BitLicense - EOBOT follows Xapo and leaves New York

[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?