Yep a major mining pool out of Vegas put up notice in 45 days they may close due to new NY State reg's
That's just FUD and they know it.
Topic: Something to worry about? (Read 1854 times)
That's just FUD and they know it.
but bitcoin has no country. so bitcoin is not based in new york, those new york rules dont apply to navada
That's all true, unless you provide a service to NY resident. Quote from Lawsky's proposal:
Quote
(n) Virtual Currency Business Activity means the conduct of any one of the following types of activities involving New York or a New York Resident:
(1) receiving Virtual Currency for transmission or transmitting the same;
(2) securing, storing, holding, or maintaining custody or control of Virtual Currency on behalf of others;
(3) buying and selling Virtual Currency as a customer business;
(4) performing retail conversion services, including the conversion or exchange of Fiat Currency or other value into Virtual Currency, the conversion or exchange of Virtual Currency into Fiat Currency or other value, or the conversion or exchange of one form of Virtual Currency into another form of Virtual Currency; or
(5) controlling, administering, or issuing a Virtual Currency.
(1) receiving Virtual Currency for transmission or transmitting the same;
(2) securing, storing, holding, or maintaining custody or control of Virtual Currency on behalf of others;
(3) buying and selling Virtual Currency as a customer business;
(4) performing retail conversion services, including the conversion or exchange of Fiat Currency or other value into Virtual Currency, the conversion or exchange of Virtual Currency into Fiat Currency or other value, or the conversion or exchange of one form of Virtual Currency into another form of Virtual Currency; or
(5) controlling, administering, or issuing a Virtual Currency.
Whenever in the world you are, if you provide "virtual currency business activity" to NY resident, you're breaching NY state law. I've no idea what are the inter-state law agreements, you'll probably be safe in Nevada, as long as you're in compliance with their state law, but you may be up for an unpleasant surprise if you ever visit NY.
All the current pools/exchanges are young businesses, so likely many of them will be freaking out if there's even a sightliest risk that they may be facing court battle against NY state.
so if thatbit of legislation gets passed. if one single miner living in NY with a USB miner making only dust amounts a week. was to join a pool anywhere in the world.. that pool anywhere in the world would have to buy a bitlicence.
WTF!!!
i bet lawsky will buy 20 usb miners and put one miner per pool then he will put the dust he collect into all the web wallets and exchanges that exist and then use that as "evidence" to force bitcoin services to buy licences or be fined. because he as a NY resident is using those services.
WTFFFF!!!
i only glanced over it as i thought it was limied to new york registered businesses but...
WTFFFFFFFFFFF!!!
the word residents needs to be removed from that draft straight away
but bitcoin has no country. so bitcoin is not based in new york, those new york rules dont apply to navada
That's all true, unless you provide a service to NY resident. Quote from Lawsky's proposal:
Quote
(n) Virtual Currency Business Activity means the conduct of any one of the following types of activities involving New York or a New York Resident:
(1) receiving Virtual Currency for transmission or transmitting the same;
(2) securing, storing, holding, or maintaining custody or control of Virtual Currency on behalf of others;
(3) buying and selling Virtual Currency as a customer business;
(4) performing retail conversion services, including the conversion or exchange of Fiat Currency or other value into Virtual Currency, the conversion or exchange of Virtual Currency into Fiat Currency or other value, or the conversion or exchange of one form of Virtual Currency into another form of Virtual Currency; or
(5) controlling, administering, or issuing a Virtual Currency.
(1) receiving Virtual Currency for transmission or transmitting the same;
(2) securing, storing, holding, or maintaining custody or control of Virtual Currency on behalf of others;
(3) buying and selling Virtual Currency as a customer business;
(4) performing retail conversion services, including the conversion or exchange of Fiat Currency or other value into Virtual Currency, the conversion or exchange of Virtual Currency into Fiat Currency or other value, or the conversion or exchange of one form of Virtual Currency into another form of Virtual Currency; or
(5) controlling, administering, or issuing a Virtual Currency.
Whenever in the world you are, if you provide "virtual currency business activity" to NY resident, you're breaching NY state law. I've no idea what are the inter-state law agreements, you'll probably be safe in Nevada, as long as you're in compliance with their state law, but you may be up for an unpleasant surprise if you ever visit NY.
All the current pools/exchanges are young businesses, so likely many of them will be freaking out if there's even a sightliest risk that they may be facing court battle against NY state.
lets end the fud worry
bitlicence = new york
miner in article=navada.
moving on
bitlicence = new york
miner in article=navada.
moving on
If it was only that simple... Are you familiar with TVShack's case? Basically, the British guy, operating a website from UK (servers in Netherlands) didn't break any UK law, but still was facing extradition to US. No one can guarantee the same cannot happen with BTC exchange or mining pool.
