I don't think this has anything to do with legality.
This is about regulation: The bureaucrats weapon of choice.
Topic: FinCEN addresses Bitcoin - page 12. (Read 28355 times)
See some people have not contacted lawyers before jumping into bitcoin businesses, if you contacted your lawyer before doing business in bitcoin, you would know it was always legal.
It's about the law going forward. Nobody had any certainty about that before. Jesus, you're such a fucking buzzkill 
This is pretty much the best news regarding bitcoin we could have gotten from the government.
Are you out of your fucking mind???
tl;dr... bitcoins are legal
Yeah, I've been jumping with joy for the past 10 minutes When was bitcoins ever illegal? LMAO I was jumping for joy over 2 years ago when I got into bitcoins, cause they were never illegal.
See some people have not contacted lawyers before jumping into bitcoin businesses, if you contacted your lawyer before doing business in bitcoin, you would know it was always legal.
Well, the way I read it:
While it is possible to "destroy" Bitcoin units, nobody has the authority to redeem it. So there is no such thing as "administrator" of Bitcoin.
Quote from: FinCEN
An administrator is a person engaged as a business in issuing (putting into circulation) a virtual currency, and who has the authority to redeem (to withdraw from circulation) such virtual currency.
emphasis addedWhile it is possible to "destroy" Bitcoin units, nobody has the authority to redeem it. So there is no such thing as "administrator" of Bitcoin.
Bitcoin is covered under (c), quoted in the OP. Other virtual currencies do meet the criteria for having an administrator. Don't confuse the two.
Quote
A final type of convertible virtual currency activity involves a de-centralized convertible virtual currency (1) that has no central repository and no single administrator, and (2) that persons may obtain by their own computing or manufacturing effort.
tl;dr... bitcoins are legal
Yeah, I've been jumping with joy for the past 10 minutes When was bitcoins ever illegal? LMAO I was jumping for joy over 2 years ago when I got into bitcoins, cause they were never illegal.
"An administrator is a person engaged as a business in issuing (putting into circulation) a virtual currency, and who has the authority to redeem (to withdraw from circulation) such virtual currency. "
This is absurd, no one can withdraw bitcoin from circulation, maybe they think bitcoin is the same as FED's money printing business
There will be better exchanges appear in bahamas and virgin island
This is absurd, no one can withdraw bitcoin from circulation, maybe they think bitcoin is the same as FED's money printing business
There will be better exchanges appear in bahamas and virgin island
Well, the way I read it:
While it is possible to "destroy" Bitcoin units, nobody has the authority to redeem it. So there is no such thing as "administrator" of Bitcoin.
The 'De-Centralized Virtual Currencies' section was obviously written with Bitcoin as the prototypical example, and it's pretty clear what the spirit of the law is there IMO. Quote from: FinCEN
An administrator is a person engaged as a business in issuing (putting into circulation) a virtual currency, and who has the authority to redeem (to withdraw from circulation) such virtual currency.
emphasis addedWhile it is possible to "destroy" Bitcoin units, nobody has the authority to redeem it. So there is no such thing as "administrator" of Bitcoin.
1 million? That is quite expensive. As far as I know that license in Finland costs like 5000 EUR, which our company is prepared to pay if this ruling spreads to Finland. Not sure how much these licenses cost for the whole EU though.
For mining though, I will venture to guess that people will simply not report any of it from now on.
For mining though, I will venture to guess that people will simply not report any of it from now on.
There is also the cost of compliance which is likely involved. And this I would guess means hiring a lawyer as a compliance officer.
tl;dr... bitcoins are legal
Yeah, I've been jumping with joy for the past 10 minutes When was bitcoins ever illegal? LMAO I was jumping for joy over 2 years ago when I got into bitcoins, cause they were never illegal.
1 million? That is quite expensive. As far as I know that license in Finland costs like 5000 EUR, which our company is prepared to pay if this ruling spreads to Finland. Not sure how much these licenses cost for the whole EU though.
For mining though, I will venture to guess that people will simply not report any of it from now on. If the coins are mixed, there is no way to really know where the coins came from.
For mining though, I will venture to guess that people will simply not report any of it from now on. If the coins are mixed, there is no way to really know where the coins came from.
tl;dr... bitcoins are legal
Yeah, I've been jumping with joy for the past 10 minutes 
tl;dr... bitcoins are legal
Where's the upvote button?
tl;dr... bitcoins are legal
And you need a +$1million dollar worth money transmitter license if you want to mine and sell them for fiat
Or you can do it for 6 month and then start a new company. Or you can live outside of USA (for now).
tl;dr... bitcoins are legal
And you need a +$1million dollar worth money transmitter license if you want to mine and sell them for fiat
Well, the way I read it:
While it is possible to "destroy" Bitcoin units, nobody has the authority to redeem it. So there is no such thing as "administrator" of Bitcoin.
Quote from: FinCEN
An administrator is a person engaged as a business in issuing (putting into circulation) a virtual currency, and who has the authority to redeem (to withdraw from circulation) such virtual currency.
emphasis addedWhile it is possible to "destroy" Bitcoin units, nobody has the authority to redeem it. So there is no such thing as "administrator" of Bitcoin.
tl;dr... bitcoins are legal
Yeah, I've been jumping with joy for the past 10 minutes
tl;dr... bitcoins are legal
What is funny is we don't "create" the virtual currency. We mine it ("find it"). You can create fiat, but not bitcoins. This means FinCen's statement on de-centralized currencies don't apply to bitcoin.
No, bitcoins are created, not "found". You have to be naive to think otherwise. 
It can be interpreted differently
To be fair, they always make these "laws" a little fuzzy to give themselves as much wiggle room as possible and very little for us. I think we can agree that we've been noticed by Babylon-on-the-Potomac.
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