NY BITCOIN LICENSE REGULATIONS ARE HERE

Hyena

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Quote from: becoin on July 21, 2014, 02:58:50 AM

Quote from: GrandmaJean on July 20, 2014, 03:45:47 PM

The regulations are to make it so we don't have an exchange operator lose all of their customers' bitcoin

This is not necessary. Leave it to market!

Forget about regulating something you've no control of. You don't have the bitcoin printing press! Bitcoin is not fiat money. It can't be printed at will of any government. If exchanges are regulated and even then they lose customers' bitcoins how will you compensate their customers? You can't "print" more bitcoins just like you can't "print" more gold or silver.

I'd like to see them regulating friend-to-friend trading.

becoin

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Quote from: GrandmaJean on July 20, 2014, 03:45:47 PM

The regulations are to make it so we don't have an exchange operator lose all of their customers' bitcoin

This is not necessary. Leave it to market!

Forget about regulating something you've no control of. You don't have the bitcoin printing press! Bitcoin is not fiat money. It can't be printed at will of any government. If exchanges are regulated and even then they lose customers' bitcoins how will you compensate their customers? You can't "print" more bitcoins just like you can't "print" more gold or silver.

GrandmaJean

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Quote from: RodeoX on July 18, 2014, 12:26:24 PM

I think we should have gotten a better deal. Some of the rules are going to be difficult to implement for basic users. It is starting to look like NYC is out of the running as a financial leader in the future. Let's hope other states make far better decisions or America may loose it's edge as a bitcoin friendly country.

the license really only applies to exchanges and businesses that act as exchanges so it will not affect most bitcoin related businesses. The regulations are to make it so we don't have an exchange operator lose all of their customers' bitcoin

Tzupy

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http://www.cryptocoinsnews.com/news/proposed-bitcoin-regulation-bitlicense-shut-mining-bitcoin-businesses-us/2014/07/20

RodeoX

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The revolution will be monetized!

I think we should have gotten a better deal. Some of the rules are going to be difficult to implement for basic users. It is starting to look like NYC is out of the running as a financial leader in the future. Let's hope other states make far better decisions or America may loose it's edge as a bitcoin friendly country.

becoin

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Quote from: Ibian on July 18, 2014, 11:37:19 AM

Well, it's happening.

What is happening?

T.Stuart

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One Token to Move Anything Anywhere

Quote from: ?? on ??

sweet, time for my domains to go to the moon!!!!

NEWYORKBITCOINLICENSE.COM
NEWYORKBITLICENSE.COM
NEWYORKBITLICENSES.COM
NYBITCOINLICENSE.COM
NYBITLICENSE.COM
NYBITLICENSES.COM

... And you to get charged with cybersquatting by NYC! Grin

Ibian

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Quote from: becoin on July 18, 2014, 10:41:57 AM

Quote from: Ibian on July 18, 2014, 09:39:21 AM

The reality is, first, that regulation was going to happen.

The reality is, first, bitcoin can't be regulated. And, second, if it can then bitcoin price will drop to zero and another better crypto coin that can't be regulated will emerge from the dark unregulated Internet.

99% of the value of bitcoin comes from the fact it can't be regulated. So, if it gets regulated then bye bye bitcoin and hello darkcoin! Simple as that.

Well, it's happening. Would you like to sell me all your bitcoins for the generous price of zero?

Raystonn

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I think of the regulations as a bait and switch. Fiat needs a central authority. Bitcoin does not. So Bitcoin can survive without following regulations. We will cooperate with the regulations to get global adoption. Once that happens, the world will tell the U.S. to go to hell, and the U.S. will have no recourse.

Torque

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Quote from: Ibian on July 18, 2014, 09:39:21 AM

Quote

http://moneyandstate.com/reflections-right-privacy-response-nydfs-bitcoin-proposal/

Got around to reading this just now. Not super impressed. The reality is, first, that regulation was going to happen. No way around this and hopefully he is smart enough to know this, and if so, it amounts to little more than whining. Second, that those of us who want our coins to be anonymous have the ability to do so. And perhaps, third, that yes Satoshi would be locked up for life or simply killed by our great leaders if he stepped forward, unless he happens to be working for them.

People can whine all they want about the NY reg proposal. But the only people whining are bitcoin users, not NY-based bitcoin companies:

http://internet.itbusinessnet.com/article/itBit-To-Comply-With-NY-DFS-BitLicense-Regulatory-Guidelines-3389846

becoin

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Quote from: Ibian on July 18, 2014, 09:39:21 AM

The reality is, first, that regulation was going to happen.

The reality is, first, bitcoin can't be regulated. And, second, if it can then bitcoin price will drop to zero and another better crypto coin that can't be regulated will emerge from the dark unregulated Internet.

99% of the value of bitcoin comes from the fact it can't be regulated. So, if it gets regulated then bye bye bitcoin and hello darkcoin! Simple as that.

