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TKeenan (OP)
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July 22, 2015, 07:50:34 PM |
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This crazy broad law means the FBI can put you in jail for 5 years anytime they don't like your business. Nearly every version of bitcoin business exposes its principles to 5 years of jail on the whim of the FBI. https://coincenter.org/2015/07/does-18-u-s-c-%C2%A7-1960-create-felony-liability-for-bitcoin-businesses/If you are going to start a bitcoin business in the US, it better be loved by Uncle Sam, the church and everybody - or you are going to jail. It is no wonder Wences, Vik Buterin, and hundreds of others have packed it in and left for Zug Switzerland. The Fed is truly going to run all bitcoin innovation out of the US. They already have a very good head start on that. |
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bitcart
Member
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Activity: 94
Merit: 10
www.bitcart.io
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July 22, 2015, 07:52:13 PM |
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Thankfully there are many more options other than the USA to do trade.
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www.bitcart.ioBitcart - spend bitcoins online and save! Buy Amazon gift cards with bitcoin and save up to 20% off
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batesresearch
Legendary
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Activity: 2424
Merit: 1148
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July 22, 2015, 08:50:42 PM |
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There goes my plans to live in the U.S.!
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Visit Satoshi's Place, a Bitcoin Hub based in Bury, Manchester, UK. Website: https://satoshisplace.co.ukGoals: Educate & Onboard users in to Bitcoin. Lightning network⚡️ |
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cogabonito
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July 22, 2015, 08:53:25 PM |
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Man, I've been waiting for a sentence like that: "IF YOU DON'T USE BitcoinXT instead of Bitcoin Core"  Also AFAIK Burtw's name was cleared on money laundering case. So it shouldn't be a problem. |
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Kazimir
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Activity: 1176
Merit: 1011
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July 22, 2015, 09:37:48 PM |
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The U.S. has much resemblance with a third world country. I don't know what the fuss is all about, this can come hardly as a surprise, with an oppressive, privacy-wrecking government like that.
If you want to do serious business, the U.S. is obviously NOT the place to be.
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PolarPoint
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July 22, 2015, 10:11:15 PM |
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The essence of those arrests is "unlicensed money transmitting business". If your bitcoin business deals with fiat, get a license and comply with the regulations, then you are fine. For example, Coinbase. It's licensed and you will not expect feds to raid their offices.
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RocketSingh
Legendary
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Activity: 1662
Merit: 1050
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July 22, 2015, 10:47:34 PM |
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This crazy broad law means the FBI can put you in jail for 5 years anytime they don't like your business. Nearly every version of bitcoin business exposes its principles to 5 years of jail on the whim of the FBI. https://coincenter.org/2015/07/does-18-u-s-c-%C2%A7-1960-create-felony-liability-for-bitcoin-businesses/If you are going to start a bitcoin business in the US, it better be loved by Uncle Sam, the church and everybody - or you are going to jail. It is no wonder Wences, Vik Buterin, and hundreds of others have packed it in and left for Zug Switzerland. The Fed is truly going to run all bitcoin innovation out of the US. They already have a very good head start on that. What else you can expect ? The Fed has no incentive in allowing bitcoin to grow, but they have enough incentive to force people in using USD. So, they are doing what they are incentivized to do. |
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harrymmmm
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July 23, 2015, 12:27:01 AM |
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The U.S. has much resemblance with a third world country. I don't know what the fuss is all about, this can come hardly as a surprise, with an oppressive, privacy-wrecking government like that.
If you want to do serious business, the U.S. is obviously NOT the place to be.
But...but..people have been saying for years now that the USA was bitcoin friendly. I guess they meant the gov didn't rain down a nuclear war on it  |
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ransomer
Newbie
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Activity: 56
Merit: 0
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July 23, 2015, 01:13:32 AM |
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The essence of those arrests is "unlicensed money transmitting business". If your bitcoin business deals with fiat, get a license and comply with the regulations, then you are fine. For example, Coinbase. It's licensed and you will not expect feds to raid their offices.
This. |
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bryant.coleman
Legendary
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Activity: 3766
Merit: 1217
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July 23, 2015, 03:49:52 AM |
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The essence of those arrests is "unlicensed money transmitting business". If your bitcoin business deals with fiat, get a license and comply with the regulations, then you are fine. For example, Coinbase. It's licensed and you will not expect feds to raid their offices.