Link to the article:
http://www.bbc.co.uk/news/uk-england-south-yorkshire-18266805
Eventually it didn't end up that bad for him (could've been worse):
http://www.theregister.co.uk/2012/12/07/tvshack_fine/
thats because linking an american copyrighted product makes it american jurisdiction as the tv shows company is american.
but bitcoin has no country. so bitcoin is not based in new york, those new york rules dont apply to navada
Hello,
Just want to see other peoples thoughts on this.. something to worry about?
http://www.cryptocoinsnews.com/news/proposed-bitcoin-regulation-bitlicense-shut-mining-bitcoin-businesses-us/2014/07/20
The best response to this hostile-takeover of a "regulation" was given by Bruce Fenton, in a speech you can watch here.Just want to see other peoples thoughts on this.. something to worry about?
http://www.cryptocoinsnews.com/news/proposed-bitcoin-regulation-bitlicense-shut-mining-bitcoin-businesses-us/2014/07/20
The TL:DR version is - Fuck Ben Lawsky and his insanely out-of-touch bank-takeover regulations. It will leave New York completely out of the Bitcoin scene. I feel sorry for every Bitcoin entrepreneur that is a New York resident right now.
I'm glad I simply dumped all my savings in, rather than trying to start a business in this fucked up, corrupt ass state. The banksters own New York City and New York State. And they're rightfully terrified of Bitcoin.
lets end the fud worry
bitlicence = new york
miner in article=navada.
moving on
bitlicence = new york
miner in article=navada.
moving on
If it was only that simple... Are you familiar with TVShack's case? Basically, the British guy, operating a website from UK (servers in Netherlands) didn't break any UK law, but still was facing extradition to US. No one can guarantee the same cannot happen with BTC exchange or mining pool.
Link to the article:
http://www.bbc.co.uk/news/uk-england-south-yorkshire-18266805
Eventually it didn't end up that bad for him (could've been worse):
http://www.theregister.co.uk/2012/12/07/tvshack_fine/
lets end the fud worry
bitlicence = new york
miner in article=navada.
moving on
bitlicence = new york
miner in article=navada.
moving on
Definitely yes.
Of course, you can just ignore it if you're a regular person who just uses bitcoin. But for anyone who built/intend to build a serious business around bitcoin - this is a bad news.
Then again, you can just start your business elsewhere and avoid new yorkers, but other states/countries can go the same route.
Hopefully this regulation will not go through in it's current shape.
Of course, you can just ignore it if you're a regular person who just uses bitcoin. But for anyone who built/intend to build a serious business around bitcoin - this is a bad news.
Then again, you can just start your business elsewhere and avoid new yorkers, but other states/countries can go the same route.
Hopefully this regulation will not go through in it's current shape.
lawsky and bitlicense need to be stopped 
For those concerned, bitcoin is already highly regulated. It is a self regulated protocol. I have said, if this becomes law I will push forth an agenda to open up an illegal bitcoin exchange out of retalliation in NY. Government is only panicing right now because it realizes that crypto technology is a threat to the existence and power of corrupt government. And so government is doing everything it can to suppress technology.
Solution: Do not comply.
Solution: Do not comply.
How many times do I have to say this everyone? It would only be yourself to be at blame for willing to comply with it. There is no way to enforce this unless you willingly comply. To comply or enforce is to be just as guilty as the one whom created that tyrannical law. For a law is no law if no one complies with it, or enforces it. The legal system no longer has legitimacy or credibility. And anyone whom thinks otherwise is a fool and blind to current state of the world and how it works.
Really? Is this a thing?. Regulated bitcoin? Sad.
It's only a thing if you want it to be.
Otherwise it's just a bunch of hot air. Like piracy laws.
Really? Is this a thing?. Regulated bitcoin? Sad.
This is a weird thread. You want us to comment in this thread about an article summarizing another Bitcointalk thread. Why not just go directly to the thread to comment?
Go here:
https://bitcointalksearch.org/topic/m.7900799
Go here:
https://bitcointalksearch.org/topic/m.7900799
Haters gonna hate.
yes, shutdown the pools ... like server on P2P file sharing.and then, personal node (with low miner powered) can win 25BTC
Any regulations that don't ban Bitcoin are great. It still early days yet
Yep a major mining pool out of Vegas put up notice in 45 days they may close due to new NY State reg's
Look at node map of the world btc network
USA btc nodes mine more than any region
Next is Europe in total nodes
Look at node map of the world btc network
USA btc nodes mine more than any region
Next is Europe in total nodes
ooooh, please ... don't compare a pool and a solo-miner.
51% is possible because of the pools ...
you can't do a real 51% without a heavy costly line (only available) on datacenter.
51% is possible because of the pools ...
you can't do a real 51% without a heavy costly line (only available) on datacenter.
yes, shutdown the pools ... like server on P2P file sharing.and then, personal node (with low miner powered) can win 25BTC
And a private node from some arabic country can win most of the coins and 51% attack the network.
It may be a strategic problem with future consequences that we may not directly relate to this, since US in really strong in the network, and less hash power = less powerfull and vulnerable to attack bitcoin network.
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