Topic: Decentralized Exchanges Are Illegal. (Read 7873 times)

Quote from: joesmoe2012 on June 14, 2013, 11:33:30 AM

Well not really. The problem is, even if you are based OUTSIDE of the US, how do you accept USD deposits. And how do you send them when they are withdrawn.

That's why Mt.Gox had trouble in the US, they still had accounts there, even though they aren't based there.

So, how does an exchange get around that?

And why do you even need to accept USD?...hell I've been in btc from early on, never seen or touched a USD in my life. Simple don't trade in USD like 95% of the worlds population Wink

simple, USD has to be wired out the country to be exchanged into BTC.

I guess you have never heard of USD denominated checking accounts in non-USA based banks have you... they have been around for decades.

esenminer

full member

Activity: 126

Merit: 100

Quote from: esenminer on June 09, 2013, 03:25:28 PM

This is not true. Nothing in FinCEN prevents you from trading Bitcoins for other cryptocurrency or for FIAT as long as you are acting on your own behalf (i.e. not a business).

The actual method of trading whether centralized or decentralized or meeting at your mom's house has no bearing.

FinCEN applies to US companies which act for consumers as a money services businesses - think Western Union - it doesn't apply to individuals.

You should claim and pay taxes on all income when / if you convert to FIAT.

If selling Bitcoins for cash was illegal so would selling your used gpu or your grandma's antique furniture.

This post is full of inaccuracies.

I suggest you stop posting and start reading.

All this information is from the FinCEN advisories - what else do you suggest I read? In fact the latest out of FinCEN confirms everything I have said:

http://www.fincen.gov/news_room/speech/pdf/20130613.pdf

Which points are inaccurate?

joesmoe2012

hero member

Activity: 882

Merit: 501

Ching-Chang;Ding-Dong

Quote from: esenminer on June 09, 2013, 03:25:28 PM

This is not true. Nothing in FinCEN prevents you from trading Bitcoins for other cryptocurrency or for FIAT as long as you are acting on your own behalf (i.e. not a business).

The actual method of trading whether centralized or decentralized or meeting at your mom's house has no bearing.

FinCEN applies to US companies which act for consumers as a money services businesses - think Western Union - it doesn't apply to individuals.

You should claim and pay taxes on all income when / if you convert to FIAT.

If selling Bitcoins for cash was illegal so would selling your used gpu or your grandma's antique furniture.

This post is full of inaccuracies.

I suggest you stop posting and start reading.

Stampbit

full member

Activity: 182

Merit: 100

OP updated for clarification, its not nice to call people trolls who choose not to think for you.

KSV

sr. member

Activity: 398

Merit: 250

SVERIGES VIRTUELLA VALUTAVÄXLING

Quote from: jackjack on June 12, 2013, 03:32:53 AM

Quote from: Micky25 on June 12, 2013, 03:21:42 AM

Quote from: kelsey on June 11, 2013, 04:40:15 AM

fincen = USA

What about the other 95% of the population Tongue

Yeah mate, think too many on here and the US gov seems to forget there's a big wide world out there outside of the USA.

Also funny that most of these exchanges base themselves in the US.....dat just askin for trouble.

2013-04-11 Israeli banks limit money connected to bitcoin.
https://bitcointalksearch.org/topic/2013-04-11-israeli-banks-limit-money-connected-to-bitcoin-173108

Israel being the 51st state, it's not surprising at all

Puerto Rico is the 51st state. . .

KSV

sr. member

Activity: 398

Merit: 250

SVERIGES VIRTUELLA VALUTAVÄXLING

Quote from: Micky25 on June 12, 2013, 03:21:42 AM

fincen = USA

What about the other 95% of the population Tongue

Also funny that most of these exchanges base themselves in the US.....dat just askin for trouble.

Well not really. The problem is, even if you are based OUTSIDE of the US, how do you accept USD deposits. And how do you send them when they are withdrawn.

That's why Mt.Gox had trouble in the US, they still had accounts there, even though they aren't based there.

So, how does an exchange get around that?

And why do you even need to accept USD?...hell I've been in btc from early on, never seen or touched a USD in my life. Simple don't trade in USD like 95% of the worlds population Wink

simple, USD has to be wired out the country to be exchanged into BTC.

jackjack

legendary

Activity: 1176

Merit: 1233

May Bitcoin be touched by his Noodly Appendage

fincen = USA

What about the other 95% of the population Tongue

Yeah mate, think too many on here and the US gov seems to forget there's a big wide world out there outside of the USA.

Also funny that most of these exchanges base themselves in the US.....dat just askin for trouble.

