[2015-08-14] Fortune: Behind the "exodus" of bitcoin startups from New York

[aso118]

Behind the "exodus" of bitcoin startups from New York

http://fortune.com/2015/08/14/bitcoin-startups-leave-new-york-bitlicense/

Bitcoin executives—even those who chose to apply for a license for their company—have gripes about the final set of rules, and are still hoping to see it change. This weekend, many of them decided to make a statement: rather than apply for the license, they left New York. For some with physical headquarters in the state, that meant literal moving trucks. For others it meant cutting off service to New York-based customers.

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[RustyNomad]

I doubt whether the 'exodus' will make a difference as most of the larger operators have applied.

I think cost was a major consideration for those who did not apply

The application costs $5,000, which alone does not necessarily seem excessive. But executives say that the paperwork was extensive and required legal help, which carries additional fees. Jaron Lukasiewicz, CEO of Coinsetter, tells Fortune his company spent nearly $50,000 to apply for the BitLicense. George Frost, chief legal officer at Bitstamp, told Coinbase it was more like $100,000 for his company. If either of those figures is remotely accurate, that cost would certainly be prohibitive for smaller companies.

Have to agree with Paul Puey...

Paul Puey, CEO of Airbitz, wrote, “Luckily at Airbitz, we aren’t affected… With all the companies announcing these restrictions today, it should remind the community of the importance to be, and to support, decentralization. Bitcoin was intended to give people true control and access to their money and every time we use a centralized service, we aren’t truly using Bitcoin.”

[Kprawn]

In my opinion the exodus did what it was meant to do. It is a direct result of poor legislation and the only thing is does, is fill the pockets of a

few individuals and also alienate innovators from creating much needed job opportunities in New York.

Let them leave and allow them to exercise their right to protest against this injustice, and expose it for what it is. A joke to serve the rich. 

[aso118]

I doubt whether the 'exodus' will make a difference as most of the larger operators have applied.
I think cost was a major consideration for those who did not apply

It might not make a difference to the current scene.
It could definitely impact somebody who is looking for a place to start a new company. He might cross out NY just because of the BitcLicense requirement.