You are absolutely wrong but I wish you good luck in court with that "interpretation". Basically, your "legal" argument is, if an entity doesn't file for a business license, they can buy and sell all the volume they want because they are not actually a "business". Again, good luck with this argument. I hope you win and set precedence. For now, I know it's a delusion.
This is pure LOL. Filing docs are not required for court to determine you operating biz. The reason persons file docs is to recieve additional biz benefits. FOr example liability protections. Make loans easier to get etc.. But courts are aware that lots of ppl try to get away with running businesses without filing docs. lol, they don't get away with it. There is a "common law" definition that courts apply. Also, when idiots operate businesses without filing docs, they don't get lots of statutory protections. You are subject to all the laws without the benefits of protections lol at the stupidity in this forum. talk to areal lawyer. |
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General def near top of doc: Definitions of User, Exchanger, and Administrator
This guidance refers to the participants in generic virtual currency arrangements, using the terms "user," "exchanger," and "administrator."6 A user is a person that obtains virtual currency to purchase goods or services.7 An exchanger is a person engaged as a business in the exchange of virtual currency for real currency, funds, or other virtual currency. An administrator is a person engaged as a business in issuing (putting into circulation) a virtual currency, and who has the authority to redeem (to withdraw from circulation) such virtual currency. A proper lawyer will interpret the more specific clarifications in context of general def'n. Are you poor or something? Sit down with a lawyer to discuss the guidance. They will tell you that what will trip up most bitcoiners is the "engaged as a business" language. That is not defined anywhere and is not always intuitive. You need not file docs w/ secretary of state to be considered a business. Legal courts will impose this def'n on you if you are doing something for profits and it is your sole source of income/how you earn a livelihood. You dum poor people need to talk to a good lawyer. |
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The volume on bitstamp is a joke.
I find it easier to fulfill an order on btc-e tbh.
The depth is even more of a joke. Clear no one wants to be associated w/ bitstamp long term. It is merely convenient place to cash-out. |
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Offtopic:
You guys think that litecoin will be in gox? What will happen to the price of the LTC?
Dunno. Can investors buy ltc on gox and cash out elsewhere? If not, then LOL@ltc ipo. |
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Coinseeker,
i believe those administrator/exchanger definitions apply to those "in the business of ...." Look near top of that fincen doc. I cannot find definition of what constitutes being in business. But, the lawyers to which i paid lots of dolars say lots of cases have clarified the def'n. The average btc user or speculator is not in the business of doing anything w/ bitcoin. A day trader might be. Bottom line is if your livelihood or sole source of income is from moving around coins, then fincen should be a concern to you.
If you are operating a ripple gateway or exchanging bitcoins (i.e. on localbitcoins) and are not registerd with FinCEN then you are breaking the law in the USA. Doesn't matter if your buying bitcoins or selling bitcoins, if you're doing it for USD then you're breaking the law. Hi, you can't read. Operating a ripple gateway mostly likely means you are running a business revolving around bitcoins and in that case would be subject to the admin/exchanger definitions. As I explained above. Consult w/ a lawyer about that Fincen guidance. If they are any good, they will catch the general rule about operating a biz and the more specific rules further down that apply to biz operatings. Dumy, don't challenge me. |
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Coinseeker,
i believe those administrator/exchanger definitions apply to those "in the business of ...." Look near top of that fincen doc. I cannot find definition of what constitutes being in business. But, the lawyers to which i paid lots of dolars say lots of cases have clarified the def'n. The average btc user or speculator is not in the business of doing anything w/ bitcoin. A day trader might be. Bottom line is if your livelihood or sole source of income is from moving around coins, then fincen should be a concern to you.
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Have you placed your orders? There is some weirdness going on right now. Might wait a bit. |
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 i mean you're even eating my popcorn now and nothing's happening... have your transactions already finished to load up the cannons? I'm moving some monies around. plz hold, can takes some time |
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Starting to move funds now, get ready for show
*edit_1*
plz pass popcorn
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approaching 24hr volume of 3,000 on gox and bitstamp.
This is pathetic, even for weekend day. fuck it, im out. goodbye bitcoin
Don't get hit by the door on the way out! maybe i sell all my btc as i leave, how would u like that? i crash us to single digits single-handedly. I would probably appreciate that. shall we see? yes we shall |
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approaching 24hr volume of 3,000 on gox and bitstamp.
