And this is why scrypt coins are way safer than SHA256 coins, since the govt goons could control dedicated Asic hashers, but never GPUs.
yeah...um...whatever...
Topic: Wait...Does the March 18th finCen legislation make it illegal to trade bitcoins? - page 3. (Read 3950 times)
May 15, 2013, 03:25:31 PM
yeah...um...whatever...
May 15, 2013, 03:24:28 PM
And this is why scrypt coins are way safer than SHA256 coins, since the govt goons could control dedicated Asic hashers, but never GPUs.
Please don't talk when you don't know shit about what you're saying 
May 15, 2013, 03:21:56 PM
Hey read again. If you mine and sell for goods (say gold) you are fine. You just cannot mine and sell into USD directly. You could also mine and convert into LTC, for example. Then sell the LTC or the gold.
No, you cannot. If you convert BTC to LTC to USD in the US, then you are considered a 'money exchanger'. From now on, only centralized companies are allowed to handle Bitcoin exchanges. Such a company does not exist in the US. Or perhaps only CoinLab?
No, he's right. BTC to LTC is not virtual to real, but virtual to virtual. In fact, I think the BTC-to-gold is more risky, since gold could be considered a 'real currency or equivalent' since it's a commodity with highly liquid markets to/from USD. BTC-to-USD is clearly in violation here, though.
May 15, 2013, 03:21:44 PM
Hey read again. If you mine and sell for goods (say gold) you are fine. You just cannot mine and sell into USD directly. You could also mine and convert into LTC, for example. Then sell the LTC or the gold.
No, you cannot. If you convert BTC to LTC to USD in the US, then you are considered a 'money exchanger'. From now on, only centralized companies are allowed to handle Bitcoin exchanges. Such a company does not exist in the US. Or perhaps only CoinLab?
No, he's right. BTC to LTC is not virtual to real, but virtual to virtual. In fact, I think the BTC-to-gold is more risky, since gold could be considered a 'real currency or equivalent' since it's a commodity with highly liquid markets to/from USD. BTC-to-USD is clearly in violation here, though.
but upon selling the ltc it becomes virtual to real. yeah if you just hold the ltc forever your fine but what good is that?
Yeah, you'd need to spend the LTC with a merchant who took it. If you exchange it, as a US citizen (even on a foreign-hosted exchange), I think you are in trouble here.
May 15, 2013, 03:20:27 PM
still. even if it only applies to miners in the united states, isn't that a big deal? Am I the only one that thinks so? I almost fell out of my seat when I read that.
You're not the only one who thinks this is a big deal. Something like this never occurred to me. Now I have homework to do.
May 15, 2013, 03:19:41 PM
Hey read again. If you mine and sell for goods (say gold) you are fine. You just cannot mine and sell into USD directly. You could also mine and convert into LTC, for example. Then sell the LTC or the gold.
No, you cannot. If you convert BTC to LTC to USD in the US, then you are considered a 'money exchanger'. From now on, only centralized companies are allowed to handle Bitcoin exchanges. Such a company does not exist in the US. Or perhaps only CoinLab?
No, he's right. BTC to LTC is not virtual to real, but virtual to virtual. In fact, I think the BTC-to-gold is more risky, since gold could be considered a 'real currency or equivalent' since it's a commodity with highly liquid markets to/from USD. BTC-to-USD is clearly in violation here, though.
but upon selling the ltc it becomes virtual to real. yeah if you just hold the ltc forever your fine but what good is that?
May 15, 2013, 03:18:06 PM
Hey read again. If you mine and sell for goods (say gold) you are fine. You just cannot mine and sell into USD directly. You could also mine and convert into LTC, for example. Then sell the LTC or the gold.
No, you cannot. If you convert BTC to LTC to USD in the US, then you are considered a 'money exchanger'. From now on, only centralized companies are allowed to handle Bitcoin exchanges. Such a company does not exist in the US. Or perhaps only CoinLab?
No, he's right. BTC to LTC is not virtual to real, but virtual to virtual. In fact, I think the BTC-to-gold is more risky, since gold could be considered a 'real currency or equivalent' since it's a commodity with highly liquid markets to/from USD. BTC-to-USD is clearly in violation here, though.
