Bitcoin Forum

Let's be honest here...
http://www.coindesk.com/localbitcoins-users-criminal-charges-florida/ (http://www.coindesk.com/localbitcoins-users-criminal-charges-florida/)
Criminal charges for selling BTC on localbitcoins??? This guy might face a felony for crying out loud...

Now localbitcoins is shutting down in Germany due to "regulatory issues" coming...

Exchanges are going to start getting banged out for money too now...
BTC Trading Corp was operating a trading business without a license. This was a lengthy investigation examined of BTC Trading Corp’s two subsidiaries, BTC Co and Litecoin Global Exchange, they calculated 426,986 illegal trades from 10,614 registered accounts. The owner must now pay $60,000!

Do you really think this will be the only case ever??? or Plenty more to come???

Try to start a bank without a license. USD illegal?

PS: You are pathetic!

Im not the one asking for trading advice from someone who called a solid bottom at $600 lmfao! Please leave & lose your money quietly...
The point is regulation is coming & the price will continue to drop as more bad news comes out & as more "good" news like MSFT only causes $10 pops in price!

like the answer ! can we ask world-bank for declare bitcoin a legal currency?

No sorry, they have already said it was a "naturally occurring" Ponzi scheme...
They admit that it might not have started off that way but it is definitely happening now & anyone who denies it needs to look up the definition asap
They would never ever endorse bitcoin... just you asking shows how little you know

I know it's hard to face facts guys... but real money is at risk... the big guys won't lose only you guys buying

Fuck off.

fiat is not back up anything, it is just paper. The main reason why fiat has valued is that the masses see it as it does. So fiat is not "real" money

You should change title. Since you cant say that cars are illegal. if stealing cars is illegal. It is just illegal to steal anything.


What you wrote was that selling bitcoins without paying tax on profit from it is illegal. I guess it is in some countries, possibly yours. But not in our. In our country mining bitcoins and dont pay tax on profit gained is illegal. You can sell or buy them and make profit easily.

"This law wasn't intended to apply against individuals who simply exchange bitcoins," Lowy (defense attorney) said.
"It would be no different than if an individual were to sell rare coins, rare stamps or to conduct a garage sale and give anything of value in exchange for currency."

So judge Fleur Lobree is anti-bitcoin (or just idiotic). I hope the jury trial will dismiss the charges, or a dangerous precedent will be created.

US AML license is more about audits and control than taxes. In most states, you need to either be a financial service or be rich enough for a company to be willing to lease a bond to you -- this intentionally keeps non-ultra-rich people out whether they're willing to pay taxes or not (I'd guess the reasoning here is relatively poor people don't have enough to lose and may behave irresponsibly or without sufficient regard for the law). US wants to ensure they can control the entry & exit points for the US dollar. It isn't even really about bitcoin.

Oh noes. Such bad news.

http://i664.photobucket.com/albums/vv10/JimboToronto/bad-news-bears1.jpg (http://s664.photobucket.com/user/JimboToronto/media/bad-news-bears1.jpg.html)

Quick. Dump all your coins and sign up for as many credit cards as possible.

Also don't forget to "warn" as many people as possible by spamming FUD all over the internet.

 :) ;) :D ;D 8)

JimboToronto turns out to be a scammer should be banned!

Hmmmm:)

I see Trollchop followed one of my posts with an immediate post of her own.

Let me guess (I'm not going to peek).

Tadalafil... Grandpa #1...  brony pic... lizards... ?

Never any real substance. So predictable. So pathetic.

Wish I'd put her on ignore sooner. It's like giving the neighbor's yapping little Chihuahua a laryngectomy.

^So consistently wrong :(

Are you mentally ill?

This is old news from 10 months ago, jezus christ how low can you sink.

Ahem... Published on December 12, 2014 at 22:58 GMT

Aha. It becomes clearer.

I don't usually approve of quoting trolls who are on most people's ignore list but thanks for the heads up.

A while back I berated noob Cassandra for not having a life because she posted the same ancient post with the same highlighting and I thought she had nothing better to do with her time than dig through my post history for a 7-month-old post in an attempt at a "rebuttal".

Perhaps I owe Cassandra an apology. It seems (surprise, surprise) that it's Trollchop who has no life.

I won't bother typing in a response as I did for Cassandra. I'll see If I can find what I posted to her.

Wow. This is hilarious. Trollchop, get a life.

Truetalkci, learn and think before posting. Foolish noob.

Here you go:

^Grampa pops diaper 'coz people quote me ::)

It isnt ilegal, its alegal.

It isn't a sick bird? It's a barmaid?

Pour us a pint wench.

 :)

A news from February  ??? 

^ February??? Are you retarded???


DENIAL IS A SICKNESS THAT WILL CAUSE ALL YOU BUYERS TO LOSE ALL YOUR MONEY! WAKE UP WHILE YOU HAVE A CHANCE!!!