2013-04-11 Israeli banks limit money connected to bitcoin.
https://bitcointalksearch.org/topic/2013-04-11-israeli-banks-limit-money-connected-to-bitcoin-173108

Israel being the 51st state, it's not surprising at all

Micky25

legendary

Activity: 974

Merit: 1000

fincen = USA

What about the other 95% of the population Tongue

Yeah mate, think too many on here and the US gov seems to forget there's a big wide world out there outside of the USA.

Also funny that most of these exchanges base themselves in the US.....dat just askin for trouble.

2013-04-11 Israeli banks limit money connected to bitcoin.
https://bitcointalksearch.org/topic/2013-04-11-israeli-banks-limit-money-connected-to-bitcoin-173108

[EDIT] ^ old story

Here the current news:
http://www.coindesk.com/israel-banks-resisting-bitcoin-exchanges/
https://bitcointalksearch.org/topic/m.2425367

Bitcoinpro

legendary

Activity: 1344

Merit: 1000

FinCEN have said the opposite

this thread is defamation against FinCEN

http://en.wikipedia.org/wiki/Defamation

Bitcoinpro

legendary

Activity: 1344

Merit: 1000

its a troll thread it should really be deleted

gollum

sr. member

Activity: 434

Merit: 250

In Hashrate We Trust!

Quote from: jackjack on June 11, 2013, 05:54:12 AM

fincen = USA

What about the other 95% of the population Tongue

Also funny that most of these exchanges base themselves in the US.....dat just askin for trouble.

Well not really. The problem is, even if you are based OUTSIDE of the US, how do you accept USD deposits. And how do you send them when they are withdrawn.

That's why Mt.Gox had trouble in the US, they still had accounts there, even though they aren't based there.

So, how does an exchange get around that?

Assume that you have a legal forex-deealershop anywhere in the world (except US), noone can stop you from selling bitcoins and receive dollar bills. or any other currency.

crumbs

full member

Activity: 210

Merit: 100

According to FINCEN.

Yeah
Come at me FINCEN

You're not from US, but for those who care about FINCEN:
"An exchanger is a person engaged as a business in the exchange of virtual currency for real currency, funds, or other virtual currency"
Cut, paste & Google

jackjack

legendary

Activity: 1176

Merit: 1233

May Bitcoin be touched by his Noodly Appendage

Quote from: kelsey on June 11, 2013, 04:40:15 AM

According to FINCEN.

Yeah
Come at me FINCEN

bigdude

hero member

Activity: 896

Merit: 500

Dolphins Finance TRUSTED FINANCE

fincen = USA

What about the other 95% of the population Tongue

Also funny that most of these exchanges base themselves in the US.....dat just askin for trouble.

Well not really. The problem is, even if you are based OUTSIDE of the US, how do you accept USD deposits. And how do you send them when they are withdrawn.

That's why Mt.Gox had trouble in the US, they still had accounts there, even though they aren't based there.

So, how does an exchange get around that?

And why do you even need to accept USD?...hell I've been in btc from early on, never seen or touched a USD in my life. Simple don't trade in USD like 95% of the worlds population Wink

My point was that as an EXCHANGE, you would really want to accept USD right? otherwise you are cutting out a big market - ie. all US peeps

kelsey

legendary

Activity: 1876

Merit: 1000

fincen = USA

What about the other 95% of the population Tongue

Also funny that most of these exchanges base themselves in the US.....dat just askin for trouble.

Well not really. The problem is, even if you are based OUTSIDE of the US, how do you accept USD deposits. And how do you send them when they are withdrawn.

That's why Mt.Gox had trouble in the US, they still had accounts there, even though they aren't based there.

So, how does an exchange get around that?

And why do you even need to accept USD?...hell I've been in btc from early on, never seen or touched a USD in my life. Simple don't trade in USD like 95% of the worlds population Wink

bigdude

hero member

Activity: 896

Merit: 500

Dolphins Finance TRUSTED FINANCE

fincen = USA

What about the other 95% of the population Tongue

Also funny that most of these exchanges base themselves in the US.....dat just askin for trouble.

Well not really. The problem is, even if you are based OUTSIDE of the US, how do you accept USD deposits. And how do you send them when they are withdrawn.

That's why Mt.Gox had trouble in the US, they still had accounts there, even though they aren't based there.

So, how does an exchange get around that?

kelsey

legendary

Activity: 1876

Merit: 1000

fincen = USA

What about the other 95% of the population Tongue

Yeah mate, think too many on here and the US gov seems to forget there's a big wide world out there outside of the USA.

Also funny that most of these exchanges base themselves in the US.....dat just askin for trouble.

owsleybeatsbigcartel

newbie

Activity: 28

Merit: 0

Quote from: ninjaboon on June 08, 2013, 06:03:39 PM

According to FINCEN.

FINCOIN ? >> pos i kaint get it to sync ! =) ha

owsleybeatsbigcartel

newbie

Activity: 28

Merit: 0

Quote from: puffpuffpass on June 08, 2013, 05:45:25 PM