BitLicense - EOBOT follows Xapo and leaves New York

[NyeFe]

Hello miners. We have both good news and bad news to announce:

-BitLicense for New York Announcement: eobot.com/bitlicense. Eobot will cease operations in the State of New York as of July 1, 2015.

-GHS 2.0 mining contracts added and running on new S5 hardware. Electricity fees are 50% at today's mining difficulty/BTC exchange rate.

Until next time...happy mining,
-The Eobot Team

[manselr]

Hello miners. We have both good news and bad news to announce:

-BitLicense for New York Announcement: eobot.com/bitlicense. Eobot will cease operations in the State of New York as of July 1, 2015.

-GHS 2.0 mining contracts added and running on new S5 hardware. Electricity fees are 50% at today's mining difficulty/BTC exchange rate.

Until next time...happy mining,
-The Eobot Team

Good job by Xapo. Always knew Casares was legit. My fear now is that the rest of states and Europe come up with similar licenses to fuck everyone up.

[RustyNomad]

Seems like NY will be a failed state in so far as bitcoin is concerned.

With other countries becoming more and more 'friendly' towards bitcoin NY is going to be left behind in their dust when adoption really starts taking off.

The EU area I guess will soon start with the same kind of stories as they always follows in big bothers footsteps. Starting to look more and more like the major growth areas for bitcoin is going to be towards the east.

[jeannemadrigal2]

Yes!!! Cheers to you!  Where is the applause emoticon when I need it!  This is EXACTLY what we need our companies to do.  When the regulators give you the finger, give it to them right back!  Maybe then the stupid regulators will realize that when you do this the businesses just move and the state loses out on tax revenues.  

I don't think that most btc businesses want to dodge taxes or break the rules.  I think that they want to comply with rules and make a good business.  But when the regulators focus on an industry and try to kill it, then that industry can vote with its feet.

I think that these bitcoin regulations are being bought by banks to prevent crypto adoption.  If you move shop then you are making the banks waste their bribes.

The really great thing is that because of the nature of bitcoins, a business does not always need a local presence.  So if they move out of state or out of country then it should have zero impact on customers, or actually be good for customers.  And also I think that your average crypto customer is very aware of what is happening, and they will understand if there is an inconvenience while the business is moved.

So as a customer, I want to say THANK YOU to any business that decided to move because of bad regulations.  I know it costs them money to move in the short run, but in the long run you are making your customers happy!

;*

[S4VV4S]

Yes!!! Cheers to you!  Where is the applause emoticon when I need it!  This is EXACTLY what we need our companies to do.  When the regulators give you the finger, give it to them right back!  Maybe then the stupid regulators will realize that when you do this the businesses just move and the state loses out on tax revenues.  

I don't think that most btc businesses want to dodge taxes or break the rules.  I think that they want to comply with rules and make a good business.  But when the regulators focus on an industry and try to kill it, then that industry can vote with its feet.

I think that these bitcoin regulations are being bought by banks to prevent crypto adoption.  If you move shop then you are making the banks waste their bribes.

The really great thing is that because of the nature of bitcoins, a business does not always need a local presence.  So if they move out of state or out of country then it should have zero impact on customers, or actually be good for customers.  And also I think that your average crypto customer is very aware of what is happening, and they will understand if there is an inconvenience while the business is moved.

So as a customer, I want to say THANK YOU to any business that decided to move because of bad regulations.  I know it costs them money to move in the short run, but in the long run you are making your customers happy!

;*

It's no emoticon, but it will do
Check out that expression

Apart from that, I too agree that it is a good thing that businesses are finding work-arounds to handle these things.

[NorrisK]

As long as they don't move when some acceptable form of regulation is put in to place.. Better start getting used to being regulated on some level..

[mercistheman]

This wasn't predictable 
Last one out turn off the lights. 

[CoinBateman]

I'm using Xapo and love it to death

[jdebunt]

Another company leaving NY? Jeebus, regulation is definitely a good thing ...

[SpanishSoldier]

Hello miners. We have both good news and bad news to announce:

-BitLicense for New York Announcement: eobot.com/bitlicense. Eobot will cease operations in the State of New York as of July 1, 2015.

-GHS 2.0 mining contracts added and running on new S5 hardware. Electricity fees are 50% at today's mining difficulty/BTC exchange rate.

Until next time...happy mining,
-The Eobot Team

This was inevitable. I enjoyed the firm slap to NY regulators. Good job eobot

[daddybios]

I'm using Xapo and love it to death

It just annoys me. It seems that they want to deceive everyone.
I know that the commission they take. But they do not give private keys. And that's too bad.
I would never use this wallet.

[bitnanigans]

Well, hooray for regulation, I guess? I wonder how many more bitcoin companies will follow suit.

[gentlemand]

Surely bitlicence esque frameworks will pop up everywhere apart from the most obscure third world hell holes. Money is on the line and no government is happy letting it move freely and anonymously.

Perhaps these moves will make other legislators think twice but I seriously doubt it. Their loyalty is to their own perceived security, not some faceless and tiny tech companies.

[pereira4]

Surely bitlicence esque frameworks will pop up everywhere apart from the most obscure third world hell holes. Money is on the line and no government is happy letting it move freely and anonymously.

