NY just announced a MANDATORY Bitcoin license - if this concerns you sign this. - page 2.

BCB

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BCJ

Quote from: chufchuf on February 23, 2014, 01:32:55 PM

But if he is making a case that he should be allowed to track all bitcoin transactions, wouldn't that mean he should be allowed to implant microchips and GPS positioning devices into our physical selves and into all banknotes?

If you did a little research you would understand that LAWSKY is not suggesting the DFS track all bitcoin transactions.

These are the virtual currency hearings.
http://www.youtube.com/watch?v=TZW7R7FPIJY
http://www.youtube.com/watch?v=A4_M736FgdY
http://www.youtube.com/watch?v=6EPzoxTAcAI
http://www.youtube.com/watch?v=6EPzoxTAcAI
http://www.youtube.com/watch?v=poMdKtU9aRk

This is Lawsky giving a following up and asking additional questions after the hearings.

http://www.youtube.com/watch?v=zhIZd9b2-Qs

This lawsky responding to the REDDIT AMA
http://www.youtube.com/watch?v=qRXVPq16n_c

http://www.reddit.com/user/BenLawsky

enjoy.

(and when you find the clip where he suggests tracking all bitcoin transactions you get back to me)

justusranvier

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Quote from: chufchuf on February 23, 2014, 01:32:55 PM

But if he is making a case that he should be allowed to track all bitcoin transactions, wouldn't that mean he should be allowed to implant microchips and GPS positioning devices into our physical selves and into all banknotes?

You think he doesn't want to do that too?

chufchuf

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I get that Lawsky should be pissed off at the systems of yesterday that he hated like online poker, Liberty Reserve and eGold, have now come back in a distributed and decentralized manner. But if he is making a case that he should be allowed to track all bitcoin transactions, wouldn't that mean he should be allowed to implant microchips and GPS positioning devices into our physical selves and into all banknotes?

chufchuf

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Quote from: bitpop on February 18, 2014, 08:04:39 PM

Quote from: BruceFenton on February 18, 2014, 02:40:05 PM

Quote from: bitpop on February 18, 2014, 09:19:30 AM

Sorry but we need regulation thanks to mtgox

Why?

If a company steals from investors or violates agreements with them or provides service other than what they agreed upon all of those things already offer opportunity for legal action.

True but they could be insolvent. Regulation would require a bond for just that reason.

Rumors of insolvency stem from a year ago when the U.S. govt started messing with MtGox transfer wires and Dwolla account. This is all a bit like the chinese government coming in to save the investors who'd lost all their money on bitcoin in a crash... a crash caused by the chinese government.

Armis

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Quote from: ?? on ??

Regulation is a good thing. It allows outsiders to be able to trust bitcoiners. We should be applauding this move.

govt regulation should only be instituted after self regulation has failed,

the cryptocurrency community is only 5 years old, it needs time to get it's act together, if anything govts should only seek to help or guide the CC community to self-regulation

The point of regulation is security, accountability, and reliability, the CC community needs all of those things in order to make it more stable and relevant.

marcus_of_augustus

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Eadem mutata resurgo

Quote from: Revelations86 on February 18, 2014, 07:56:34 AM

If anyone is so adamant and gung ho about zero regulations, then please convert all your money from your heavily regulated bank controlled accounts (which you so much oppose) into Bitcoins and store them in the unregulated safety of wonderful exchanges such as Mt Gox.

bitcoins is built so that noone need trust another. How did you miss that bit?

Why would anyone let someone else store their bitcoins for them? Are you stupid?

The weak and corrupted are getting weeded out by the market.

All that regulation will do is ensconce the corrupted and incompetent. Probably bolstered with tax-payer bail-outs after it is found that the regulators were on the take from the players, while watching porn, and they don't want to be liable for not doing "their job" properly. We've seen what regulated financial systems look like, they don't work. Or did you miss that exhibition of corruption and incompetence writ large also?

TheButterZone

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RIP Mommy

Quote from: bitpop on February 18, 2014, 08:04:39 PM

True but they could be insolvent. Regulation would require a bond for just that reason.

Good luck getting a bond for an infinite and infinitely variable value of deposits in multiple currencies.

The only way an exchange can be incompetency and disaster proof is for it to have a major law firm hold a matching trust of the entire possible balance of all currencies. Once the trust administrator sees that the exchange balances are approaching the value of the trust, then exchange deposits are suspended until the trust balances can be increased. Failure for the administrator to keep on top of things will result in malpractice and possibly even disbarment, which would be unusual for a major firm.

For example:
EUR/BTC exchange opens, after founder has put 100,000 of their own BTC and 20 million EUR in the trust. Once users have deposited 90,000 BTC on the exchange or 19 million EUR, the trust administrator suspends exchange deposits until the trust can be raised to 125,000 BTC or 25 million EUR.

Exchange fees would be divided by the exchange into salaries, operating costs, and anything left over could be sent to the trust, to prevent deposits from getting suspended.

BruceFenton

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Quote from: bitpop on February 18, 2014, 08:04:39 PM

Quote from: BruceFenton on February 18, 2014, 02:40:05 PM

Quote from: bitpop on February 18, 2014, 09:19:30 AM

Sorry but we need regulation thanks to mtgox

Why?

