it's like you download P2P file ... and then, at the end, the system delete the file
deal with it ? NO ! 
Topic: Bitcoin as property; btc to usd is a refund, why money transmitter licenses? - page 2. (Read 1624 times)
April 15, 2014, 06:13:37 AM
you can't trust a decentralized system with chargeback feature (or "hole" ...).
it's like you download P2P file ... and then, at the end, the system delete the file deal with it ? NO !
it's like you download P2P file ... and then, at the end, the system delete the file
deal with it ? NO ! 
April 15, 2014, 06:04:30 AM
Because "refund" is one of the money-laundering-for-dummies methods.
April 15, 2014, 05:18:26 AM
I was thinking about this, if Bitcoin is treated as property in the USA, then why the need for money transmitter licenses for exchanges based/operating in the US?
If you think about it.. as an exchange you're taking back a product "Bitcoin" (property) and "refunding" for USD. Wouldn't every store, which has a refund policy, need a money transmitter license?
If you think about it.. as an exchange you're taking back a product "Bitcoin" (property) and "refunding" for USD. Wouldn't every store, which has a refund policy, need a money transmitter license?
How is it a refund?
The exchange didn't sell you the BTC in the first place, so how are they refunding it to you?
And even if you had happened to have bought the BTC from that particular exchange, a refund would be returning your property for the price you originally paid.
That isn't what exchanges do.
April 15, 2014, 05:12:10 AM
I was thinking about this, if Bitcoin is treated as property in the USA, then why the need for money transmitter licenses for exchanges based/operating in the US?
If you think about it.. as an exchange you're taking back a product "Bitcoin" (property) and "refunding" for USD. Wouldn't every store, which has a refund policy, need a money transmitter license?
If you think about it.. as an exchange you're taking back a product "Bitcoin" (property) and "refunding" for USD. Wouldn't every store, which has a refund policy, need a money transmitter license?
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