Bitcoin Foundation: We Don’t Want Everyone Starting a Bitcoin Business

vinda

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Quote from: odolvlobo on October 30, 2014, 12:49:01 AM

He obviously means financial services businesses. I don't want to see a plumber starting a financial services company.

I've been in Bitcoin for a long time now and people always ask me why I don't run a Bitcoin business. My answer is that I'm not interested in running a financial services company. It sounds boring as crap. I'm interested in software, but I'm not interested in creating yet another wallet client or website, just like I don't want to write my own version of Quicken. Those also sound boring as crap. All those people that are excited about starting a financial services company based on Bitcoin are going to find out that they have spent years working on stuff that is boring as crap.

I'm not going to start a Bitcoin business because it is boring as crap, and neither should you.

it's not boring, but it has risk, a lot.

QuantumQrack

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Quote from: ?? on ??

Who gives two shits what the clowns at the Bitcoin Foundation or the U.S. government think

Because clowns make people feel good and laugh. :-)

Kakmakr

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Leading Crypto Sports Betting & Casino Platform

Quote from: tanaka on October 30, 2014, 07:36:27 AM

Quote from: Kakmakr on October 30, 2014, 02:25:07 AM

You know "SatoshiDice" was situated in the USA. The US regulations and rules and fees got ridiculous and they moved their whole operation to Panama.

Guess who is losing out on Tax revenue and Office rent, employment opportunities, bandwidth income, electricity and water income etc. etc. And that is only one business ^Smile^

Let them shoot themselves in the foot and bring in all their crazy rules and regulations. Unemployment will just increase and the people vote will determine their fate. ^Grin^

FINCEN protect the ruling elite, and it's masters, under the smoke screen of protecting the general public.

Money laundering and terrorism funding will still exist, with or without regulations. Trying to stop it with regulations that kills it's economy in a time, where unemployment are at it's highest, is just crazy.

Use the tax money and put feet on the ground. Use intelligence to follow the money. If they could stop Silkroad, without this, why would they need to use this now? To invade your privacy and to protect certain individual interest. ^Frown^

Maybe they did it not because they were using bitcoin but what they are doing is unregulated gambling.

And you know, how "regulated" gambling happen? How many "Donations" / "Bribes" etc are given to "regulate" it?

SatoshiDice use the blockchain to regulate themselves. Is this a good thing? Who knows

Is this better than the regulation through bribes? Who knows. ^confused^

A friend of mine, who owns a small "legal" gambling operation, told me, he had to spend $4000 US on 3 representatives from the gambling board for a weekend of wine and dine, to seal the deal on his license for the next year. {Not in the USA} ^frown^

So who benefit from this? How much does the big boys pay?

What is next? Bitcoin businesses have to pay a foundation {mafia style} to own a bitcoin business?

Frijj

member

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Quote from: MicroGuy on October 29, 2014, 04:53:34 PM

"Well-formulated regulation can help because you don’t want everyone to start a Bitcoin business."

Wow, that is terrible if true. This is the opposite of the spirit of bitcoin. Anyone should be able to use it whether for personal or business. I hope they are not trying to kill it with regulation for everyone else.

cbeast

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Let's talk governance, lipstick, and pigs.

Quote from: tanaka on October 30, 2014, 07:36:27 AM

Maybe they did it not because they were using bitcoin but what they are doing is unregulated gambling.

We all know that legalized casino gambling is all done on the up and up. Roll Eyes

tanaka

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Activity: 87

Merit: 10

Quote from: Kakmakr on October 30, 2014, 02:25:07 AM

You know "SatoshiDice" was situated in the USA. The US regulations and rules and fees got ridiculous and they moved their whole operation to Panama.

Guess who is losing out on Tax revenue and Office rent, employment opportunities, bandwidth income, electricity and water income etc. etc. And that is only one business ^Smile^

Let them shoot themselves in the foot and bring in all their crazy rules and regulations. Unemployment will just increase and the people vote will determine their fate. ^Grin^

FINCEN protect the ruling elite, and it's masters, under the smoke screen of protecting the general public.

