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Title: FinCEN Conducting 'Examinations' of Digital Currency Businesses Post by: tokeweed on May 07, 2015, 12:36:21 AM The inquisition begins.
Quote US Financial Crimes Enforcement Network (FinCEN) director Jennifer Shasky Calvery said during a speech today that her agency is in the process of investigating businesses in the digital currency ecosystem. Calvery gave the keynote address during the first day of the 2015 West Coast Anti-Money Laundering Forum in San Francisco. FinCEN later published the text of her speech, which acknowledged that “a series of supervisory examinations of businesses in the virtual currency industry” had begun. Full article here http://www.coindesk.com/fincen-director-examiniation-digital-currency/ (http://www.coindesk.com/fincen-director-examiniation-digital-currency/) Title: Re: FinCEN Conducting 'Examinations' of Digital Currency Businesses Post by: JackRipper on May 07, 2015, 12:56:06 AM That doesn't sound very good for Cryptsy. They seem to have met Federal requirements, but by their own admission, they don't meet most state requirements.
Bittrex might be safe since they don't deal in fiat. I don't know though. Title: Re: FinCEN Conducting 'Examinations' of Digital Currency Businesses Post by: HI-TEC99 on May 07, 2015, 09:56:31 AM That doesn't sound very good for Cryptsy. They seem to have met Federal requirements, but by their own admission, they don't meet most state requirements. Bittrex might be safe since they don't deal in fiat. I don't know though. Bittrex hosted IPOs, and I think they already prosecuted someone running one for selling unlicensed securities. Perhaps Bittrex it at risk of prosecution. Title: Re: FinCEN Conducting 'Examinations' of Digital Currency Businesses Post by: Undermood on May 07, 2015, 10:08:41 AM FinCEN has fined Ripple Labs and its subsidiary XRP II a combined $700,000 for "willful violations" of the Bank Secrecy Act (BSA). This is the beginning!
http://www.coindesk.com/fincen-fines-ripple-labs-700000-bank-secrecy-act/ Title: Re: FinCEN Conducting 'Examinations' of Digital Currency Businesses Post by: mrvegad on May 07, 2015, 12:21:49 PM FinCEN has fined Ripple Labs and its subsidiary XRP II a combined $700,000 for "willful violations" of the Bank Secrecy Act (BSA). This is the beginning! And that's why now people that want to us the ripple system have to register their identity.http://www.coindesk.com/fincen-fines-ripple-labs-700000-bank-secrecy-act/ Title: Re: FinCEN Conducting 'Examinations' of Digital Currency Businesses Post by: tokeweed on May 07, 2015, 12:41:22 PM FinCEN has fined Ripple Labs and its subsidiary XRP II a combined $700,000 for "willful violations" of the Bank Secrecy Act (BSA). This is the beginning! And that's why now people that want to us the ripple system have to register their identity.http://www.coindesk.com/fincen-fines-ripple-labs-700000-bank-secrecy-act/ And if you don't? They lock your wallet? Omfg... They have now truly become Paypal 2.0. Ripple as a "protocol" is no more. Title: Re: FinCEN Conducting 'Examinations' of Digital Currency Businesses Post by: mrvegad on May 07, 2015, 02:14:50 PM FinCEN has fined Ripple Labs and its subsidiary XRP II a combined $700,000 for "willful violations" of the Bank Secrecy Act (BSA). This is the beginning! And that's why now people that want to us the ripple system have to register their identity.http://www.coindesk.com/fincen-fines-ripple-labs-700000-bank-secrecy-act/ And if you don't? They lock your wallet? Omfg... They have now truly become Paypal 2.0. Ripple as a "protocol" is no more. Title: Re: FinCEN Conducting 'Examinations' of Digital Currency Businesses Post by: Sonny91BE on May 07, 2015, 02:23:59 PM FinCEN has fined Ripple Labs and its subsidiary XRP II a combined $700,000 for "willful violations" of the Bank Secrecy Act (BSA). This is the beginning! http://www.coindesk.com/fincen-fines-ripple-labs-700000-bank-secrecy-act/ I don't understand how crypto's like Ripple tend to stay on top and trusted while coins like Nxt which are amazing but get no recognition at all .. Title: Re: FinCEN Conducting 'Examinations' of Digital Currency Businesses Post by: Spoetnik on May 07, 2015, 07:31:04 PM What have I been saying for going on 3 years now..
It takes time but I knew they would be coming.. gradually. If you all didn't see the law coming then your an idiot. The free for all scammery bs has gotta stop. The Free (for all) Market has had it's day and I can't wait to see a ton of you all in jail LOL Title: Re: FinCEN Conducting 'Examinations' of Digital Currency Businesses Post by: photon_coin on May 09, 2015, 09:34:33 PM don't think for a second that fbi and treasury department agents have not been all over these forums and other places and the entire scene for years gathering intel.