Perhaps these moves will make other legislators think twice but I seriously doubt it. Their loyalty is to their own perceived security, not some faceless and tiny tech companies.

Yeah we'll end up with 99% of similar bitcoin tech companies being based in Switzerland eventually. Not sure if that is a good thing.. Switzerland has a pretty bad fame of being "the place where corrupt people hide their money under bank secrecy" specially after the Falchiani list leaks.

[Bitcoininspace]

Hello miners. We have both good news and bad news to announce:

-BitLicense for New York Announcement: eobot.com/bitlicense. Eobot will cease operations in the State of New York as of July 1, 2015.

-GHS 2.0 mining contracts added and running on new S5 hardware. Electricity fees are 50% at today's mining difficulty/BTC exchange rate.

Until next time...happy mining,
-The Eobot Team

Good job by Xapo. Always knew Casares was legit. My fear now is that the rest of states and Europe come up with similar licenses to fuck everyone up.

I'm sure Europe will be more openminded than the U.S. is lately.

[ayesha201006]

As long as they don't move when some acceptable form of regulation is put in to place.. Better start getting used to being regulated on some level..

I agree, but the big banks in america own the government and are buying regulation specifically designed to have a chilling effect on the bitcoin economy.  The regulations being put into place are absurd, far reaching, and beyond any reasonable measures.  They are grasping at straws because it is far easier to move a bitcoin exchange compared to a bank imo.  Congrats to the Eobot team for making the right decision.

[Chef Ramsay]

I'm using Xapo and love it to death

I'd be more inclined to use them as well but I'm a little concerned that the current lawsuit against them by Life Lock and against Cesar in particular, will have some lasting effect on the customer base once things are settled - assuming the verdict goes against them that is.

[Meuh6879]

My fear now is that the rest of states and Europe come up with similar licenses to fuck everyone up.

and what ?
you can ask/bid bitcoin with email and SEPA wire ... without KYC.

it's not a locked mastercard/visa autorized dealer ... it's open Bitcoin ! Your bank !

[redhawk979]

LOL if you think NY gives a shit about a handful of BTC businesses leaving.

[redhawk979]

Will be even more exciting when Coinbase and Circle abandon New York. Millions of dollars of tax revenue lost, overshadowing any gains from fucking over small Bitcoin businesses with exorbitant fees and fines.

Yea that will deal a devastating blow to NY, since Circle, Coinbase and other Bitcoin businesses account for a huge portion of tax revenue!

[bryant.coleman]

Will be even more exciting when Coinbase and Circle abandon New York. Millions of dollars of tax revenue lost, overshadowing any gains from fucking over small Bitcoin businesses with exorbitant fees and fines.

Yea that will deal a devastating blow to NY, since Circle, Coinbase and other Bitcoin businesses account for a huge portion of tax revenue!

No need to underestimate the revenues from emerging ventures. You are insulting Circle and Coinbase, as their reveneus are very small right now. But what will happen, if one of them becomes the next Google or Facebook?

Do you know that Sergey Brin and Larry Page had offered to sell Google to George Bell for just $1,000,000 in 1998? Vinod Khosla adviced Bell against the purchase, and he rejected the offer. Google is worth some $400 billion right now (400,000x returns?).

[yayayo]

Congratulations EOBOT for doing the right thing! I'm pretty sure that this is just the beginning of an innovation exodus...

Will be even more exciting when Coinbase and Circle abandon New York. Millions of dollars of tax revenue lost, overshadowing any gains from fucking over small Bitcoin businesses with exorbitant fees and fines.

Yea that will deal a devastating blow to NY, since Circle, Coinbase and other Bitcoin businesses account for a huge portion of tax revenue!

I really hope that this will happen. Ben Lawsky should always be remembered as the corrupt crook who started the downfall of NY as a financial capital.

ya.ya.yo!

[coinpr0n]

Canada doesn't seem so far away anymore. Looks like the pre-mature BitLicense was not such a good idea to drop on the NY (fin-)tech community.

[chopstick]

Coinbase and Circle don't have the balls to leave New York, but that would be awesome if they did.

5k ain't much to either of them.

As a localbitcoins trader, I will have to start screening for and rejecting NY customers, and so will many others..

[neurotypical]

Coinbase and Circle don't have the balls to leave New York, but that would be awesome if they did.

5k ain't much to either of them.

As a localbitcoins trader, I will have to start screening for and rejecting NY customers, and so will many others..

I guess they are being held by the balls by someone else, otherwise they would leave. They may be taking less liberal approach and may deal with any regulations that may come in the future, starting with BitLicense, which is why I always avoided both services.

[evenlydistributingfuture]

As long as they don't move when some acceptable form of regulation is put in to place.. Better start getting used to being regulated on some level..

Right on. There will inevitably be more regulation than has been the case so far, so Xapo and every other crypto-facing company will need to think for itself what it views as being too taxing or as acceptable. These should also try to help shape the debate when it comes to deliberating changes and discussing options publicly.

Hopefully, Xapo and others will soon have a successful regulation situation, one where they can agree to work with authorities and establish a precedent for complying with reasonable rules.

[evenlydistributingfuture]

How much other BTC-related business has left NY? Besides Circle and Coinbase, as mentioned above in prior comments, which other big-name BTC companies are in NY?