Money laundering and terrorism funding will still exist, with or without regulations. Trying to stop it with regulations that kills it's economy in a time, where unemployment are at it's highest, is just crazy.

Use the tax money and put feet on the ground. Use intelligence to follow the money. If they could stop Silkroad, without this, why would they need to use this now? To invade your privacy and to protect certain individual interest. ^Frown^

Maybe they did it not because they were using bitcoin but what they are doing is unregulated gambling.

Q7

sr. member

Activity: 448

Merit: 250

I do not understand would doing this prevented Mt Gox in the first place assuming that the collapse did not take place earlier. I mean the size of it is considered big right?

Kakmakr

legendary

Activity: 3542

Merit: 1965

Leading Crypto Sports Betting & Casino Platform

You know "SatoshiDice" was situated in the USA. The US regulations and rules and fees got ridiculous and they moved their whole operation to Panama.

Guess who is losing out on Tax revenue and Office rent, employment opportunities, bandwidth income, electricity and water income etc. etc. And that is only one business ^Smile^

Let them shoot themselves in the foot and bring in all their crazy rules and regulations. Unemployment will just increase and the people vote will determine their fate. ^Grin^

FINCEN protect the ruling elite, and it's masters, under the smoke screen of protecting the general public.

Money laundering and terrorism funding will still exist, with or without regulations. Trying to stop it with regulations that kills it's economy in a time, where unemployment are at it's highest, is just crazy.

Use the tax money and put feet on the ground. Use intelligence to follow the money. If they could stop Silkroad, without this, why would they need to use this now? To invade your privacy and to protect certain individual interest. ^Frown^

odolvlobo

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He obviously means financial services businesses. I don't want to see a plumber starting a financial services company.

I've been in Bitcoin for a long time now and people always ask me why I don't run a Bitcoin business. My answer is that I'm not interested in running a financial services company. It sounds boring as crap. I'm interested in software, but I'm not interested in creating yet another wallet client or website, just like I don't want to write my own version of Quicken. Those also sound boring as crap. All those people that are excited about starting a financial services company based on Bitcoin are going to find out that they have spent years working on stuff that is boring as crap.

I'm not going to start a Bitcoin business because it is boring as crap, and neither should you.

milly6

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Quote from: jbrnt on October 29, 2014, 05:47:52 PM

Quote from: thms on October 29, 2014, 05:28:44 PM

Bitcoin businesses are not needed.
I don't see any possible useful "business" in the bitcoin field. All of them are just acting as middle man.

I see bitcoin businesses as any business that accept bitcoin as payment, or pay for your service in bitcoin. It doesn't has to be like money exchanges.

Yes just like you don't need a money services license to be a plumber and accept payment for your services.

franky1

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merchants wont stop accepting bitcoin. because nearly 95% of them dont actually accept bitcoin, they simply link customers to a bitpay/coinbase payment page..

that being said the bitcoin foundation have truly lost the plot if they think that bitcoin needs any special regulations that are above fiat regulations. though i have not looked that much into the bitcoin foundation this year, i do find it funny if they are advocating regulations, whilst also running to london due to less red tape

scarsbergholden

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Quote from: MicroGuy on October 29, 2014, 06:49:13 PM

According to Andrew Ittleman, an attorney at Fuerst Ittleman David & Joseph, PL, this would mean that any business that wants to accept Bitcoin, would need to fork over hundreds of thousands of dollars to become licensed as a money transmitter in each state, in addition to several other requirements.

"It seems to me that, according to FinCEN, any company that’s dealing with bitcoin is a money transmitter, and I don’t know if I could have said that before before I read the payment processor note."

Basically, if this attorney is correct, the rulings are the equivalent of a ban on Bitcoin in the United States.

http://www.coindesk.com/fincen-rules-bitcoin-payment-processors-exchanges-money-transmitters/

This attorney is incorrect. The only reason why you would need to become a money transmitter if you are accepting bitcoin is if you are trading fiat for bitcoin (or bitcoin for fiat). If you are accepting bitcoin for cute puppies then accepting bitcoin is little different from you accepting checks as payment

Biodom

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Quote from: MicroGuy on October 29, 2014, 06:49:13 PM

According to Andrew Ittleman, an attorney at Fuerst Ittleman David & Joseph, PL, this would mean that any business that wants to accept Bitcoin, would need to fork over hundreds of thousands of dollars to become licensed as a money transmitter in each state, in addition to several other requirements.

