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Topic: Is BitLicense A Good Thing? (Read 2446 times)

legendary
Activity: 1750
Merit: 1007
August 02, 2015, 06:42:51 PM
#26
New York state's BitLicense has forced several companies to run their business “secretly”. Some even say that BitLicense is actually dangerous to consumers. What do you think of it? Do you believe in such thing as BitLicense?

No, it is a terrible thing, and anybody claiming otherwise is a fool.
newbie
Activity: 37
Merit: 0
July 04, 2015, 03:06:30 AM
#25
BitLicense is good thing. It secure the transaction and protest terrorism and money laundering.
In recent trend, follow that illegal business is running by using bitcoin.
When all business transaction comes under government observation, illegal business is forced shutting down.
My personal opinion, its good initiative.
Canada already look pretty this.

We have terrorism and laundering already well before bitcoins, cryptos don't chance that, it is just a different flavor.  You can have a illegal business no matter what currency it uses to hide money.

Very true bitcoin is just a newer way to transfer money, the crime will never stop.
sr. member
Activity: 322
Merit: 250
June 26, 2015, 09:27:13 PM
#24
BitLicense is good thing. It secure the transaction and protest terrorism and money laundering.
In recent trend, follow that illegal business is running by using bitcoin.
When all business transaction comes under government observation, illegal business is forced shutting down.
My personal opinion, its good initiative.
Canada already look pretty this.

We have terrorism and laundering already well before bitcoins, cryptos don't chance that, it is just a different flavor.  You can have a illegal business no matter what currency it uses to hide money.
hero member
Activity: 784
Merit: 1000
https://youtu.be/PZm8TTLR2NU
June 26, 2015, 07:39:51 PM
#23
Neither good nor bad, merely futile and irrelevant.
newbie
Activity: 28
Merit: 0
June 26, 2015, 03:32:43 PM
#22
WTF.  That is poorly thought out.. ^???
newbie
Activity: 56
Merit: 0
June 26, 2015, 01:38:52 PM
#21
BitLicense is good thing. It secure the transaction and protest terrorism and money laundering.
In recent trend, follow that illegal business is running by using bitcoin.
When all business transaction comes under government observation, illegal business is forced shutting down.
My personal opinion, its good initiative.
Canada already look pretty this.
legendary
Activity: 1386
Merit: 1000
English <-> Portuguese translations
June 26, 2015, 01:04:38 PM
#20
Well, BitLicense is a good step since it will make things legal on USA, but it's only used for exchanges mainly.
For merchants that accept it as payment it does nothing, so not much change I would say.
legendary
Activity: 1876
Merit: 1005
June 26, 2015, 12:48:04 PM
#19
BitLicense is right good thing what happened on right right.This license will increase trust and protection of investment in Bitcoin and also will open new ways towards digital currencies in future.This should have been implemented long ago but it is always good to do right than never do.BitLicense is positive thing which will bring new investment and opportunities to Bitcoin users.
legendary
Activity: 1050
Merit: 1000
June 26, 2015, 07:57:46 AM
#18
BitLicense is caution about future of bitcoin related companies located in New York they have to take step if they want to continue run their business from that location, i think BitLicense is totally against the spirit of bitcoin and the basic motto ~privacy and freedom ~ the regulation can be dangerous for the bigger investors when they have been forced to pay taxes on their bitcoin income.
legendary
Activity: 1400
Merit: 1001
June 26, 2015, 07:55:30 AM
#17
Bit license will only make things worse. As you said in op people will be forced to run their business secretly or they simply register their companies in some place different from New York.
Overall this regulations is bad for people, because no free access to bitcoin and for government - because instead of promoting business startup they are actually making it worse.
sr. member
Activity: 295
Merit: 250
June 26, 2015, 06:28:22 AM
#16
Suppose someone wanted to start an alt coin exchange outside the USA, but i a country with an extradition treaty with the USA. Could they get prosecuted for doing business with New York residents if they didn't have a Bit License?