Title: Re: FinCEN Conducting 'Examinations' of Digital Currency Businesses Post by: ArticMine on May 10, 2015, 01:08:54 AM Here is the Ripple agreement. http://www.justice.gov/sites/default/files/opa/press-releases/attachments/2015/05/05/settlement_agreement.pdf (http://www.justice.gov/sites/default/files/opa/press-releases/attachments/2015/05/05/settlement_agreement.pdf) Well worth reading especially Appendix A. My take is that a fairly launched POW coin (no pre-mine, insta-mine or ninja-mine) is likely safe. So would a proof of burn such a Counterparty. The rest could easily be currently under investigation. If they are working their way down the market capitalization list, it will be very interesting to see how they react to DASH. I would also suspect Ethereum is in the cross hairs not only of FinCEN but also of the SEC.
Title: Re: FinCEN Conducting 'Examinations' of Digital Currency Businesses Post by: tokeweed on May 10, 2015, 01:49:15 AM Here is the Ripple agreement. http://www.justice.gov/sites/default/files/opa/press-releases/attachments/2015/05/05/settlement_agreement.pdf (http://www.justice.gov/sites/default/files/opa/press-releases/attachments/2015/05/05/settlement_agreement.pdf) Well worth reading especially Appendix A. My take is that a fairly launched POW coin (no pre-mine, insta-mine or ninja-mine) is likely safe. So would a proof of burn such a Counterparty. The rest could easily be currently under investigation. If they are working their way down the market capitalization list, it will be very interesting to see how they react to DASH. I would also suspect Ethereum is in the cross hairs not only of FinCEN but also of the SEC. I was starting to think this. So I guess the future of crypto is in POW..? Title: Re: FinCEN Conducting 'Examinations' of Digital Currency Businesses Post by: spartak_t on May 10, 2015, 05:30:56 AM I'm kinda smiling, but guess what might happen with so called "anonymous" coins.
Title: Re: FinCEN Conducting 'Examinations' of Digital Currency Businesses Post by: tokeweed on May 10, 2015, 06:50:56 AM I'm kinda smiling, but guess what might happen with so called "anonymous" coins. You mean POW coins with anonymous devs? FINCEN will surely have a handful with those. :D Title: Re: FinCEN Conducting 'Examinations' of Digital Currency Businesses Post by: spartak_t on May 10, 2015, 07:00:15 AM I'm kinda smiling, but guess what might happen with so called "anonymous" coins. You mean POW coins with anonymous devs? FINCEN will surely have a handful with those. :D No, I mean those who are trying to be "anonymous". How do you think authorities will feel about some cryptocurrency, which tries to hide transactions and such? :) Title: Re: FinCEN Conducting 'Examinations' of Digital Currency Businesses Post by: tokeweed on May 10, 2015, 07:35:23 AM I'm kinda smiling, but guess what might happen with so called "anonymous" coins. You mean POW coins with anonymous devs? FINCEN will surely have a handful with those. :D No, I mean those who are trying to be "anonymous". How do you think authorities will feel about some cryptocurrency, which tries to hide transactions and such? :) Yeah. Especially if it's POW. Can't be shutdown. Title: Re: FinCEN Conducting 'Examinations' of Digital Currency Businesses Post by: illodin on May 10, 2015, 07:57:56 AM I'm kinda smiling, but guess what might happen with so called "anonymous" coins. You mean POW coins with anonymous devs? FINCEN will surely have a handful with those. :D No, I mean those who are trying to be "anonymous". How do you think authorities will feel about some cryptocurrency, which tries to hide transactions and such? :) Yeah. Especially if it's POW. Can't be shutdown. It can be effectively shutdown. Just make mining, holding, buying, selling, accepting, and exchanging it illegal. Title: Re: FinCEN Conducting 'Examinations' of Digital Currency Businesses Post by: spartak_t on May 10, 2015, 08:44:33 AM Yeah. Especially if it's POW. Can't be shutdown. It can be effectively shutdown. Just make mining, holding, buying, selling, accepting, and exchanging it illegal. +1 PoW, PoS or whatever, they will be after it. Title: Re: FinCEN Conducting 'Examinations' of Digital Currency Businesses Post by: astrobitcoin on May 10, 2015, 08:57:06 AM looks like the party is coming to end and few will pay for all