"It seems to me that, according to FinCEN, any company that’s dealing with bitcoin is a money transmitter, and I don’t know if I could have said that before before I read the payment processor note."

Basically, if this attorney is correct, the rulings are the equivalent of a ban on Bitcoin in the United States.

http://www.coindesk.com/fincen-rules-bitcoin-payment-processors-exchanges-money-transmitters/

Not literally, but close, that's why I posted that there is no money to make here.
However, Kraken in located in US, but does not deal with US customers. Such companies are possible since FINCEN does not regulate non-US citizens in other geographic locations.

MicroGuy

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Twitter @realmicroguy

According to Andrew Ittleman, an attorney at Fuerst Ittleman David & Joseph, PL, this would mean that any business that wants to accept Bitcoin, would need to fork over hundreds of thousands of dollars to become licensed as a money transmitter in each state, in addition to several other requirements.

"It seems to me that, according to FinCEN, any company that’s dealing with bitcoin is a money transmitter, and I don’t know if I could have said that before before I read the payment processor note."

Basically, if this attorney is correct, the rulings are the equivalent of a ban on Bitcoin in the United States.

http://www.coindesk.com/fincen-rules-bitcoin-payment-processors-exchanges-money-transmitters/

Biodom

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Quote from: thms on October 29, 2014, 05:28:44 PM

Bitcoin businesses are not needed.

I don't see any possible useful "business" in the bitcoin field. All of them are just acting as middle man.

Bitcoin was supposed to be a means for people to transact with people. or people to buy stuff at stores. without their bitcoin being in the hands of middle men.

There will be real businesses later on. Right now it is the same vig idea. You give us money, you trade it to something else, but we take or 1-2% roundtrip fee.
However, the gist of latest announcements made me think that there is really no money to make here, which is OK, I guess.

pawel7777

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Here's the original article (New York Times):

Former S.E.C. Chairman to Advise Two Prominent Bitcoin Companies
http://dealbook.nytimes.com/2014/10/28/former-s-e-c-chairmain-to-advise-two-prominent-bitcoin-companies/?_php=true&_type=blogs&_r=0

Quote

The latest, and arguably most prominent, is Arthur Levitt Jr., the longest-serving chairman of the Securities and Exchange Commission, who will serve as an adviser to BitPay, the Bitcoin payment processor, and Vaurum, an exchange for institutional investors. The moves were announced on Tuesday.

Not sure whether it's a good news for the bitcoin community in general. I hope it's not a case where big players are trying to influence the regulators to prevent their smaller competitors from operating.

Biodom

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It is just a wink-wink to fiat 1%:
"Oh, don't worry, you wouldn't have to hold hands with plebs, it is a 'good' well-financed crowd here..."

r3wt

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always the student, never the master.

Quote from: thms on October 29, 2014, 05:28:44 PM

Bitcoin businesses are not needed.

I don't see any possible useful "business" in the bitcoin field. All of them are just acting as middle man.

Bitcoin was supposed to be a means for people to transact with people. or people to buy stuff at stores. without their bitcoin being in the hands of middle men.

For the most part this is true. There are very few bitcoin businesses that don't fall under the new definitions.

jbrnt

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Quote from: thms on October 29, 2014, 05:28:44 PM

Bitcoin businesses are not needed.
I don't see any possible useful "business" in the bitcoin field. All of them are just acting as middle man.

I see bitcoin businesses as any business that accept bitcoin as payment, or pay for your service in bitcoin. It doesn't has to be like money exchanges.

adhitthana

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Quote from: Ron~Popeil on October 29, 2014, 04:59:49 PM

It has become common knowledge that members of the foundation seem to think that bitcoin is their vehicle to become part of the elite ruling class.

Didn't take long...lol

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