Will New York become a Bitcoin hub | Bitcointalksearch.org

Daltonik

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New York City Treasurer candidate Reshma Patel has unveiled an urban development plan based on investments in blockchain businesses and cryptocurrencies. https://www.coindesk.com/city-comptroller-candidate-says-blockchain-is-in-new-yorks-future

Quote from: https://twitter.com/CoinDesk/status/1384129763556564995

New York City Treasurer candidate Reshma Patel also unveiled her "BLOCKCHAIN TECHNOLOGY platform: HOW TO FUTURE-PROOF THE CITY AND ITS PENSION FUND" https://www.reshma2021.com/blockchain
"My reason for running is that I am concerned about the financial health of New York City, especially after the COVID-19 pandemic. It is clear that cryptocurrencies have a future in finance and a future in financial planning in New York," said the candidate for the post. Reshma Patel.

Quote from: https://twitter.com/ReshmaPatelNYC/status/1384136735009898506

Spaffin

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Quote from: Hydrogen on March 08, 2021, 10:41:36 AM

Quote

New York Attorney General Shuts Down Bitfinex And Tether Trading in State; Groups Agree $18.5 Million Fine

“Tether’s claims that its virtual currency was fully backed by U.S. dollars at all times was a lie," New York Attorney General Letitia James said as she shut down its trading in the state.

The State of New York shut down the the digital currency trading platform Bitfinex Tuesday, accusing it of hiding losses and deceiving clients, in a move that could have significant implications for bitcoin prices.

New York Attorney General Letitia James said Bitfinex claimed its so-called 'stablecoin', Tether, was backed by one-for-one holdings in U.S. dollars. However, James said iFinex, the Bitfinex platform operator "made false statements about the backing of the “tether” stablecoin, and about the movement of hundreds of millions of dollars between the two companies to cover up the truth about massive losses", which it pegged at $850 million.

iFiniex, Tether and related entities were ordered to cease trading and pay $18.5 million in penalties. The groups were also told to increase their reporting and transparency with respect to Tether's U.S. dollar backing.

https://www.thestreet.com/investing/new-york-ag-shuts-down-bitfinex-and-tether-trading-in-state

....

Controversial case emerging in new york where bitfinex was fined and tether is now banned.

I don't understand criticism towards tether's dollar backing. It may not be 100% backed at all times. But it enjoys a far greater backing than every asset on markets aside from bitcoin and precious metals.

It is hard to believe new york can seriously commit to fair review of cryptocurrencies when they ban tether on kneejerk reactionary whims rather than hard evidence.

Given everything that you have already said, it is confidently assumed that in the near future, hiding behind the government, New York is unlikely to become a center for cryptocurrency. But if we take into account the migration of institutional capital on the cryptocurrency market, I believe that there is still a chance of success.

Hydrogen

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Quote

New York Attorney General Shuts Down Bitfinex And Tether Trading in State; Groups Agree $18.5 Million Fine

“Tether’s claims that its virtual currency was fully backed by U.S. dollars at all times was a lie," New York Attorney General Letitia James said as she shut down its trading in the state.

The State of New York shut down the the digital currency trading platform Bitfinex Tuesday, accusing it of hiding losses and deceiving clients, in a move that could have significant implications for bitcoin prices.

New York Attorney General Letitia James said Bitfinex claimed its so-called 'stablecoin', Tether, was backed by one-for-one holdings in U.S. dollars. However, James said iFinex, the Bitfinex platform operator "made false statements about the backing of the “tether” stablecoin, and about the movement of hundreds of millions of dollars between the two companies to cover up the truth about massive losses", which it pegged at $850 million.

iFiniex, Tether and related entities were ordered to cease trading and pay $18.5 million in penalties. The groups were also told to increase their reporting and transparency with respect to Tether's U.S. dollar backing.

https://www.thestreet.com/investing/new-york-ag-shuts-down-bitfinex-and-tether-trading-in-state

....

Controversial case emerging in new york where bitfinex was fined and tether is now banned.

