Topic: Petition-LETTER to regulator Ben Lawsky of NY "The World is Watching on Bitcoin" - page 2. (Read 2047 times)
February 05, 2014, 08:11:31 AM
Good letter, I'll sign it soon.
February 05, 2014, 08:08:05 AM
Exactly! Those two comments bothered me as well.
We included the 1000 flowers comment in the letter.
The other point would be great to include as well if we had space.
It's so odd for a regulator to suggest that as a solution to the massive burdens of regulation "oh, just have venture capitalists pick the best businesses and fund them"
First off all it's terrible business....VCs have enough risks without adding $2-3 million on regulatory costs which offer no ROI, second it discriminates against small and lifestyle businesses ...which are BY FAR the biggest employers in the US and the world. Very wrongheaded thinking.
We included the 1000 flowers comment in the letter.
The other point would be great to include as well if we had space.
It's so odd for a regulator to suggest that as a solution to the massive burdens of regulation "oh, just have venture capitalists pick the best businesses and fund them"
First off all it's terrible business....VCs have enough risks without adding $2-3 million on regulatory costs which offer no ROI, second it discriminates against small and lifestyle businesses ...which are BY FAR the biggest employers in the US and the world. Very wrongheaded thinking.
February 05, 2014, 07:43:14 AM
great letter! there were 2 things that the regulators said that bothered me. the first was the 1000 flowers the second was a comment from the guy to the right about startups. something like surely you can fund them for a few millions if you fund them at all? this question was largely ignored but the reality of the early startup scene (esp. for new tech) is more "throwing sh*t against a wall to see what sticks" than it is a careful cash infusion. that comes later. by requiring even 100k to be spent on regulatory compliance you both dramatically limit the number of early phase startups that can be funded AND essentially grant a monopoly on startups to the VCs to the detriment of the individual who wants to be an entrepreneur. the section "consideration of the various costs of regulation" would be a good spot for this.
February 05, 2014, 06:56:36 AM
Excellently worded. Just hope they read it!
February 05, 2014, 06:01:18 AM
A group of Bitcoiners and I have created a new non-profit organization called the Bitcoin Financial Association.
One of our first tasks is a letter to Mr. Ben Lawsky of NY.
Please read and sign if you agree.
(Also, please advise about any tips or typos etc.)
ALSO- please join the association .....if you use member code BruceFB you will receive a free / 100% discount....obviously no credit card required.
http://bitcoinfinancialassociation.org
One of our first tasks is a letter to Mr. Ben Lawsky of NY.
Please read and sign if you agree.
(Also, please advise about any tips or typos etc.)
ALSO- please join the association .....if you use member code BruceFB you will receive a free / 100% discount....obviously no credit card required.
http://bitcoinfinancialassociation.org
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