May 15, 2013, 03:17:42 PM
Satoshi created bitcoin
Miners are just paid for their work, they do not create bitcoins
Miners are just paid for their work, they do not create bitcoins
May 15, 2013, 03:16:48 PM
Hey read again. If you mine and sell for goods (say gold) you are fine. You just cannot mine and sell into USD directly. You could also mine and convert into LTC, for example. Then sell the LTC or the gold.
No, you cannot. If you convert BTC to LTC in the US, then you are considered a 'money exchanger'. From now on, only centralized companies are allowed to handle Bitcoin exchanges. Such a company does not exist in the US. Or perhaps only CoinLab?
The exchanges converting BTC to whatever, are not in the US.
May 15, 2013, 03:15:40 PM
It doesn't make it illegal, but you have to comply with the regulations.
Correct, but no individual is allowed to exchange Bitcoin in the US anymore. You have to be a registered Money Service Business. Currently there are none?
May 15, 2013, 03:14:24 PM
Hey read again. If you mine and sell for goods (say gold) you are fine. You just cannot mine and sell into USD directly. You could also mine and convert into LTC, for example. Then sell the LTC or the gold.
No, you cannot. If you convert BTC to LTC to USD in the US, then you are considered a 'money exchanger'. From now on, only centralized companies are allowed to handle Bitcoin exchanges. Such a company does not exist in the US. Or perhaps only CoinLab?
May 15, 2013, 03:13:15 PM
Hey read again. If you mine and sell for goods (say gold) you are fine. You just cannot mine and sell into USD directly. You could also mine and convert into LTC, for example. Then sell the LTC or the gold.
Again, litecoin counts under this legislation just as much as bitcoin
May 15, 2013, 03:12:59 PM
So that's that: the end of Bitcoin in the US.
lol no
May 15, 2013, 03:11:26 PM
It doesn't make it illegal, but you have to comply with the regulations.
May 15, 2013, 03:11:08 PM
still. even if it only applies to miners in the united states, isn't that a big deal? Am I the only one that thinks so? I almost fell out of my seat when I read that.
It's a very big deal. It's basically the end of Bitcoin-to-USD-and-back. You will need an official -centralized- company to handle your Bitcoins from now on. My guess is that no company in the US will be able to do the paperwork for Bitcoin. So that's that: the end of Bitcoin in the US.
May 15, 2013, 03:10:42 PM
And this is why scrypt coins are way safer than SHA256 coins, since the govt goons could control dedicated Asic hashers, but never GPUs.
It doesn't apply only to bitcoins. It's any currency generated by using computer power
You do not understand. Anyone who buys an asic buys it to create coins right? So they could come to your home and ask, what did you do with your coins? Sell them? Uh oh.
But if you buy a GPU it could just be for gaming. So GPU is not controllable.
May 15, 2013, 03:09:08 PM
The quote indeed applies to the US only.
Simply put: anyone in the US who mines Bitcoin and sells them for fiat currency is a 'money transmitter'.
Anyone who accepts Bitcoin and sells them for fiat currency is both a money transmitter and a money exchanger.
This law is clearly put in place for restricting Bitcoin. This is a hurdle for Bitcoin becoming mainstream, but also for Ripple or any other crypto-currency.
Simply put: anyone in the US who mines Bitcoin and sells them for fiat currency is a 'money transmitter'.
Anyone who accepts Bitcoin and sells them for fiat currency is both a money transmitter and a money exchanger.
This law is clearly put in place for restricting Bitcoin. This is a hurdle for Bitcoin becoming mainstream, but also for Ripple or any other crypto-currency.
May 15, 2013, 03:08:14 PM
Hey read again. If you mine and sell for goods (say gold) you are fine. You just cannot mine and sell into USD directly. You could also mine and convert into LTC, for example. Then sell the LTC or the gold.
May 15, 2013, 03:06:18 PM
'merican are just ducks. As soon as you come in to land some government worker picks you off with their shotgun! LOL
May 15, 2013, 03:06:10 PM
And this is why scrypt coins are way safer than SHA256 coins, since the govt goons could control dedicated Asic hashers, but never GPUs.
It doesn't apply only to bitcoins. It's any currency generated by using computer power
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