I don't understand criticism towards tether's dollar backing. It may not be 100% backed at all times. But it enjoys a far greater backing than every asset on markets aside from bitcoin and precious metals.

It is hard to believe new york can seriously commit to fair review of cryptocurrencies when they ban tether on kneejerk reactionary whims rather than hard evidence.

verita1

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Mayor Andrew Yang's tweet had a good impact. Everyone wants to help and put their grain of sand. Some mentioned about the repeal of BitLicense as the CEO of Stacks.

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Andrew, first act should be to kill that BitLicense zombie, it's a disgrace for the otherwise flourishing NYC crypto startup ecosystem.

https://twitter.com/muneeb/status/1360006109185142787?s=19

There is another who believes that the mayor of NYC does not have the power to carry out such an idea. However, the majority of the most influential crypto community on Twitter wants to participate.

Twinkledoe

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Quote from: CarnagexD on March 06, 2021, 06:11:10 PM

As of the moment, the main issue of environmentalists about bitcoin is how polluting it can be to the environment, with the use of fossil fuels as its main source of energy as of the moment, this comes as no surprise. But Yang is a visionary, and probably with the help of influential figures, in the field of energy, we can power this crypto hub in a renewable energy source, possibly wind or solar energy, which is becoming more and more efficient by the day.

I think that vision is very possible. Renewable energy is the current trend to combat the attack of the environmentalists. And I believe, that mission is not hard to accomplish. And show to the world that crypto business is not all about polluting the environment. I am looking forward on this goal and hopefully someone can realize this vision.

CarnagexD

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As of the moment, the main issue of environmentalists about bitcoin is how polluting it can be to the environment, with the use of fossil fuels as its main source of energy as of the moment, this comes as no surprise. But Yang is a visionary, and probably with the help of influential figures, in the field of energy, we can power this crypto hub in a renewable energy source, possibly wind or solar energy, which is becoming more and more efficient by the day.

Twentyonepaylots

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Erin's statements imply that Yang will power this supposed Hub under conventional means of electricity, which is nonrenewable fuels, but with the paradigm shift ongoijg right now to cleaner, greener, energy sources like solar electricity and wind energy, it can be argued that this fear Erin has about the environment being disrupted by the Hub could be fixed.

goldade

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If making New York a bitcoin and cryptocurrencies hub is really a promise of the city mayor, then there is a high chance of him eventually winning the election since he will gain popularity among the young ones and the millennials because they are ready to accept change and they are the most enthusiastic about Bitcoin and all other cryptocurrencies.
However, you should know that it is not only the young ones who'll vote. There are a lot of people who don't know or are not interested in Bitcoin and who will vote so I think he should have some concrete plans for these other set of people. It is only when he's able to bring both categories to vote for him will he win the election

wheelz1200

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Yang had a good run for dem candidate and is now on the political map. He would be good for NYC, and I'm sure given the current state of crypto in New York state currently a lot of crypto peoe would welcome yang with open arms. He has some good positions and seems very level headed and reasonable. Would like to see someone like him or him in the chair running nyc.

Johnyz

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There’a a lot of states in US are taking their part to support cryptocurrency but of course, if big apple accepts Bitcoin that can be the new Bitcoin hub considering the businesses that is available on NYC. We need more countries and states to support Bitcoin, not just on US states but also in other countries. The crypto projects are growing indeed, and we’re still seeking for a good place where they allowed these companies to operate legally, this can be the start.

Daltonik

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The New York State Financial Services Authority (NYDFS) has granted permission to the BitGo custodial service to operate as a trust company https://www.businesswire.com/news/home/20210304005299/en/BitGo-Receives-NY-Trust-Charter-from-the-New-York-State-Department-of-Financial-Services

Quote from: https://twitter.com/BitGo/status/1367492520335335424

Reid

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Looks to me like his real target are the rich people.
Is he trying to gain more power?
This doesn't look like a movement for an average Joe.
Or is it sympathy/support from the mass while gaining access to the circle of big institutional investors.