If they could get prosecuted then the Bit License is going to stifle innovation all over the west because most countries in the west have extradition treaties with the USA.
legendary
Activity: 1148
Merit: 1000
June 26, 2015, 06:17:03 AM
#15
Well if we ever want to go mainstream, some form of regulation is going to be inevitable. You can't expect governments to just incorporate a rogue, unpredictable element into an otherwise orderly system, concessions must be made on both sides.
legendary
Activity: 1036
Merit: 1001
/dev/null
June 26, 2015, 02:44:22 AM
#14
licence you said...so there will be some authority issuing licences. and I don't like authorities and specially, when they want to intrude something like bitcoin.

so not good thing at all..
sr. member
Activity: 308
Merit: 250
Invest & Earn: https://cloudthink.io
June 26, 2015, 02:37:59 AM
#13
what exactly did it said, the revised regulation of BitLicense? Forced bitcoin business based in Newyork to apply for a license, and forcing the people living Newyork to use a business with a license? if I am not willing to use a business which hold a license, how do?
It is introduced in the state "New York" which is used for security purpose.It easier for businesses to legally accept the cryptocurrency and has been done to encourage small business owners to accept Bitcoins.
It helps in record keeping which clarify the capital requirements details in  “the form of cash, virtual currency,investment-grade assets etc.
sr. member
Activity: 322
Merit: 250
June 26, 2015, 01:51:53 AM
#12
Do not be fooled by this.

The regulations started out with good intentions {So they say}... Stop Terrorism and Money laundering and protection for the consumer. They said, if these companies and individuals using these services are regulated, they would adhere to the AML/KYC requirements.

Then Lawsky saw a opportunity to stuff his pocket. {He made the regulations so complex, people have to hire him for his "advice" to be able to adhere to it}

This turned into a Circus act, and the audience is paying to watch the clowns. The people gave up their privacy under a smoke & mirror show.  Huh

Yes!  It is a total smoke screen!  They pull out the same things every time.  But the terrorists were getting the funds well before bitcoins were invented, and they don't need them.  It is just a joke, and I really wish that the average person would not take these things on the surface but look a little deeper.  But too bad because everyone wants to be in their suburban bliss.
legendary
Activity: 1904
Merit: 1074
June 26, 2015, 01:46:21 AM
#11
Do not be fooled by this.

The regulations started out with good intentions {So they say}... Stop Terrorism and Money laundering and protection for the consumer. They said, if these companies and individuals using these services are regulated, they would adhere to the AML/KYC requirements.

Then Lawsky saw a opportunity to stuff his pocket. {He made the regulations so complex, people have to hire him for his "advice" to be able to adhere to it}

This turned into a Circus act, and the audience is paying to watch the clowns. The people gave up their privacy under a smoke & mirror show.  Huh
legendary
Activity: 3248
Merit: 1070
June 26, 2015, 01:31:14 AM
#10
people in theory could force their governments to change their mind about something, they only need to go abroad and leave that place, there is plenty of place with non-regualated btc, i'm sure that if many do this, their governments will be forced to apply what they want

regulation is good for increasing security, but if become too complicated, it may bring some annoyance...
sr. member
Activity: 322
Merit: 250
June 26, 2015, 01:24:40 AM
#9
No of course not, these regulations are not a good thing.  The news places will say that it is because the government is afraid that you will use bitcoins to avoid taxes or to do illegal things like buy drugs.

BULLSHIT!

I don't know too many drug dealers personally, but my guess is that it is easier to find one that takes cash instead of bitcoins.  And it is so easy to avoid taxes with cryptos that a child could do it.  Why is the government concerned with a few thousands of taxes, when billions and billions of dollars are being successfully hidden over seas, or not hidden if you are a corporation.  Yes I know that there are some rich people with bitcoins, but the market cap of ALL bitcoins is NOTHING compared to the nonsense going on with good old fiat.
 
No this is just a smoke screen.  These regulations are obviously being bought by big banks.  It is the normal racket: increase the barrier to entry for everyone and you lose most of the competition in your dust.  Meet the new boss, same as the old boss.  And there isn't a damn thing we can do about it.
hero member
Activity: 490
Merit: 500
June 26, 2015, 01:21:21 AM
#8
what exactly did it said, the revised regulation of BitLicense? Forced bitcoin business based in Newyork to apply for a license, and forcing the people living Newyork to use a business with a license? if I am not willing to use a business which hold a license, how do?
legendary
Activity: 3038
Merit: 1032
RIP Mommy
June 26, 2015, 12:47:31 AM
#7
Those who give up liberty get only security theater.
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