This was actually bigger news than people caught on to -- I am a lawyer by training -- because it was a move by the SEC to assert authority to regulate exchanges pursuant to the '33 Act (Securities Act). Notably, SEC can only exact a civil punishment. However, violating the '33 Act can carry criminal punishment on factual findings (by a jury of course) identical to the SEC's administrative findings should the SEC refer the matter to the DOJ. Moreover, the '33 Act allows for regulating foreign exchanges and securities if they target U.S. customers. Basically, the door has been swung wide open for the Chinese exchange as well as Stamp, BTC-e, BFX, and others to face civil and criminal sanction for issuing unregistered securities.

So yes... this is a very big deal. It leaves the nuclear option to the U.S. government should BTC actually succeed as much as the bulltards suggest that it will obviating that possibility in its entirety. BUT, they'll never go after these guys with criminal sanctions because this horse and pony show is not really going anywhere. They've got bigger fish to fry.

Oh yes, and the fine, not just the existing of the proceeding, creates legal precedent for the SEC having this jurisdiction. The question was whether or not the SEC actually had jurisdiction to carry out the proceeding (the start of which was the February news) to its conclusion (this news) or whether the matter would be tossed. It is clear now that they do, indeed, have jurisdiction... not just the listless CFTC.

Finally!!! Thank you somebody who understands law that I can reason with. My lawyer has personally said this scam would be completely gone in no more than 10years and looks like he might be right! What is your take on this?!

My take is you don't have a lawyer, nor are you a millionaire trader, nor do you have multiple businesses or 350 coins to play with. I would also guess that you are under 25 years old and have no real assets to speak of.

Agreed. Someone needs to buy a better troll.

Perhaps he is paid by the by the signal-noise ratio rather than the content.

fuck fiat $  :'(

Just don't sell the coins if dude is saying he will use it to buy drugs or hire hitmans.

It not hard and does not means BTC is illegal

pleople can do the same with fiat, or i'm wrong?

what's the difference of fiat vs btc.... oh wait... isn't controlled by banks.

did anyone of you guys manage to realize from when the article was?

@fewcoin

good job bro  ::)


/edit

https://i.imgur.com/ozBXEfW.png

This is good, all official institutions fighting bitcoin will only make bitcoin more fascinating to people. Who is cheering for the NSA saying its illegal to download movies and shuting down download sites? this is the same.

The bucket shop exchanges will be gone now that the SEC has exerted their authority to regulate them. It doesn't, however, mean that BTC or other cryptos won't remain. In fact, it may ultimately be a positive for cryptocurrencies. The existing exchanges, however, will likely cease to exist within the next year or two and be replaced by more reputable ones.

They've done studies on countries that have relatively unregulated v. relatively regulated securities and they've found that the prices are higher in countries with regulated securities because, simply, regular folks are more willing to adopt them knowing they have a form of recourse. The cryptos themselves as well as their day to day uses can remain decentralized while still having exchanges that are themselves subject to regulation. It would be a real positive. We'll have to see how it unfolds, though. It would be wonderful if the exchange scams stopped, though, in my opinion (even though that would cost me money because I've done well shorting this year).

By the way... this is the relevant news. SEC has exerted jurisdiction, successfully, over this sphere. This, by definition, requires changes in the BTC ecosystem. The exchanges may be subject to registration requirements, they'd likely have to register even if foreign if they target U.S. customers in any way, and egregious violations can be referred to the DOJ. This is not the end of crypto and might actually be a positive development in the bigger scheme of things. BUT, it probably suggests that the bucket shop exchanges won't last through 2015.

Note: The fine was fairly minimal, but that part is irrelevant. What is legally significant is that the SEC was able to secure a judgment and create precedent for jurisdiction over cryptos. Again, this is actually a very big deal.

http://www.coindesk.com/sec-bitcoin-exchange-60000-securities-violations/

It is illegal to move large amounts of money as a business without license. Its similar to currency exchange which is illegal without a license. This does not affect transactions between individuals as long as the transaction is reported in your taxes etc.

This in no way affects the price of Bitcoin and Bitcoin will only continue to rise in value over the years due to limited supply and growing adoption.

have a look at the mycelium app, if your government shuts down localbitcoins with stupid laws

It impacts the exchanges. The SEC has established that Bitcoin is a security without their jurisdictional purview. As such, they can fine and/or refer to the DOJ the issuance and broker/dealing of these securities -- the latter being a function that, for legal purposes, the exchanges and purveyors like Coinbase currently fit.

As for individual trades -- no, those are secondary transactions and the SEC has not established jurisdiction in relation to individual investors who are targets, not broker/dealers, of the security. Bitcoin activities undertaken by individuals in their own account are not illegal at all. The exchanges, however, could be fined or forced to shut down at some time in the future -- figure about a year out into the future because the feds drag their feet.

One of two things will happen -- either (a) everything will have to fall within an ETF type format; or (b) the exchanges get shut down and people must trade their stash amongst each other without the exchanges.

It's still tremendously bad news for BTC. Note that although the SEC has established this jurisdiction, they may eventually choose to relinquish regulation to the CFTC or choose to give it some other special treatment. This actually wouldn't surprise me because they'd be doing more damage to existing users of BTC if they came in guns blazing at this point -- they are late to the party and the SEC is actually pretty decent about recognizing as much.

It's something to watch.