CryptoCurrent // Bitcoin Sales - Simple & Secure

[JonSnow]

Updated the first post!

[Swapster]

Would you care to expand on your comment "the general consensus at the Bitcoin Conference that simply registering as an MSB with FinCEN is not enough to operate legally."

From a legal perspective, what is missing? Anything to do with state-by-state KYC compliance. Just curious because I am thinking of trying my hand at an exchange, but I don't want to ruin my life doing it.

An aside, I am sick of the intrusion by the banks and governments. If I send money from my bank to Dwolla - it seems to me that there should be some sort of flag that says the money is legitimately earned and already taxed and should not have to be reported to these A-HOLES again and again everytime I move the money around. A strong Bitcoin economy (where we don't have to cash out to USD) can't come soon enough for me.

[Swapster]

Thanks so much for all the info. I was not aware of the Surety Bond issue.

A lot to think about for sure. I certainly don't have the money to do something like this on my own. I think we can get away with a wild, wild west approach - just do it until they complain, but eventually they will come knocking on the door... as MtGox is now finding out. I wonder which of the US based exchanges will be next to feel the wrath of the Fed.