Bitcoin Forum

I been reading on a lot of articles that are stating that these and a couple virtual currencies sites were seized because of bitcoin. This couldn't farther from the true and these incorrect statements are hurting the bitcoin community. This may seem like old news or a rant, and it is just a bit of house cleaning to keep us all on the same page.

Could this seize ever happen to bitcoins, NO, will this make bitcoins illegal NO. Could this seize happen to a Bitcoin company YES! Remember if your running a bitcoin company to just follow the regulations, I do it on every company I have built, and I have helped many people that I have built websites do it. Pay your taxes, and don't commit fraud, these are probably the hardest ones to do, cause bitcoin makes it really easy to hide funds. I believe in building this community off on the right foot, and not shooting ourselves in the foot. I have so many bitcoin ideas, that I could start today, and not care about regulations. I could buy a domain in the RU (Russia) or SX (Sint Maarten) and not use my real information, but I don't. I research out every regulation of the idea, and we really need to start doing this.

Two companies that I highly respect for doing this is Bitinstant and Trade Hill. They both could just throw up a website like many have down now and not play attention to regulations, but they do. By doing that they are growing a positive view of the community in the government eyes. I know one of the benefits of bitcoins is not to have regulations, but I think only in extreme situations like Cyprus this should be executed.

Just my little rant and views.

I agree with this all the way. Just because we can have the power to freedoms of money does not mean we need to use them to break laws. These powers are there as a safe gaurd so you are never left vunreble to extortion and theft in unfair situations. If we just abuse this power now before we really have it then it will be stomped on hard and fast.