If a company steals from investors or violates agreements with them or provides service other than what they agreed upon all of those things already offer opportunity for legal action.

True but they could be insolvent. Regulation would require a bond for just that reason.

If you want to invest with companies who have a bond you are free to do so.

Why make government force others to do so?

Revelations86

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Quote from: BruceFenton on February 18, 2014, 08:28:25 AM

Quote from: Revelations86 on February 18, 2014, 07:56:34 AM

and totally anarchy is the answer then?

Not regulating Bitcoin means the world devolves instantly into total anarchy?

What a strange view.

No. There are thousands of laws already protecting people against theft, fraud, hacking, false advertising, unfair trade etc etc.

And we can see how well there working with exchanges like MT Gox and all the other scams being pulled off like price manipulation in exchanges.

bitpop

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Quote from: BruceFenton on February 18, 2014, 02:40:05 PM

Quote from: bitpop on February 18, 2014, 09:19:30 AM

Sorry but we need regulation thanks to mtgox

Why?

If a company steals from investors or violates agreements with them or provides service other than what they agreed upon all of those things already offer opportunity for legal action.

True but they could be insolvent. Regulation would require a bond for just that reason.

BruceFenton

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Quote from: bitpop on February 18, 2014, 09:19:30 AM

Sorry but we need regulation thanks to mtgox

Why?

If a company steals from investors or violates agreements with them or provides service other than what they agreed upon all of those things already offer opportunity for legal action.

bitpop

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Sorry but we need regulation thanks to mtgox

BruceFenton

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Quote from: Revelations86 on February 18, 2014, 07:56:34 AM

and totally anarchy is the answer then?

Not regulating Bitcoin means the world devolves instantly into total anarchy?

What a strange view.

No. There are thousands of laws already protecting people against theft, fraud, hacking, false advertising, unfair trade etc etc.

Revelations86

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and totally anarchy is the answer then? Look at the amount of scams and manipulations going on in the Crypto world. Would you prefer that to continue? Because if it does, CryptoCurrency will never be accepted by the mainstream as it will be deemed unsafe. As a matter of fact, if Crypto fails, I am predicting that it won't fail because of the big bad regulators that everyone seems to be petrified off. It will fail because of scams and manipulations that are rampant here. Look at what MT Gox did to the Crypto world in just 2 weeks.

If anyone is so adamant and gung ho about zero regulations, then please convert all your money from your heavily regulated bank controlled accounts (which you so much oppose) into Bitcoins and store them in the unregulated safety of wonderful exchanges such as Mt Gox.

Let's also not forgot that the Bitcoin protocol itself is controlled by a select few.

BCB

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BCJ

Nice brief mention in the New York Times' Dealbook column.
http://nyti.ms/N40vqi

crazy_rabbit

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RUM AND CARROTS: A PIRATE LIFE FOR ME

Quote from: BruceFenton on February 12, 2014, 07:00:32 AM

If the regulation of Bitcoin concerns you, please sign this letter to regulator Ben Lawsky

http://bitcoinfinancialassociation.org/regulation/

Well, it wasn't going to last forever without regulation. Regulation will at least make the big big money more comfortable about taking over (and hopefully, hopefully, making us crazy rich).

Johnny Bitcoinseed

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Johnny Bitcoinseed

LMAO - you mean like how they successfully regulate the drug trade? "You need a license to sell crack on the corner", so of course nobody does.

marcus_of_augustus

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Eadem mutata resurgo

Quote

You are missing the entire point,

No I fear it is you who miss the entire point ... the entire point of living in a liberal democracy is that you can do whatever you damn well want WITHOUT running to the authorities to ask for their permission every time you need to take a piss.

The point is you are living in fear of reprisals if the State does not like what you are doing, even if it is entirely legal, because the jackboot of their legal force will ruin your life. So you need to crawl to the cops to ask for permission, "please sir don't hit us too hard if we do something you don't like".

You are not living in a free country. There is your problem right there. That IS the entire point.

That's why BitCoin you clowns. You've been given a gift, don't squander it now by sucking up to your oppressors.

BruceFenton

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Quote from: Bitcoinpro on February 15, 2014, 11:31:04 AM

Fake! the Cryptocurrency Constitution protects citizens and any such regulation will be handled properly

and will be distributed to the Crypto community in an appropriate way not to affect the integrity of Crypto's

If a jurisdiction makes severe regs against Bitcoin then VCs, investors and entreprenuers won't feel protected by the Crypto Constitution which they likely have never heard of.

BCB

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BCJ

Quote from: Bitcoinpro on February 15, 2014, 11:31:04 AM

Fake! the Cryptocurrency Constitution protects citizens and any such regulation will be handled properly

and will be distributed to the Crypto community in an appropriate way not to affect the integrity of Crypto's

You should spend more time updating your website:
http://www.cryptocurrencycentralbank.com/

"Bitcoin is the most valuable crypto currency avaliable to consumers and the most widely traded, the current US dollar price of 1 Bitcoin (BTC) is $1025.50 7th January 2014."

Or at least ping an exchange and update the price automatically.

Topic: NY just announced a MANDATORY Bitcoin license - if this concerns you sign this. - page 2. (Read 10627 times)