This can will end with the Euro taking a serious hit as it undermines has undermined every bank in the Eurozone!
FTFY The horse has bolted. All the activity you see now is a bunch of clowns running around and locking doors of the stable. Too little too late. They have showed their hand and everyone with a brain now knows what are their true intentions for the mittelspiel. We had pretty good guess on this before, now we know for sure. |
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1 million? That is quite expensive. As far as I know that license in Finland costs like 5000 EUR, which our company is prepared to pay if this ruling spreads to Finland. Not sure how much these licenses cost for the whole EU though.
For mining though, I will venture to guess that people will simply not report any of it from now on.
There is also the cost of compliance which is likely involved. And this I would guess means hiring a lawyer as a compliance officer. |
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The next step is parity with 1oz of gold. End of thread.
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tl;dr... bitcoins are legal
And you need a +$1million dollar worth money transmitter license if you want to mine and sell them for fiat  Or you can do it for 6 month and then start a new company. Or you can live outside of USA (for now). |
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The Cyprus contagion and reports of OKpay charging debit card accounts 10% "tax" indicate high risk of confiscation of money in various and unexpected forms from parties that have no direct connection to Cyprus or to EU.
Consider keeping as many of your Bitcoins as practical in a walllet controlled by you only. Consider converting fiat you may have with various exchanges and merchants and financial institutions into Bitcoin and withdrawing it into a secure Bitcoin wallets where no element of trust to any 3rd party is involved. There is a high risk that some exchange or merchant exposed directly or indirectly to Cyprus deposit confiscation or to possible bank run fallout in some other form will OKpay you.
You never know which exchange or merchant is exposed to the Cyprus contagion or possible EU wide bank run fallout.
Retreat to safety of properly secured Bitcoin wallet until the shit storm is over.
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No I do not think this is relevant. Nothing new in that ruling. However, the advise is sound, especially now. Make sure that you keep as much of your Bitcoins in a walllet controlled by you only. Consider converting fiat you may have with various exchanges into Bitcoin and withdrawing it into secure wallets where no element of trust to any 3rd party is involved. You never know if some exchange or merchant will pull OKpay on you.
You never know which exchange or merchant is exposed to the Cyprus contagion or possible EU wide bank run fallout. Retreat to safety of properly secured Bitcoin wallet until the shit storm is over. |
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My balance has lost 10% of value over the week-end
Was your balance higher than 100 000$ EUR? |
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It can be interpreted differently, of course. But I think miners that sell bitcoins via exchanges are not subject to the regulation. The exchanges in this case would be acting as an intermediary that you farm out "money transmitter" functions to. Otherwise, you would become "money transmitter" every time you make international (with currency exchange) wire transfer via SWIFT network to a third party.
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They say that if you mine Bitcoins and use them to buy stuff you are not "money transmitter".
If someone mines bitcoins and sells them for fiat directly (not via an excahnge) he or she is a "money transmitter".
If you run a Bitcoin exchange with fiat component involved i.e. you trade BTCUSD, BTCEUR etc... (mtgox, bitstamp etc) then you are an exchange and a money transmitter.
If you run a Bitcoin exchange without fiat component involved, for example, you trade only Bitcoins and Litecoins then you are not a money transmitter.
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Cyprus/EU has not stolen from us. At worst they shaved CSC24Seven bank account. Then CSC24Seven has in turn shaved it's customers. I suppose it would be OK (pun intended) if every cardholder had a segregated Cyprus bank account backing the card via CSC24Seven. But somehow I really doubt that this is a case. Here come lawsuits.... https://www.okpay.com/en/company/agreements/debit-cards-tos.html now where exactly it said that it is OK for OKpay to charge their customers for "taxes" of OKpay? This is a much bigger story than many realize. |
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Ohh my, time to rename this thread.
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In Russia this would be "Do not piss against the wind."
Did I get it right. OKpay or whomever got their bank account raided and they have passed it onto their customers? This cannot be lawful. Their "taxes" is their responsibility, not their customers. The accounts in Cyprus banks are not in the names of the cardholders, are they? Will they next pass on corporation tax as "an unrecognized transaction" tomorrow?
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The crash of banking system is just beginning....
Bah. A week from now no one will be talking about it. Ask yourself: If you were a resident of France, Spain, the UK, Greece or any other bankrupt country in Europe, why would you not run down to the bank and pull out everything tomorrow? Aside from altruism, what possible reason would you justify not doing so? If I lived in any broke country I'd RUN - not walk - to withdraw everything (including my pension if at all possible) ASAP! hmm... let me take this one.... Because you already have nothing there to be concerned about. |
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... and Bitcoin quietly makes another all time high 49.79$.
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Actually, this is probably better for the balance: considering that the rich a generally good at hiding from taxes, a bailout from taxpayer money hits the poor more than the rich. Murderers are usually good in hiding from cops. So every time there is a murder let's just execute every 10th person in the locality. Every complex problem has a simple (but incorrect) solution. |
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LOL! Ohh nostalgia.... sorry for offtopic but just a random video I saw today, it was randomly posted on zerohedge in comments somewhere. That one has caused another nostalgia attack http://www.liveleak.com/view?i=a19_1361905919 even though in my times the rifles were a lil simpler (one part less). Back on topic, they will need top 1000 supercomputers and still will fail to match Bitcoin network. However, NSA reportedly has its own foundry and surely can match whatever Avalon did but on Intel CPU level of tech. just give it a few years and once Bitcoin hits 10k$ this problem will disappear. |
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Walls are irrelevant. Anyone who has been watching Bitcoin for a while knows that.
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