Bitcoin Forum

As per the Coindesk article http://www.coindesk.com/nydfs-22-bitlicense-applications/ (http://www.coindesk.com/nydfs-22-bitlicense-applications/) The New York State Department of Financial Services Receives 22 Initial BitLicense Applications! Is this helpful Bitcoin in near future?

I think if more companies involve with Bitcoin, it should be boost BTC price in near future.

What you think?

No. This is not going to help the Bitcoin community in any way. If the NYDFS gets some 200 or 300 companies to register for their BitLicense (each of them paying $5,000 to $7,000 per year in fee), then the other states will also be tempted to follow their example. In the end, the Bitcoin exchanges and other ventures will be forced to raise their fees, resulting in less number of people using their services.

exactly, this would encourage giving bitcoin up.
USA used this way to get the trust of bucks back, if they didn't do this, bucks would decline.  :(
that's totally garbage, you know, liberty!

And most other countries are keeping an eye on this and I guess some will follow in the footsteps of the US, as most always do, and start to implement their own regulations. Show me a government that will shy away from taking even more money from the people and I'll show you a government that does not exist.

They will, as usual, play it down stating that it's for the consumers protection but how many of these regulations actually do protect the consumer? All you ever hear is that these business are fined millions (specifically referring to banks here) because they broke some regulations. Those millions however never go back to the consumer but to the government so how was the consumer protected?

Its just another money making racket in my opinion.

Surprisingly LocalBitcoins withdraw their services to New York Residents: http://cointelegraph.com/news/115114/localbitcoins-stops-service-for-new-york-residents

We will probably see more underground exchanges popping up again if this virus starts to spread to other states/countries..

With all problems associated with it (hacks, disappearing, etc.)

It is time for something decentralized..

They did the right thing. Just see how ridiculous this is. Rather than asking the (New York branch of) Localbitcoins to get a Bitlicense, the authorities wanted all the Localbitcoin users (even those from foreign nations such as Russia and Germany), who use the website to sell their coins, to get a Bitlicense. This is insane beyond belief.

It probably won't help Bitcoin in the near future, but maybe in the far future. In the near future it may cause some states and countries to adopt similar, harsh policies towards Bitcoin. However, it also shows that not all Bitcoiners are anarchists and that they are willing to deal with some amount of regulation.

I never looked it from that angle, but you're right, it's quite possible that it would only make a stronger incentive for further increase in fee's, and if
all of the rest states see that it's profitable, they may just copy paste NY example.
For now it seams that ignoring such regulation is the best answer, and just move the business to the "more friendly" states that don't impose such harsh fee which
just clogs the chances of the businesses being profitable.

At least the majority of Bitcoin Companies are pulling out of New York because of BitLicesnse. The only problem is for those in New York who want to do stuff but can't because no Bitcoin Company will be in New York. They will be left behind in the dark ages  :(

Fuck this. Has anyone read this article?

http://www.coindesk.com/real-cost-applying-new-york-bitlicense/

Don't get fooled by the $5,000 tag on Bitlicense. The real cost is somewhere between $50,000 and $100,000, which makes it insanely expensive for small scale and medium scale ventures. Only the industry giants such as Coinbase will be able to afford this amount.

I think that bit license will be useful for bitcoin. The companies tell the governments that they have nothing to hide and that they will compile with regulations. So if something similar to MT.Gox happens to a bit licensed company they can't be blame for not regulating.

Most of the companies that leave NY just think that it is not worth it at all. If the Bitlicense costs around $100k and a company make $5k profit from NY user base than they will move out and cut costs.

www.aboutshadow.com

Shadowcoin is the answer.

It will not be helpful for bitcoin as a whole. But there is a reason why those companies apply for it. And it is not because the new york market is so big that it would make sense to do that. It is simply cutthroat competition. They think they can dominate the market and push all other players out. That's probably why some of these companies pushed for that.

I'm not so sure their plan will work out.