Ibian

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Activity: 2268

Merit: 1278

Quote

http://moneyandstate.com/reflections-right-privacy-response-nydfs-bitcoin-proposal/

Got around to reading this just now. Not super impressed. The reality is, first, that regulation was going to happen. No way around this and hopefully he is smart enough to know this, and if so, it amounts to little more than whining. Second, that those of us who want our coins to be anonymous have the ability to do so. And perhaps, third, that yes Satoshi would be locked up for life or simply killed by our great leaders if he stepped forward, unless he happens to be working for them.

becoin

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Quote from: Bagatell on July 18, 2014, 06:04:10 AM

Excellent piece. The best response I've seen.

yep, very good one.

The parody can be summed up in one sentence. The consumer is forced to accept government protection and pay the corresponding price even if he/she doesn't want to! Pay for my protection or you'll lose all you have and this is an offer you can't refuse.

Quote

Racket (crime)

A racket is a service that is fraudulently offered to solve a problem, such as for a problem that does not actually exist, will not be affected, or would not otherwise exist. Conducting a racket is racketeering.[1] Particularly, the potential problem may be caused by the same party that offers to solve it, although that fact may be concealed, with the specific intent to engender continual patronage for this party. A prototype is the protection racket, wherein a person or group indicates that they could protect a store from potential damage, damage that the same person or group would otherwise inflict, while the correlation of threat and protection may be more or less deniably veiled, distinguishing it from the more direct act of extortion.

Bagatell

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Quote from: tabnloz on July 17, 2014, 08:29:00 PM

Having just read Erik Vorhees' article on BitLicences it seems like they are attempting to track users worldwide.

An ewallet provider will require photo ID, address etc worldwide, for example.

Doesn't seem feasible.

Hopefully industry leaders can change these features in the 45 day window.

http://moneyandstate.com/reflections-right-privacy-response-nydfs-bitcoin-proposal/

Excellent piece. The best response I've seen.

GangkisKhan

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Quote from: minerpumpkin on July 17, 2014, 08:42:07 PM

Regulation = Acceptance by the state. We need this in order for big investors/institutional money to really start flowing. Many just aren't willing to jump through all the hoops in order to buy BTC.

Small players will slowly be price out of the game.

minerpumpkin

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A pumpkin mines 27 hours a night

Regulation = Acceptance by the state. We need this in order for big investors/institutional money to really start flowing. Many just aren't willing to jump through all the hoops in order to buy BTC.

tabnloz

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Having just read Erik Vorhees' article on BitLicences it seems like they are attempting to track users worldwide.

An ewallet provider will require photo ID, address etc worldwide, for example.

Doesn't seem feasible.

Hopefully industry leaders can change these features in the 45 day window.

http://moneyandstate.com/reflections-right-privacy-response-nydfs-bitcoin-proposal/

Raystonn

sr. member

Activity: 364

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Same regulations we've had forever for all financial institutions. Abandoned accounts go to the State, where they can be reclaimed by the owner. This only affects funds (Bitcoin included) kept in a financial institution, such as an exchange or bank.

Ibian

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Quote from: alexeft on July 17, 2014, 01:51:24 PM

Quote from: BitchicksHusband on July 17, 2014, 01:37:40 PM

Quote from: alexeft on July 17, 2014, 01:22:27 PM

Since I didn't really read the thing, does it really say that bitcoins that haven't moved for 5 years become the property of the state? Exactly how is that supposed to happen?

You open a Coinbase account. You have bitcoins on there. You don't touch them for 5 years. The government forces Coinbase to follow their existing escheatment laws and send them the money (assuming you are a resident of NY). This already happens with your bank accounts. I had one with a few bucks in it that I hadn't used for years. They sent me a letter that said in 60 days they were sending it to the state. I had to call and "reset the clock".

Obviously, nobody can seize bitcoins that you hold yourself.

Hmmm, I see! I think that's not bad! We should be using the blockchain instead of eg goxcoins, ious and whatnot!

How is that not bad?

alexeft

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Quote from: BitchicksHusband on July 17, 2014, 01:37:40 PM

Quote from: alexeft on July 17, 2014, 01:22:27 PM

Since I didn't really read the thing, does it really say that bitcoins that haven't moved for 5 years become the property of the state? Exactly how is that supposed to happen?

You open a Coinbase account. You have bitcoins on there. You don't touch them for 5 years. The government forces Coinbase to follow their existing escheatment laws and send them the money (assuming you are a resident of NY). This already happens with your bank accounts. I had one with a few bucks in it that I hadn't used for years. They sent me a letter that said in 60 days they were sending it to the state. I had to call and "reset the clock".

Obviously, nobody can seize bitcoins that you hold yourself.

Hmmm, I see! I think that's not bad! We should be using the blockchain instead of eg goxcoins, ious and whatnot!

Topic: NY BITCOIN LICENSE REGULATIONS ARE HERE (Read 3479 times)