Is BitLicense A Good Thing?

[Huobi-USD]

New York state's BitLicense has forced several companies to run their business “secretly”. Some even say that BitLicense is actually dangerous to consumers. What do you think of it? Do you believe in such thing as BitLicense?

[subSTRATA]

New York state's BitLicense has forced several companies to run their business “secretly”. Some even say that BitLicense is actually dangerous to consumers. What do you think of it? Do you believe in such thing as BitLicense?

http://motherboard.vice.com/en_ca/read/the-canadian-senate-announced-its-bitcoin-report-in-a-totally-appropriate-way

instead of bitlicense, I would much rather like to see the US follow canada's lead in simply deciding that bitcoin should be unregulated.

[MicroGuy]

What do you think of it? Do you believe in such thing as BitLicense?

The regulatory environment is basically a mirror of the collective consciousness. Any and all regulation is a product of fear. Thus, there is a fear of bitcoin prevalent in society. So I think BitLicense can be solved by educating the public, since educating the public will reduce fear.

[kfarnan]

Canada looks pretty good right now...

[Valanor]

some people not agree that bitlicense because may be New York Wants Bitcoin Services to Spy on Users
The State of New York is proposing a "BitLicense" for people creating and innovating around virtual currencies like Bitcoin. It’s bad news for privacy and free speech. But we have a chance to change the proposal or even stop it altogether. Send a letter to the New York Department of Financial Services today.

also we can participate to reject this progam with her

https://act.eff.org/action/stop-the-bitlicense

[kfarnan]

What do you think of it? Do you believe in such thing as BitLicense?

The regulatory environment is basically a mirror of the collective consciousness. Any and all regulation is a product of fear. Thus, there is a fear of bitcoin prevalent in society. So I think BitLicense can be solved by educating the public, since educating the public will reduce fear.

The fear only stems from the very  few who stand to lose their control.  Aka, the gov.  More education is also needed.

[TheButterZone]

Those who give up liberty get only security theater.

[Mieehayii]

what exactly did it said, the revised regulation of BitLicense? Forced bitcoin business based in Newyork to apply for a license, and forcing the people living Newyork to use a business with a license? if I am not willing to use a business which hold a license, how do?

[jeannemadrigal2]

No of course not, these regulations are not a good thing.  The news places will say that it is because the government is afraid that you will use bitcoins to avoid taxes or to do illegal things like buy drugs.

BULLSHIT!

I don't know too many drug dealers personally, but my guess is that it is easier to find one that takes cash instead of bitcoins.  And it is so easy to avoid taxes with cryptos that a child could do it.  Why is the government concerned with a few thousands of taxes, when billions and billions of dollars are being successfully hidden over seas, or not hidden if you are a corporation.  Yes I know that there are some rich people with bitcoins, but the market cap of ALL bitcoins is NOTHING compared to the nonsense going on with good old fiat.
 
No this is just a smoke screen.  These regulations are obviously being bought by big banks.  It is the normal racket: increase the barrier to entry for everyone and you lose most of the competition in your dust.  Meet the new boss, same as the old boss.  And there isn't a damn thing we can do about it.

[Amph]

people in theory could force their governments to change their mind about something, they only need to go abroad and leave that place, there is plenty of place with non-regualated btc, i'm sure that if many do this, their governments will be forced to apply what they want

regulation is good for increasing security, but if become too complicated, it may bring some annoyance...

[Kprawn]

Do not be fooled by this.

The regulations started out with good intentions {So they say}... Stop Terrorism and Money laundering and protection for the consumer. They said, if these companies and individuals using these services are regulated, they would adhere to the AML/KYC requirements.

Then Lawsky saw a opportunity to stuff his pocket. {He made the regulations so complex, people have to hire him for his "advice" to be able to adhere to it}

This turned into a Circus act, and the audience is paying to watch the clowns. The people gave up their privacy under a smoke & mirror show. 

[jeannemadrigal2]

Do not be fooled by this.

The regulations started out with good intentions {So they say}... Stop Terrorism and Money laundering and protection for the consumer. They said, if these companies and individuals using these services are regulated, they would adhere to the AML/KYC requirements.

Then Lawsky saw a opportunity to stuff his pocket. {He made the regulations so complex, people have to hire him for his "advice" to be able to adhere to it}

This turned into a Circus act, and the audience is paying to watch the clowns. The people gave up their privacy under a smoke & mirror show. 

Yes!  It is a total smoke screen!  They pull out the same things every time.  But the terrorists were getting the funds well before bitcoins were invented, and they don't need them.  It is just a joke, and I really wish that the average person would not take these things on the surface but look a little deeper.  But too bad because everyone wants to be in their suburban bliss.

[Anony]

what exactly did it said, the revised regulation of BitLicense? Forced bitcoin business based in Newyork to apply for a license, and forcing the people living Newyork to use a business with a license? if I am not willing to use a business which hold a license, how do?

It is introduced in the state "New York" which is used for security purpose.It easier for businesses to legally accept the cryptocurrency and has been done to encourage small business owners to accept Bitcoins.
It helps in record keeping which clarify the capital requirements details in  “the form of cash, virtual currency,investment-grade assets etc.

[Xialla]

licence you said...so there will be some authority issuing licences. and I don't like authorities and specially, when they want to intrude something like bitcoin.

so not good thing at all..

[ObscureBean]

Well if we ever want to go mainstream, some form of regulation is going to be inevitable. You can't expect governments to just incorporate a rogue, unpredictable element into an otherwise orderly system, concessions must be made on both sides.

[belmonty]

Suppose someone wanted to start an alt coin exchange outside the USA, but i a country with an extradition treaty with the USA. Could they get prosecuted for doing business with New York residents if they didn't have a Bit License?

If they could get prosecuted then the Bit License is going to stifle innovation all over the west because most countries in the west have extradition treaties with the USA.

[Snorek]

Bit license will only make things worse. As you said in op people will be forced to run their business secretly or they simply register their companies in some place different from New York.
Overall this regulations is bad for people, because no free access to bitcoin and for government - because instead of promoting business startup they are actually making it worse.

[amiryaqot]

BitLicense is caution about future of bitcoin related companies located in New York they have to take step if they want to continue run their business from that location, i think BitLicense is totally against the spirit of bitcoin and the basic motto ~privacy and freedom ~ the regulation can be dangerous for the bigger investors when they have been forced to pay taxes on their bitcoin income.

[boopy265420]

BitLicense is right good thing what happened on right right.This license will increase trust and protection of investment in Bitcoin and also will open new ways towards digital currencies in future.This should have been implemented long ago but it is always good to do right than never do.BitLicense is positive thing which will bring new investment and opportunities to Bitcoin users.

[DarkHyudrA]

Well, BitLicense is a good step since it will make things legal on USA, but it's only used for exchanges mainly.
For merchants that accept it as payment it does nothing, so not much change I would say.