Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 21592. (Read 26609618 times)

There's a difference between libertarianism and anarchism.

Idiot.

It's not secret, Bitcoin has not found a bid even on 'good' news.  More often than not, we see huge blocks of sells.

It's anyone's guess which direction price will go.

we've lost 1$ since this started 

So it is true then, the BitLicense has finally landed?
Will this be positive for the price in the short term, can we expect any upwards movement today?
I was certain that we'd see a bit of a pump when this was finally approved & announced.
Come on people now is time to buy surely before VC money comes flowing in.

good news as bitcoin good news ?

 

Do Gavin and the other devs have to comply with it, or pay for one?

I had a quick read through and found the bit quoted below. Do Gavin and the other devs control, or administer a Virtual Currency?

http://www.dfs.ny.gov/legal/regulations/adoptions/dfsp200t.pdf

(q)  Virtual Currency Business Activity means the conduct of any one of the following types of activities
involving New York or a New York Resident:


 
(5) controlling, administering, or issuing a Virtual Currency

Rofl. He meant the OTHER 45 minutes.

If you really want to know where the BTC price is heading, this might come handy:

EU regulators tell 11 countries to adopt bank bail-in rules

BRUSSELS (Reuters) - The European Commission on Thursday gave France, Italy and nine other EU countries two months to adopt new EU rules on propping up failed banks or face legal action.

The rules, known as the bank recovery and resolution directive (BRRD), seek to shield taxpayers from having to bail out troubled lenders, forcing creditors and shareholders to contribute to the rescue in a process known as "bail-in".

The Commission drafted the rules in response to the financial crisis which started in 2008, giving the 28 countries in the European Union until the end of last year to apply them.

It said Bulgaria, the Czech Republic, France, Italy, Lithuania, Luxembourg, the Netherlands, Malta, Poland, Romania and Sweden had yet to fall in line.

"If they don't comply within two months, the Commission may decide to refer them to the EU Court of Justice," the EU executive said in a statement, referring to Europe's highest court based in Luxembourg.

(Reporting by Foo Yun Chee; editing by Adrian Croft)

http://ca.reuters.com/article/businessNews/idCAKBN0OD14Z20150528

Indeed, it adds legitimacy in the eyes of certain players.

It is another straw.

banks everyone will feel better about dealing with BTC businesses that have a bitlicense.

great or not is another matter.... but it provides some more clarity to the legal status of Bitcoin and for the businesses that wish to operate in the space, in NY city.... Clarity is good, it is better than uncertainty.

so many good news... awaiting the multi ten thousand insta dump

So what Is so Great about this bitlisence?

So within the BTL some other interesting changes:

Capitalization/bonding, they struck explicit language and opted for a more flexible framework; bonding/insurance amounts based on an overall calculation of the business, which, to a certain extent is horrible as they do not explicitly mandate how they come to their calculations. concerning deposits, they use a similar approach where they look at the makeup of assets but no longer require them to be strictly held in USD/cash but a number of other options; still subject to commissioners discretion. so it looks more like a living guidebook to be used as a sword or a shield as the makers see fit. they will record every transaction for 7 years... along with any/all information associated with that... inaction for 5 years = abandoned property...

it does not necessarily eliminate coins designed to facilitate anonymity... so long as you record details of the sender and destination.. as it doesn't necessarily conceal/obfuscate but I'll admit this
 is a rather loose interpretation of the language

(g) No Licensee shall engage in, facilitate, or knowingly allow the transfer or transmission of Virtual
Currency when such action will obfuscate or conceal the identity of an individual customer or counter-party.
Nothing in this Section, however, shall be construed to require a Licensee to make available to the general
public the fact or nature of the movement of Virtual Currency by individual customers or counter-parties.


Section 200.21 Transitional Period
A Person already engaged in Virtual Currency Business Activity must apply for a license in accordance with
this Part within 45 days of the effective date of this regulation. In doing so, such applicant shall be deemed in
compliance with the licensure requirements of this Part until it has been notified by the superintendent that its
application has been denied, in which case it shall immediately cease operating in this state and doing business
with New York State Residents. Any Person engaged in Virtual Currency Business Activity that fails to submit
an application for a license within 45 days of the effective date of this regulation shall be deemed to be
conducting unlicensed Virtual Currency Business Activity.

All in all, it's not bad. The loose guidelines concerning bonding requirements/capitalization concern me the most. There is no clearly defined outline concerning properly calculating requirements but such an omission  can cut both ways concerning smaller startups. I think a lot of this will depend on how the commissioner decides to enforce things. That 45 day on-ramp is interesting... So maybe some fireworks in August?

The Twinkletossers better get a move on now.

Adios Lawsky.... welcome to the light side. 

So Twinkies..... ermmm.......................... this ETF/ Gemini  what's ermmm...... happening there then hmmm?


(also in the highly likely scenario that Gemini use a shuttle countdown gif.... well.......... you know........don't lose your shit)