This is pathetic, even for weekend day. fuck it, im out. goodbye bitcoin
Don't get hit by the door on the way out! maybe i sell all my btc as i leave, how would u like that? i crash us to single digits single-handedly. |
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approaching 24hr volume of 3,000 on gox and bitstamp.
This is pathetic, even for weekend day. fuck it, im out. goodbye bitcoin
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Bitstamp doesn't offer bank wires? Bitstamp doesn't offer assurance that they won't have their bank accounts frozen and confiscated by the US government because they haven't paid sufficient protection money in the form of licensing and permits. That's what is holding back Bitcoin exchanges at the moment. Yea... I'm sure that is exactly why Bitstamp's depth and volume are not 10x current levels. /sarcasm.  |
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CampBX is US based. It is not legitimate?
I've heard their engine can be slow, but is usually adequate for their volume. Also, didn't they recently upgrade? As an exchange, CampBX is a successful proof of concept but they haven't continued developing it beyond that point. Do they have reason to develop further? There is so little volume, why waste money expanding or improving the platform until the demand is there? I don't think this bodes well for other US-based exchanges on the horizon. There is simply no demand for them. I won't be surprised if many months after launching they still struggle to maintain even a small fraction of whatever volume is on gox. There needs to be an exchange for high volume. Coinbase allows 50 a day. CampBX you can't even buy that without moving the price a large amount at most times. I heard the Winkle twins are backing an exchange..does anyone have any info on that yet? Why does there need to be an exchange for high volume at a time with record low volume? You are assuming demand will follow supply. That doesn't usually happen unless there is trickery or fraud involved. To accommodate large buyers. People with money aren't interested in buying 50 btc at a time And the new exchanges will magically have this incredible market depth for mega whales to buy and sell? |
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Do they have reason to develop further? There is so little volume, why waste money expanding or improving the platform until the demand is there? I don't think this bodes well for other US-based exchanges on the horizon. There is simply no demand for them. I won't be surprised if many months after launching they still struggle to maintain even a small fraction of whatever volume is on gox. Volume on CampBX is low because the only methods they make available for adding and removing dollars from an account are ones suitable only for hobby traders (no bank wires). There is a very strong demand for Bitcoin in the US, but the legal barriers to entry here are substantial. In the meantime, anyone willing to help fill the retail demand for Bitcoins via in-person LocalBitcoins sales can stay quite busy. Bitstamp doesn't offer bank wires? Nothing these upcoming exchanges offer is appealing. For example, what is the point of a new, faster trading engine when the current slow as snails engines are more than sufficient? You are assuming that a new exchange is going to magically create non-existent demand. |
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CampBX is US based. It is not legitimate?
I've heard their engine can be slow, but is usually adequate for their volume. Also, didn't they recently upgrade? As an exchange, CampBX is a successful proof of concept but they haven't continued developing it beyond that point. Do they have reason to develop further? There is so little volume, why waste money expanding or improving the platform until the demand is there? I don't think this bodes well for other US-based exchanges on the horizon. There is simply no demand for them. I won't be surprised if many months after launching they still struggle to maintain even a small fraction of whatever volume is on gox. There needs to be an exchange for high volume. Coinbase allows 50 a day. CampBX you can't even buy that without moving the price a large amount at most times. I heard the Winkle twins are backing an exchange..does anyone have any info on that yet? Why does there need to be an exchange for high volume at a time with record low volume? You are assuming demand will follow supply. That doesn't usually happen unless there is trickery or fraud involved. |
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CampBX is US based. It is not legitimate?
I've heard their engine can be slow, but is usually adequate for their volume. Also, didn't they recently upgrade? As an exchange, CampBX is a successful proof of concept but they haven't continued developing it beyond that point. Do they have reason to develop further? There is so little volume, why waste money expanding or improving the platform until the demand is there? I don't think this bodes well for other US-based exchanges on the horizon. There is simply no demand for them. I won't be surprised if many months after launching they still struggle to maintain even a small fraction of whatever volume is on gox. |
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What happened? Is nobody interested in Bitcoin anymore?
No postings here, no volume on the exchanges, WTF.
While I believe bitcoin is headed to $300+ by end of August, I am perplexed at how the price maintains with abysmally low volume. wtf is going on |
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