This is bad for the price. It doesn't matter if it will have actual impact on Bitcoin. All that matters is there's a possibility of someone beginning a panic sell out of this news.
*turns into a mid-term bear*
Topic: FinCEN's Impact? (Read 1291 times)
I don't think this issue has any impact yet, it adds to the FUD but not by a lot tbh. We will have to wait and see what comes of this.
It's obviously bad long term and this down swing it would appear is linked to the exiting of players like Paxum and TH. It will also have an impact on the offshore gambling industry which bitcoin will ironically be poised to function as a deposit method.
MORE FUD BY ATLAS!
What is the likely impact of FinCEN's recent release on Bitcoin's value? Is FinCEN more bark than bite?
Itll add to the current FUD going on (tradehill, paxum, bitcoinicas legal complaint, Silk Road, volatility, now FinCEN, ..), therefore further downward pressure in the short- mid term. Possibly increased volatility.
Overall, I wouldnt value it too heavyly, the real news is about to come with an actual ruling! Lacking a real lobby, I would expect it to be at bitcoins charge. Followed by a (hopefully fruitful) discussion and possible adjustments to prior laws. A ruling in this matter could actually launch a ruling domino effect on other legislations all across the globe (people like to believe other peoples arguments are well thought through by the other party before made and therefore consider the counter arguments less meaningful).
This could, left all FUD aside, turn out in bitcoins favor also, if lets say the court case of Mt.Gox vs. that french bank that refused to let them open an account with them, turns out to BTCs advantage (what actually ever became of that?).
This is speculation, friend. They talk reality. We talk price.
If FinCEN has their way, unregulated Bitcoin exchanges will bite the dust if they attempt to sell to US customers. Worst case scenario, Bitcoins won't be legal to be sold and exchanged in the US due to it being an unregulatable money-value service.
I can imagine this would increase demand and thus the price; especially in use for darkweb markets, mainly the SilkRoad. However, I will still ask all of you:
What is the likely impact of FinCEN's recent release on Bitcoin's value? Is FinCEN more bark than bite?
I can imagine this would increase demand and thus the price; especially in use for darkweb markets, mainly the SilkRoad. However, I will still ask all of you:
What is the likely impact of FinCEN's recent release on Bitcoin's value? Is FinCEN more bark than bite?
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