Coinbase pissed off some people with lawyers

[BayAreaCoins]

And I can see why you would rather settle out of court. The mere threat of a lawsuit is always good for a few bucks from a company trying to hold a good reputation that has a bit of money.

I'd rather not shit on Bitcoin any more than Coinbase already has.  It isn't a threat and I'm happy to go sit in court.  I'll respect the judges decision either way, but I pray it is favorable for the Rick Rolled victims.

Fuck "their" money. I'm just worried about mine and my friends.

Motivating bureaucrats is hard, but a sure way to do it is if you give them the impression you are toying with them.

BOOM^

Charlie Lees response is nothing but toying with us.  Same with their shills.

I know what you did last Sunday...

[picolo]

Something they never announced. And since California does not require a license to exchange bitcoins, there is no license to acquire.

Even the California "warning" said Coinbase didn't have a license, and they are considering what such a license would look like were it to exist...which it doesn't.

Coinbase assumed they don't need a license in California based on their research, they then announced that they are opening a licensed Bitcoin exchange.
No mention of being specifically licensed in California, but it could lead to the assumption that they were in fact licensed to operate a bitcoin exchange in California (which they can not, since the assumption that there is no licensing)

Now then what happened was that the state of California went out and denied they ever gave Coinbase a license. Now that can mean two entirely different things:
Either Coinbase is correct in the assumption that they don't need a license, so the claims they did lead people to believe they have some sort of official standing while they are not make sense.
Or their assumption is wrong and they actually would need a license to operate in California, in which case they lied and are fucked so much they stand no chance in curt.

Either way they are fucked in New York, since they do require a license there they haven't got that and they lead customers to believe they did. And their "clever" choice of words does make it worse for them, since the complaint is that is part of their deception.

You see being "clever" about wording when dealing with bureaucracy is an incredibly stupid thing to do.  Motivating bureaucrats is hard, but a sure way to do it is if you give them the impression you are toying with them.

Coinbase did open a licensed exchange. If I'm in Michigan and get pulled over the cop can ask for my license I can present my Florida drivers license. I am a licensed driver.

Coinbase is licensed. I am sure they can prove it easily, they just have to prove it for one state.

Their website showed that you can use the exchange in California because they fulfilled all requirements for that state (which does not require a license).

Everyone knows that the licensing requirements are different for each state. That is why there is no US Bitcoin exchange. They can act as money transmitters by registering with FinCen but need to meet the various laws of each state.

Either way. I will leave this to the lawyers that thrive quite well in the US, especially in California where you can just get your law degree online. I'm glad I no longer live there and would never think to set up a business there.

California has high taxes and very heavy governement intervention on your freedoms but it used to be great to live there and still is if you have enough money to sustain the high costs imposed by the State