September 27, 2011 U.S.Department of the Treasury might regulate BitCoin - page 3.

nmat

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Quote from: Nesetalis on August 03, 2011, 11:44:02 AM

bitcoins are information, strings of bytes. That is communicated from one computer to another through the network..
thats how it falls under free speech.

Dollar transactions are strings of bytes communicated between banks Roll Eyes

Bitcoin is a currency. It isn't free speech.

I think someone with easy access to a lawyer should check out if this applies to bitcoin or not (or maybe contact FinCEN directly).

smoothie

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LEALANA Bitcoin Grim Reaper

If that was true...sell bitcoins and buy namecoins. Grin

Nesetalis

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bitcoins are information, strings of bytes. That is communicated from one computer to another through the network..
thats how it falls under free speech.

kgo

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Quote from: Steve on August 03, 2011, 09:22:12 AM

Quote from: ?? on ??

According to this new ruling, companies, organizations as well as individuals must register in order to legally transact with any parties, providing quite privacy invasive contact information on each individual transacted with as well as keep those records for 5 years.

What do you think would be a good way to insure that this ruling does not apply to Bitcoin?

The use of bitcoin is an exercise of free speech and as such is protected by the 1st amendment to the US constitution. Any law that would interfere with the use of bitcoin is in direct contradiction to this amendment.

I don't see how sending or receiving of bitcoins would constitute free speech.

Trader Steve

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"How do you eat an elephant? One bit at a time..."

Quote

Since when anyone in US cares about The Constitution? I thought there are like dozens of current and enforced laws which are clearly in direct violation of The Constitution. Anyone would like to list top 100?

So True.

Rassah

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Quote from: Cryptoman on August 03, 2011, 09:53:06 AM

Forgive me for getting a little off topic, but it is because of a preponderance of regulations such as this that the U.S. economy will remain in a recession for the foreseeable future. Who wants to bother starting a business (or engaging in any commerce, really) when you have to comply with myriad regulations and have to be continually leery of missteps that can land you in prison? It's much easier to just stay at home and collect a check from the government.

I would say the biggest cause is uncertainty. Businesses hate uncertainty more than they hate regulation, and with the constant political b*tching going on with threatened gov. shutdowns, debt ceilings, and whatever else is coming this Fall, I'd blame the current economic state of affairs directly on the House/Senate, rather than anything that's already been passed into law.

Cryptoman

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Forgive me for getting a little off topic, but it is because of a preponderance of regulations such as this that the U.S. economy will remain in a recession for the foreseeable future. Who wants to bother starting a business (or engaging in any commerce, really) when you have to comply with myriad regulations and have to be continually leery of missteps that can land you in prison? It's much easier to just stay at home and collect a check from the government.

apetersson

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Quote from: Steve on August 03, 2011, 09:22:12 AM

The use of bitcoin is an exercise of free speech and as such is protected by the 1st amendment to the US constitution. Any law that would interfere with the use of bitcoin is in direct contradiction to this amendment.

this is something i would love to see proven in court! however the outcome is, it would help the project.

Steve

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Quote from: ?? on ??

According to this new ruling, companies, organizations as well as individuals must register in order to legally transact with any parties, providing quite privacy invasive contact information on each individual transacted with as well as keep those records for 5 years.

What do you think would be a good way to insure that this ruling does not apply to Bitcoin?

The use of bitcoin is an exercise of free speech and as such is protected by the 1st amendment to the US constitution. Any law that would interfere with the use of bitcoin is in direct contradiction to this amendment.

Trader Steve

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"How do you eat an elephant? One bit at a time..."

I think this quote applies:

'Yes, make sure you get permission from your masters..."

Nesetalis

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i can understand major stores and outlets being required, if they are going to deal in large volumes of BTC.. however individual transfers should be treated as cash, small venders, who make a low volume of transfers.. all anonymous.

apetersson

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Quote from: airdata on August 03, 2011, 07:48:35 AM

However, such regulation could be good for bitcoin. It could help with security and curb hacking and scamming in the community.

I agree.

It is inevitable that the flow of Bitcoins will be transparent to the TLAs. It might get more inconvenient to do business on mtgox/others soon, but overall the system will be more mature.
I don't think Bitcoin will continue to be used "like cash".
Note that Germany has passed a similar law, which might also apply to Bitcoin.

In any case I think we should get the help of a lawyer to assess how exactly the law applies to Bitcoin. Maybe we can get a written statement. If there is a pledge fund for this, I would join.

airdata

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I can see where alot of people would freak out about this. Anonymity is obviously a huge deal w\ bitcoin and alot of people hold that to be one of the top reasons to use bitcoin.

However, such regulation could be good for bitcoin. It could help with security and curb hacking and scamming in the community.

BitcoinPorn

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Very against this UABCI

It is a scam. I feel sorry for all who fall prey to your posts.

This is not a joke post.

Sadly, I believe Matthew N. Wright and whoever his cohorts are, really think they might be doing good (well not all of them, one of them must know the scam). Will not comment further at the moment. Bitcoin is the most amusing soap opera ever.

stsbrad

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Brad Willman, SSCP, LTCP, MCTS,SCE,BCE

Whats with this bitcoinmoney website you are quoting this article from? it's a blog full of bitcoin haterade. comparing bitcoins to stored value cards? it's apples and oranges. just seems like fear mongering to me.

JackH

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This wont apply to Bitcoin. These are just updated rules in regards to the established industry. There is no mentioning of Bitcoin anywhere. of course this would apply to exchangers, but exchanging into Bitcoin or not Bitcoin wont matter.

Imagine the impact of mentioning Bitcoin - they want to avoid that. Attacking Bitcoin or the opposite would put Bitcoin on the currency map big time. Bitcoin stays the same, the system is impossible to regulate and for now everyone in office is scratching their tiny heads on what to do to control the beast.

JoelKatz

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Quote from: koin on August 03, 2011, 07:14:14 AM

Quote from: JoelKatz on August 03, 2011, 07:04:22 AM

Bitcoins are not, in any sense, "paid in advance'.

they consider phone cards (e.g., 120 minutes of long distance) and transit cards (e.g., good for N day passes) as stored value. they specifcally specify "electronic serial number" as one of the "card" types.

Right, in those cases, you really are paying for something in advance. Bitcoins are a commodity, like gold. You can buy and sell gold, but if you buy gold and then trade it for a hamburger, your buying the gold wasn't paying for the hamburger.

koin

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Quote from: JoelKatz on August 03, 2011, 07:04:22 AM

Bitcoins are not, in any sense, "paid in advance'.

they consider phone cards (e.g., 120 minutes of long distance) and transit cards (e.g., good for N day passes) as stored value. they specifcally specify "electronic serial number" as one of the "card" types.

JoelKatz

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Democracy is vulnerable to a 51% attack.

Quote

Prepaid access. Access to funds or the value of funds that have been paid in advance and can be retrieved or transferred at some point in the future through an electronic device or vehicle, such as a card, code, electronic serial number, mobile identification number, or personal identification number.

Bitcoins are not, in any sense, "paid in advance'.

kjj

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I'm pretty sure that even a lawyer bad enough to get stuck working as a judge can see that bitcoin is very clearly neither a way to store USD, nor a way to prepay for anything.

Topic: September 27, 2011 U.S.Department of the Treasury might regulate BitCoin - page 3. (Read 5806 times)