go and live on a large island in the middle of the ocean, set up a full-on crypto society and thrive away from the regulations!

Tbh, it's not necessarily a bad idea. I'd stay on the mainland, however, and support the island via contributions or a middle-man for sending over commodities and so...

Someone's probably thinking about it now...

LoLz ...I pitty for the New Yorkers. There will always be some corner on the earth, where Bitcoin will remain unregulated. Companies will set up there and US will lose control

The once leader of free market is now trying to control its own weapon

Yes, I generally agree that coins that offer better privacy will gain market share in future. However that would not help in this case, because it's the fiat-bitcoin link they're aiming at.

Of cause any improvement in privacy for bitcoin would be great.

Literally anything in the economy that has a decent sized market cap will be scrutinized by the government and eventually regulated.  It is just the nature of the world unfortunately.  

This by no means is the end for BTC though.

If you don't want regulation ... use localbitcoin or mycelium market.
2 tools to sell and buy BTC localy.

regulation only work on the exchange (pro exchange ... with ID verification).

Most likely scenario would be those who want to remain under radar will move to another coin with anon feature.

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.

Volatility doesn't change a currencies' ability to be taken seriously. Bitcoin is already taken seriously, and it's still pretty volatile. Everyone who doesn't like Bitcoin is actually quite scared about it now.

And you didn't exactly make a point, it had little evidence and simple to disprove, but I'll ignore that. You're still learning, and it's understandable.

Grammar is common on the network because some people actually think that the net shouldn't be a haven for poor... Everything, and that it should be an equivalent to real life in terms of correctness. I'm one of those people...
Just pointing that out. 

@ frankenmint: volatility is good if youre a trader agreed. but as has been stated here and elsewhere btc is supposed to be a digital currency. currency needs stability for it to be taken seriously. lets say i sell you a tv for $300. then a week later that $300 will now only buy me 2/3 of the same tv ($200). would i want to transact in btc? or would btc only be useful as a means to acquire currency (USD). and im aware of the issues with fiat, but we all still use it so please...

@ron popeil: because btc is traded it is by its nature able to be inflated and deflated artificially everyday, the same as stocks, fiat, etc... tell me with certainty the btc exchanges are not manipulated by whales in any way. the market cap for btc is so ridiculously small it would be trivial for a small group of wealthy investors to manipulate it.

@yakamota:  not smokin anything mate. just making a point, which i made, effectively. thanks for the obligatory grammar nazism which seems so prevalent on the net however, im sure ill do something about that... eventually

Just wanna to say...wish you all the luck ...see ya on the other side of net

People have interesting definitions for decentralization. Bit coin will be subjected to regulations for a time because we tend to abide by regulations. No one ever promised other wise. The key difference from fiat is that it cannot be artificially inflated by anyone. That is the fundamental difference and it is a crucial one. You can't have mass adoption with out governments attempting to regulate.

Chiming in on What he said ^^^ without volatility we would be stuck with some stable crap number that no one wants - imagine its 2017 and BTC value is still at .40 cents.  Those said ASICS would not exist and likely neither would coinbase|bitpay.  

For that matter most of the alts would ceast to exist as well   

Look, a newbie who still needs to learn!

I'll go through your post bit by bit.

ASICs didn't do anything but create more jobs for R&D and manufacturers of said ASICs, help the ecosystem along, as well as providing a means to generate the coins faster (At first), providing some people with an advantage. And said Libertarian coins DO exist, just not in a utopia you're asking for. And what is this "Send First" bullcrap? Only scammers want you to do that, especially with no escrow. And said commissions are commonplace in the real world, don't claim they exist only in Bitcoin. It's the same everywhere.

Bitcoin ATMs are to exchange BTC without having to go through an entire exchange process, and so that people can sell BTC relatively on-the-go. Those sensors or scanners are there because they have to comply with legal regulations, otherwise the company gets lawsuited and disappears, something that it looks like you want. And what the hell is this "mark of the beast" crap? What ARE you smoking? Or are you just 100% clueless? I already explained, and that part is so filled with crap it amazes me.

Volatility is good for the market, proven time and time again because people like you keep making the same dumbass statement. It's only a pain in the ass if you want it to be, otherwise it is pretty simple. I've done it, wasn't a pain for me. Or are you under 18/21?

Read through the forum and learn about BTC, not make retarded claims. And go back to school and learn grammar (Or grammer, depends on where you live), it started to hurt my eyes.