Title: Re: FinCEN Conducting 'Examinations' of Digital Currency Businesses Post by: tokeweed on May 10, 2015, 09:20:47 AM Yeah. Especially if it's POW. Can't be shutdown. It can be effectively shutdown. Just make mining, holding, buying, selling, accepting, and exchanging it illegal. +1 PoW, PoS or whatever, they will be after it. They can ban exchanges. But 'mining'? What do they care if I use my hardware for mining. It's none of their business. Title: Re: FinCEN Conducting 'Examinations' of Digital Currency Businesses Post by: spartak_t on May 10, 2015, 09:51:52 AM They can ban exchanges. But 'mining'? What do they care if I use my hardware for mining. It's none of their business. Mining what? Some cryptocurrency just for fun? Seems like serious things are probably about to happen, so the question now is not if we will be free to mine whatever we can, but if cryptocurrencies will exist in the way they are now. Title: Re: FinCEN Conducting 'Examinations' of Digital Currency Businesses Post by: tokeweed on May 10, 2015, 10:07:42 AM They can ban exchanges. But 'mining'? What do they care if I use my hardware for mining. It's none of their business. Mining what? Some cryptocurrency just for fun? Seems like serious things are probably about to happen, so the question now is not if we will be free to mine whatever we can, but if cryptocurrencies will exist in the way they are now. Yeah. What if I mine VTC... What? What if BTC was still a worthless token costing less than a penny each... What? But you get the point.. I'd like to see FINCEN try shutting down miners all over the world. They can try. But that's about it. Maybe it's time for trading coins thru Open Bazzar when that goes online. Then a true decntralized exchange later. Night Trader was going to be the shit, but the dev got sidetracked. Title: Re: FinCEN Conducting 'Examinations' of Digital Currency Businesses Post by: ArticMine on May 10, 2015, 02:06:27 PM They can ban exchanges. But 'mining'? What do they care if I use my hardware for mining. It's none of their business. Mining what? Some cryptocurrency just for fun? Seems like serious things are probably about to happen, so the question now is not if we will be free to mine whatever we can, but if cryptocurrencies will exist in the way they are now. Yeah. What if I mine VTC... What? What if BTC was still a worthless token costing less than a penny each... What? But you get the point.. I'd like to see FINCEN try shutting down miners all over the world. They can try. But that's about it. Maybe it's time for trading coins thru Open Bazzar when that goes online. Then a true decntralized exchange later. Night Trader was going to be the shit, but the dev got sidetracked. On propriety operating systems licensed by Apple or Microsoft they could by getting Apple or Microsoft to shut it down for them. On GNU/Linux good luck. Here is an example of China using Apple's DRM to censor the Dalai Lama from 2009. http://www.macworld.com/article/1145350/apple_china.html (http://www.macworld.com/article/1145350/apple_china.html) Title: Re: FinCEN Conducting 'Examinations' of Digital Currency Businesses Post by: illodin on May 10, 2015, 02:10:56 PM I'd like to see FINCEN try shutting down miners all over the world. They can try. But that's about it. If the coin is worthless and can't be used anywhere miners will stop mining. Title: Re: FinCEN Conducting 'Examinations' of Digital Currency Businesses Post by: tokeweed on May 10, 2015, 02:49:58 PM I'd like to see FINCEN try shutting down miners all over the world. They can try. But that's about it. If the coin is worthless and can't be used anywhere miners will stop mining. PoS wins again... With a POW phase to ward off FINCEN. Title: Re: FinCEN Conducting 'Examinations' of Digital Currency Businesses Post by: Zer0Sum on May 11, 2015, 02:54:13 AM Yeah. Especially if it's POW. Can't be shutdown. It can be effectively shutdown. Just make mining, holding, buying, selling, accepting, and exchanging it illegal. +1 PoW, PoS or whatever, they will be after it. They can ban exchanges. But 'mining'? What do they care if I use my hardware for mining. It's none of their business. This may come as a shock to you... But between you and the NSA... I would put my money on the NSA... Though I'm sure you would sell me better quality weed, man :D :D :D Coins in the Top 100 can be easily DDOSed till they become untrustworthy... And I'm sure there are exploits that can impair confidence in PoS coins. It's all a matter of priority.... In order, Feds went after drug markets, ponzis, "local bitcoin" money launderers... (And the "local bitcoin" guys are often making 6 figure transactions)... Now that they have beefed up staff and collected 100% of the info and IPs on BitcoinTalk... They will prioritize the big players and scammers and hunt them down... You're going to see a lot of well-known BTT "celebrities" in front of Grand Juries in places like Texas and Indiana... Facing charges for Securities Fraud or Tax Evasion... what fun. Personally, I want to see Ken Armitt/RealSolid extradited from Australia to face a Grand Jury... This one I will lobby the SEC and provide detailed information when they get around to this CockSucker. They probably won't have time for the minnows... maybe just DDOS the shit coins to hell. Crypto is moving up the Food Chain to Wall Street... One year from now there will be dozens of ETFs and listed crypto start-ups to trade... No one with a brokerage account will ever miss this sewer. Title: Re: FinCEN Conducting 'Examinations' of Digital Currency Businesses Post by: tokeweed on May 11, 2015, 07:34:09 AM They can DDOS, sure.. But I was talking about FINCEN making you stop acquiring POW coins.