Do you think that it is easy to get a money transmitting license? It is very expensive, and it involves a lot of bureaucracy and formalities. And why should someone trading a small number of coins ( BTC1 or 2) take this license? At least the limit for trading without a license should be raised from the current $300 to $100,000 per year. |
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DGulari
Legendary
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Activity: 1386
Merit: 1000
KawBet.com - Anonymous Bitcoin Casino & Sportsbook
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July 23, 2015, 05:09:55 AM |
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Do you think that it is easy to get a money transmitting license? It is very expensive, and it involves a lot of bureaucracy and formalities. Well, if you don't take the license, they will taser the fucking shit out of you until you bleed from your ass and then throw you in jail for 5 years. That is right. It says right in the statute that they will do it and believe me - they will. Look, if you are a bitcoin entrepreneur in the US - then be real fucking nice. One wrong move and the FBI will put your children in jail. Regulators have wildly broad laws to use to fuck with anyone they want. The regulation police are totally out of control. And, funny enough at the same time these same police - are fucking stealing your bitcoin!!!!US cops are fucking crazy. |
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Kprawn
Legendary
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Activity: 1904
Merit: 1074
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July 23, 2015, 06:56:03 AM |
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Where do you draw the line? If you leave it unregulated and unlicensed it could be used to fund terrorism within the borders of the US. Many people could be injured or die and we can have a repeat of the 911 scenario. Let's not forget the supossed goal of these actions... {These agencies has taken it to the extreme and it's turning into a police state, but it had good goals, before it turned ugly} Some of these regulators has also exploited it for their own financial benefit {NY} and that is also wrong. There is not a lot you can do, to change it from within the USA. The only option is to move outside of the USA, where regulations are less strict and more Bitcoin friendly. It would unfortunatly not benefit the USA to lose skilled entrepreneurs, who could create jobs and reduce unemployment.  |
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Mellnik
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July 23, 2015, 07:22:26 AM |
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Americans being stupid as always.
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bitedge
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July 23, 2015, 07:33:01 AM |
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Or open source your code and operate anonymously
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pooya87
Legendary
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Activity: 3640
Merit: 11035
Crypto Swap Exchange
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July 23, 2015, 07:34:05 AM |
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This crazy broad law means the FBI can put you in jail for 5 years anytime they don't like your business. Nearly every version of bitcoin business exposes its principles to 5 years of jail on the whim of the FBI. https://coincenter.org/2015/07/does-18-u-s-c-%C2%A7-1960-create-felony-liability-for-bitcoin-businesses/If you are going to start a bitcoin business in the US, it better be loved by Uncle Sam, the church and everybody - or you are going to jail. It is no wonder Wences, Vik Buterin, and hundreds of others have packed it in and left for Zug Switzerland. The Fed is truly going to run all bitcoin innovation out of the US. They already have a very good head start on that. this is nothing new i have heard a lot of times about businesses moving their headquarters out of the US. and it was for many reasons from financial and tax related reasons to legal problems with US laws. soon US is going to be empty of all businesses and all other countries filled with them on the other hand their neighbors in Canada are doing groundbreaking work on Bitcoin. |
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b-trading
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July 23, 2015, 08:16:25 AM |
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Bitcoin entrepreneur have to find new country as a base operational business...i dont know is there any country in this world that have permit to bitcoin companies
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grahamdebarra
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July 23, 2015, 05:36:04 PM |
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RodeoX
Legendary
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Activity: 3066
Merit: 1147
The revolution will be monetized!
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July 23, 2015, 05:46:31 PM |
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This crazy broad law means the FBI can put you in jail for 5 years anytime they don't like your business. Nearly every version of bitcoin business exposes its principles to 5 years of jail on the whim of the FBI.
Well, obviously it does not say that.  |
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oblivi
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July 23, 2015, 05:56:19 PM |
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It seems a lot of businesses are already moving away from there because they don't like the regulations that are coming. I dont have a business but I guess I would do the same. I think the Xapo guy moved their headquarters to Swiss because they didn't like the ridiculous BitLicense thing.
All they are doing with this is exactly that, losing businesses because they all will simply leave to a more free place.
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