Bitcoin Forum

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Today, BitPay’s Chief Compliance Officer, Tim Byun, submitted his company’s response to the New York Department of Financial Services’ (NYDFS) proposed regulations for virtual currency businesses, also known as BitLicense.

Ben Lawsky, New York’s Superintendent of Financial Services, is spearheading new legislation that would create an unlevel playing field for Bitcoin and other cryptocurrencies. The BitLicense would essentially handicap Bitcoin and make it both impractical and embarrassing to use. The restrictions would basically paint Bitcoin users as suspicious cyber criminals.

Byun appealed to Superintendent Lawsky for common sense in today’s letter:

"Eliminate the need for names, account numbers, and physical address to be collected for each transaction. Merchants on Broadway do not collect such information for each transaction whether via cash for a hotdog or via debit cards to attend a show."

The BitPay letter wisely points out four key areas where the proposed New York regulation misses the mark. But the identity requirement alone is a deadly silver bullet that Lawsky and his banker puppet masters intend to fire directly into the heart of digital currency adopters across the Empire State.

Byun understands the urgency of the situation and in his blog post today encouraged the entire cryptocurrency community to take a stand now against these new regulations before it's too late.

"If you have not submitted your comments to the NYDFS during this comment-period, we strongly suggest you do so during the next comment-period, as every voice represents a bitcoin-related entrepreneur, industry, or innovation."

To voice your opinion and speak out on behalf of Bitcoin and digital currencies around the globe, the Electronic Frontier Foundation has created a website that explains how you can help - before the hammer falls. https://act.eff.org/action/stop-the-bitlicense

Full Story: http://altcoinpress.com/2014/10/bitpay-asks-for-help-in-saving-bitcoin-from-banker-puppet-ben-lawsky/

Just break the law. Make their insane laws irrelevant just like we did with copyright law by using torrent technology.

As a New York resident, I fully intend to break this law every chance I get. I'm looking forward to the day these fascist fucks try to make an example of me.

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+1

Or bring your business to Bitcoin friendly locations.  But this is crazy talk?

GEOGRAPHY MATTERS?  NO IT SHOULD NOT!!!!

Can NY residents just call their representatives and ask them to vote against this bill?  (Nope)

What is the reason behind the Bitlicense?  From what I could make out, Lawsky gave two reasons.  The first was "because Mt. Gox" and the second was "to help mainstream adoption".  I'm from the government and I'm here to help you.  Any Bitcoin company that ignores or finds ways around these Luddite rules has the right idea.  Any Bitcoin company that welcomes or takes advantage of these rules to gain an advantage deserves our disdain and condemnation.  We can fight these rules by making them unenforceable.     

The title of this thread should read:

Bitpay Asks for help in Saving Bitpay from Banker Puppet Ben Lawsky

Bitcoin will thrive with or without new york.

Period.

Buyers Boycott Bitlicensed biz

BBBB

I like it.

I fear that the damned bitlicense is going to happen. government already thinks bitcoin is good for only one thing, illegal purchases. I don't think that we will be able to change their mind. Lets hope the bitlicense stays in new york and hope it doesn't get adopted by other states.

 Ben Lawsky would say

https://i.imgur.com/UUZ7FPS.gif

bitpay' and coinbase' biggest weakness is based in the United States.
In fact, if Exchanges do payment bussiness directly...

It would be nice to stop bitlicense from happening, but how reallisticall it is? I guess not doing business with everyone gathering such personal data become the only option

There is nothing to be fearful of.  In the big scheme of things this law will be an interesting footnote in the history of the development of Bitcoin.  Most people who drive cars today are unaware of the quaint driving laws that were passed when the automobile first came into usage.  There were laws requiring you to provide written notice of your intention to use your automobile to everyone in the vicinity a day ahead of time.  There were laws requiring you to disassemble your automobile if an animal appeared on the roadway.  People just ignored these laws and they were quickly discovered to be unenforceable.

Lawsky is representing conservatives (bankers , gov). You can't dissuade him from doing this . And it's no need to care about bullshit regulation like bit license .
Bitcoin is the most basic part of decentralized eco system . The only thing we can do is developing this eco system ( BTC ,TOR ,Bitmessage ,Twister, Openbazaar ,Storj etc ) stronger and indestructible  .
A robust decentralized eco system is the best way to fight back  .

China should invest big in bitcoin so that people will not be forced in using bitpay and coinbase.

There was also the rather bizarre notion that the operation of one of these newfangled contraptions subject the operator to the requirement that he first become _licensed_, and that he would become subject to obeying a vast array of new quaint laws and promulgations regarding the manner in which such contraption may be operated.

Oh wait - we're still stuck with those things, aren't we?

They won't, empowering individuals is antithetical to the interests of any totalitarian state.

they have enough cash to fight him themselves
als obitpay is responsible for BTC price drops.

FUCK BEN LAWSKY, he's a scammer scumbag who works for the BIG BANKS and would like nothing more than to crush Bitcoin startups in New York

Ahh, good point.  Although we ignore most of those laws as well.  Check this out https://www.youtube.com/watch?v=flykP99JnZU

The problem is that Chinese is hugely investing in trading exchange and derivative exchanges. Some areas are short on capital to be injected.   

Yeah Fuck Ben Lawsky!  Let Moriarty make his thefts with no one knowing.  Can't he just rob people in peace! 

Who else is with me?  Moriarty should be in charge of all start-ups and all bitcoin in New York!  He's not scam king for nothing!