Title: Re: FinCEN Conducting 'Examinations' of Digital Currency Businesses Post by: spartak_t on May 11, 2015, 08:54:31 AM They can DDOS, sure.. But I was talking about FINCEN making you stop acquiring POW coins. Don't want to offend you, but most of your discussions are pointless and they seem like you are trying to gather some activity here on the forum. Can't blame you for that, but when someone express his opinion, you should actually read it before continuing like broken gramophone. What others have said is clear. If governments decide to f* us - they will. You may then even believe that you can mine Californium with your PSU (yes, PSU.. not GPU or whatever), but it won't matter. Nothing personal my friend. Title: Re: FinCEN Conducting 'Examinations' of Digital Currency Businesses Post by: tokeweed on May 11, 2015, 09:17:11 AM They can DDOS, sure.. But I was talking about FINCEN making you stop acquiring POW coins. Don't want to offend you, but most of your discussions are pointless and they seem like you are trying to gather some activity here on the forum. Can't blame you for that, but when someone express his opinion, you should actually read it before continuing like broken gramophone. What others have said is clear. If governments decide to f* us - they will. You may then even believe that you can mine Californium with your PSU (yes, PSU.. not GPU or whatever), but it won't matter. Nothing personal my friend. None taken. This is a forum. Quote If governments decide to f* us - they will. You may then even believe that you can mine Californium with your PSU (yes, PSU.. not GPU or whatever), but it won't matter. Then what are we really here for? Is this whole movement a joke? Title: Re: FinCEN Conducting 'Examinations' of Digital Currency Businesses Post by: spartak_t on May 11, 2015, 09:25:44 AM Then what are we really here for? Is this whole movement a joke? Of course not! I strongly support cryptocurrencies and I believe in their future, but the point is that some red flags were raised. Title: Re: FinCEN Conducting 'Examinations' of Digital Currency Businesses Post by: tokeweed on May 11, 2015, 11:45:02 AM Then what are we really here for? Is this whole movement a joke? Of course not! I strongly support cryptocurrencies and I believe in their future, but the point is that some red flags were raised. But it all wouldn't matter if the government acts (your words). Then what are we really doing here? Try to make money? Look for an angle? Kill boredom? This is all beginning to be a joke for some, I think. Even if they think they don't... Title: Re: FinCEN Conducting 'Examinations' of Digital Currency Businesses Post by: tokeweed on May 13, 2015, 01:47:55 AM They can DDOS, sure.. But I was talking about FINCEN making you stop acquiring POW coins. Don't want to offend you, but most of your discussions are pointless and they seem like you are trying to gather some activity here on the forum. Can't blame you for that, but when someone express his opinion, you should actually read it before continuing like broken gramophone. What others have said is clear. If governments decide to f* us - they will. You may then even believe that you can mine Californium with your PSU (yes, PSU.. not GPU or whatever), but it won't matter. Nothing personal my friend. Looks like you're right... http://www.coindesk.com/california-business-raided-over-alleged-altcoin-gambling/ Title: Re: FinCEN Conducting 'Examinations' of Digital Currency Businesses Post by: photon_coin on May 13, 2015, 02:07:57 AM hard to say , i still doubt these anon coins are actually 'anon'
I'm kinda smiling, but guess what might happen with so called "anonymous" coins. Title: Re: FinCEN Conducting 'Examinations' of Digital Currency Businesses Post by: kelsey on May 13, 2015, 04:48:13 AM in the crypto world, you either go fully legal legit business wise or totally under the radar, problem with most crypto business particularly exchanges, they kinda go partially legal, and only one thing dumber then going half legit, thats going half legit and based in the US :o
Title: Re: FinCEN Conducting 'Examinations' of Digital Currency Businesses Post by: pc888 on May 13, 2015, 11:39:33 AM in the crypto world, you either go fully legal legit business wise or totally under the radar, problem with most crypto business particularly exchanges, they kinda go partially legal, and only one thing dumber then going half legit, thats going half legit and based in the US :o Or you go Decentralised. |