Texas Gets it Right! | Bitcointalksearch.org

edd

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Quote from: sabreezie on May 01, 2014, 05:21:52 AM

Does this happen because Texas is represented by Ron Paul, one of the biggest supporters of the crypto currencies?

Ron Paul doesn't currently represent any Texas districts. I think this is more a case of the individuals making these decisions in the Texas DOB having some good sense and taking the time to understand cryptocurrencies before trying to shoehorn them into antiquated categories.

sabreezie

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Does this happen because Texas is represented by Ron Paul, one of the biggest supporters of the crypto currencies?

copychicken

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Pools Of Honor

if texas was ahead.. it could at least protect its investors.. cointerra is bankrupt... not responding to anyone...owing money,and support to everybody.

that harms btc trust even more..than raising it....

counter

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Time is on our side, yes it is!

Goof them and us for making it more easily understandable for people to understand the laws on the books around BTC. Now if other states will only follow suit this train will get to it's destination in a timely fashion..

bryant.coleman

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Quote from: twiifm on April 12, 2014, 10:05:51 PM

Basically Texas says crypto is not money.

Not much of a problem. Anyway they have stated that possession and trade of Bitcoins are not illegal. Looking at the current political situation, this is a very encouraging step for Bitcoin.

cbeast

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Let's talk governance, lipstick, and pigs.

Quote from: twiifm on April 12, 2014, 10:05:51 PM

Basically Texas says crypto is not money transmission.

FTFY

twiifm

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Basically Texas says crypto is not money.

acoindr

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Looks good

I particularly enjoyed their endnote on sovereign currency:

Quote

In this memorandum the term sovereign currency will be used to mean government-issued currencies with legal
tender status in the country of issuance. In most of the literature pertaining to virtual currency, the term fiat currency
is used to refer to government-issued legal tender. Technically, fiat currency is a subset of government-issued legal
tender. Fiat currency has no intrinsic value; its value is established by law. By contrast, commodity-backed currency
has intrinsic value insofar as it represents a claim on a commodity such as gold or silver. Here, sovereign currency
means both commodity-backed and fiat currency issued by a government and designated as legal tender.

AHHAHAHAHA GO Texas!

cbeast

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Let's talk governance, lipstick, and pigs.

There is a large contingent of Bitcoin developers and enthusiasts in the Texas capital of Austin. Kudos to the Bitcoin community and their communication skills. With patients and perseverance, this paradigm shift will go down as smoothly as a bottle of Patron on an El Paso sunset.

jbreher

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lose: unfind ... loose: untight

Quote from: franky1 on April 08, 2014, 12:58:09 PM

basically if your a intermediary business handling other peoples sovereign money, then you are a transmitter and need to show that you are doing it correctly by being licensed (meaning you have federal insurance against sovereign money loss and have to follow rules on handling it).

individuals and private investors are free to do what they like.

great news

this should sort out the noobish inexperienced and unqualified people from thinking they can handle millions of dollars of other peoples wealth, simply because they set up a website. it also clarifies what everyone should know. that regulation is just for the sovereign businesses, and does not make bitcoin regulated.

For being the guy always decrying 'chinese whispers', I am somewhat puzzled by your analysis. I see nothing in the original (assuming of course that the post before yours is an accurate quote), I see nothing that discerns between business transactions and personal transactions.

Or am I misinterpreting your words?

bryant.coleman

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Quote from: seriouscoin on April 08, 2014, 01:29:50 PM

wow.... texas is way ahead this time.
Fuck you NY.... and your bankers.

Perhaps this is because Texas is a Republican state and NY is a democrat state? Also, Ron Paul, who is one of the biggest supporters of the crypto represents Texas.

RodeoX

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The revolution will be monetized!

Texas - 1
New York - 0

seriouscoin

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wow.... texas is way ahead this time.

Fuck you NY.... and your bankers.

Nerazzura

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nice texas!
hope many state in USA will follow Grin

franky1

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i do have to say that the Feds have said very similar advice on regulation.. but texas seems to have wrote it in a more laymans terms. instead of political grammar.

so the other states are generally in a similar situation. but atleast one state has it wrote down for the layman to understand

scox

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Great! BTC <3 Texas and Texas <3 BTC

bryant.coleman

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Congratulations to the Texans.... I hope that the supreme court doesn't strike down this regulation saying that it is falling foul of the federal laws on Monetary services.

atp1916

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Texas, greatest country in the world.

In contrast, I present you the wonderful prison that is NY.

Roll Eyes

zolace

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So since they got it right I guess everyone from usa can do business in Texas and move to texas lol

5thStreetResearch

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Quote from: franky1 on April 08, 2014, 12:58:09 PM

basically if your a intermediary business handling other peoples sovereign money, then you are a transmitter and need to show that you are doing it correctly by being licensed (meaning you have federal insurance against sovereign money loss and have to follow rules on handling it).

individuals and private investors are free to do what they like.

great news

this should sort out the noobish inexperienced and unqualified people from thinking they can handle millions of dollars of other peoples wealth, simply because they set up a website. it also clarifies what everyone should know. that regulation is just for the sovereign businesses, and does not make bitcoin regulated.

Very good news, need to see some other states follow suit now. A federal ruling still voids this though doesnt it?

Topic: Texas Gets it Right! (Read 3682 times)