Something smells fishy in this claim.
Why suddenly, out of the blue?

kolbalish

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I don't think because the positive period of BTC is not reached this level yet. So we can't depend on just whatever one says. And the most important fact is cryptocurrency is a decentralized system so it may not depends on a hub just.

DooMAD

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Quote from: Kong Hey Pakboy on February 15, 2021, 01:31:23 AM

Building crypto hubs are not really necessary, I think.

Correct, it's not. It's more a question of what New York would potentially gain by doing this, not what they have to offer us. The main thing Bitcoin would get out of the deal is some positive headlines. Recognition of increasing acceptance and adoption is always welcome. But it's not an issue if this doesn't happen.

Quote from: Kong Hey Pakboy on February 15, 2021, 01:31:23 AM

Government and other organizations just like to make things look like it is needed so crypto users will fall in to their plans.

I wouldn't say it's anything that sinister. A politician just feels it would be a lucrative opportunity. I'm not seeing any deeper plot than that.

mannybitcoins

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and what about other states, like Miami?

Mayor of Miami:

"Having studied the possibilities of using BTC in Miami, thanks to the support of the city council, we plan to support the ability of enterprises to pay salaries in BTC, pay taxes in BTC, invest the city treasury in BTC"

The State of Miami is now waiting with open arms not only for Djigan, but for all the cryptans and readers of the DeFiamCheck blog.

Kong Hey Pakboy

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Building crypto hubs are not really necessary, I think. Government and other organizations just like to make things look like it is needed so crypto users will fall in to their plans. But not all users are not like that. Of course this will be argued by different people who have their own views about it, what are he potential benefits and problems may arise, and others such as reason, importance, etc. But since crypto are being used by anyone around the world, and we can actually access is anytime, anywhere, do we really need hubs??

kaya11

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Quote from: BIT-BENDER on February 12, 2021, 08:59:36 AM

Anytime I see this news I think of how my country is going backward, we everyone is going the right way forward, country are priding themselves to adopt crypto-currency and making their jurisdiction area Bitcoin loving, my country which was Africa fastest Bitcoin adopters placed a ban on it, calling it The reasons for, the nation naira devaluation, source of crime and many more.

It's just shows that how corrupt a country could be. If bitcoin is slowly adopting into ones country it will be seen as a threat to.the economy, the ones who ar ein power will to block these treat for their self interest. At this rate Africa will be left far over again compared to what a 1st world country is now, cities like New York, Japan, Korea, Singapore on and other cities will be soaring.

semobo

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It is showing that there are some leaders who knows about cryptocurrencies or atleast he pretends to be but is it possible to become real? People are commenting that they are willing to escape from the absurd tax rates but how is it possible for a government to sustain in this world when people willing to avoid tax paying.

The Sceptical Chymist

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Quote from: Daltonik on February 12, 2021, 05:10:31 AM

One of the users posted an ironic comment. According to him, the transformation of New York into a bitcoin hub is what the average resident of the city needs "with a sharp increase in rents and a crumbling infrastructure"

I'm not sure that's ironic so much as sarcastic, and it's obvious to that person at least that there are more pressing issues in NYC than turning it into a crypto hub.

I can't say this is good news, because Andrew Young hasn't been elected (yet). Right now it's just a politician's promise, and we all know those can go by the wayside once someone gets elected. However it is nice to see someone running for office in New York mentioning crypto as part of his platform--and kind of neat if you ask me.

But isn't New York one of the most regulated states in the US as far as bitcoin is concerned? I've heard that New Yorkers don't have access to exchanges like Binance and others. So Young can make promises like this all he wants, but he's got to get around whatever regulations are on the books right now in NY.

Karartma1

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First of all, New York needs to survive the pandemic crisis because they've been hit very bad by the covid-19 outbreak. Like most of the huge financial hubs of the world, New York has been suffering a lot and we will see whether the world will behave as before the pandemic hit. Therefore to become a bitcoin hub, NY will need a serious plan to overcome the recent crisis. I think bitcoin can really wait this time as there are other more important priorities.

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