BTCINVESTOR (OP)
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Cryptographic money will be the bedrock in time.
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March 19, 2013, 05:05:17 AM |
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Big changes are coming to the major exchanges. I can answer any questions regarding MSB requirements, state and federal. BitPay, Coinbase, and others will be required to obtain registration as well as licensure.
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Math based currencies will supplant all sovereign currencies over time. Buy them now.
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Severian
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March 19, 2013, 05:09:40 AM |
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This'll be good. Black market BTC will run circles around the "legal" and more expensive BTC on government-approved exchanges.
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BTCINVESTOR (OP)
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Cryptographic money will be the bedrock in time.
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March 19, 2013, 05:12:08 AM |
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Probably true, although interfacing US financial institutions will require compliance. Bitcoin will be hard to buy quickly and legitimately using common US financial instruments.
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Math based currencies will supplant all sovereign currencies over time. Buy them now.
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dgray9000
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March 19, 2013, 05:14:36 AM |
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I am a miner, if I use Mt. Gox to trade BTC and USD back and forth (to make more money) will I have to get a money transmitter license as long as i keep it under $1000 of trades per day?
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smith88
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March 19, 2013, 05:18:25 AM |
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Big changes are coming to the major exchanges. I can answer any questions regarding MSB requirements, state and federal. BitPay, Coinbase, and others will be required to obtain registration as well as licensure.
How quickly do you see these changes being implemented? Only via US based exchanges? How are international exchanges going to be handled (ei: blacklisted in US)? I am assuming you are affiliated with some of the organizations applying these new regulations? Were some laws passed recently? Thanks for any info you can share, the better folks are educated the greater we'll see folks comply; as far as US customers. I for one have been waiting for something like this to occur; I figured it was just a matter of time. cheers. (if you can't answer any of those questions and don't do so quickly; everybody will know what you are... cough cough... troll... cough cough)
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Severian
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March 19, 2013, 05:18:35 AM |
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Bitcoin will be hard to buy quickly and legitimately using common US financial instruments.
Not for long. The Bitcoin community has a way of developing tools that can route around interference from third parties. On top of that, people will be more motivated to stay away from the 'legal' exchanges so as to not be tracked in their financial doings and because of the prospect of cheaper coins. The 'legal' exchanges will have to pass their compliance costs on to their clients. Those that choose to deal off the exchanges will be able to sell coins at a much cheaper rate. To paraphrase Yogi Berra, people will stay away from the 'legal' exchanges in droves.
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BTCINVESTOR (OP)
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Cryptographic money will be the bedrock in time.
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March 19, 2013, 05:20:18 AM |
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Nope. FinCEN just issued a clarification statement on this today. http://fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.htmlYou will be the least concern of federal and state regulators my friend.
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Math based currencies will supplant all sovereign currencies over time. Buy them now.
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Severian
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March 19, 2013, 05:21:35 AM |
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Some day, everyone will wake up from this terrible dream.
I keep hoping but many people seem to prefer the long nap of unknowing.
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Severian
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March 19, 2013, 05:23:17 AM |
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I'm shocked (not really) that the regulators don't realize this yet.
Regulators aren't known for being able to see too far beyond lunchtime.
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smith88
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March 19, 2013, 05:26:12 AM |
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awesome, thanks for the heads up, mate. good stuff. i would send you a .000001 btc but I don't have one. lol
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Kluge
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March 19, 2013, 05:26:40 AM |
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... Like I give a shit that you run a communal laundromat.
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Benson Samuel
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Landscaping Bitcoin for India!
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March 19, 2013, 05:27:14 AM |
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Big changes are coming to the major exchanges. I can answer any questions regarding MSB requirements, state and federal. BitPay, Coinbase, and others will be required to obtain registration as well as licensure.
Is this not good for Bitcoin? Being recognized by a government as a MSB. Whether Bitcoiners follow it or not is a different story.
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dgray9000
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March 19, 2013, 05:27:44 AM |
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I am a miner, if I use Mt. Gox to trade BTC and USD back and forth (to make more money) will I have to get a money transmitter license as long as i keep it under $1000 of trades per day?
No. Thank you, was seriously worried about this. Also if I do more than $1000 per day in trading would I have to get a license right? I think I would if I'm understanding the FinCEN document correctly
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BTCINVESTOR (OP)
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Activity: 176
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Cryptographic money will be the bedrock in time.
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March 19, 2013, 05:33:04 AM |
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Big changes are coming to the major exchanges. I can answer any questions regarding MSB requirements, state and federal. BitPay, Coinbase, and others will be required to obtain registration as well as licensure.
How quickly do you see these changes being implemented? Only via US based exchanges? How are international exchanges going to be handled (ei: blacklisted in US)? I am assuming you are affiliated with some of the organizations applying these new regulations? Were some laws passed recently? Thanks for any info you can share, the better folks are educated the greater we'll see folks comply; as far as US customers. I for one have been waiting for something like this to occur; I figured it was just a matter of time. cheers. (if you can't answer any of those questions and don't do so quickly; everybody will know what you are... cough cough... troll... cough cough) The changes will come soon because here is how it works: Any bank associated with an exchange or BitCoin payments operator is affected, for example: Coinbase has a contract with US Bank, a huge institution. US Bank will be very well versed in all of the upcoming regulations including the one issued by FinCEN today. (See the link in my other post) US Bank must report to FinCEN any relationship with a "money transmitter" or "money services business (MSB)" especially if they are considered "unlicensed" (state req) or "unregistered" (fed req). This means that Coinbase is going to receive high scrutiny immediately from their partnering institution! Any time you want to attach a bona fide US money service, which specializes in moving US dollars, doesn't matter which, and that institution is a financial institution, meaning a bank, check casher, wiring service, or money transmitter, the rules will apply. It will be a certainty that purchasing BitCoins using any of these services will now get harder (or at least slower) soon. I don't care what "black market" or alternative routes there are, you will not see US institutions readily interfacing with them. Therein lies the challenge.
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Math based currencies will supplant all sovereign currencies over time. Buy them now.
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BTCINVESTOR (OP)
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Activity: 176
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Cryptographic money will be the bedrock in time.
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March 19, 2013, 05:35:51 AM |
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I am a miner, if I use Mt. Gox to trade BTC and USD back and forth (to make more money) will I have to get a money transmitter license as long as i keep it under $1000 of trades per day?
No. Thank you, was seriously worried about this. Also if I do more than $1000 per day in trading would I have to get a license right? I think I would if I'm understanding the FinCEN document correctly Very doubtful. Of course it depends on volume and some other things, but you will not hit any radars easily. ;^}
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Math based currencies will supplant all sovereign currencies over time. Buy them now.
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Severian
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March 19, 2013, 05:37:16 AM |
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I don't care what "black market" or alternative routes there are, you will not see US institutions readily interfacing with them. I don't understand why this is a problem. Bitcoin is perfectly functional without interfacing with banks.
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BTCINVESTOR (OP)
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Activity: 176
Merit: 101
Cryptographic money will be the bedrock in time.
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March 19, 2013, 05:40:17 AM |
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I don't care what "black market" or alternative routes there are, you will not see US institutions readily interfacing with them. I don't understand why this is a problem. Bitcoin is perfectly functional without interfacing with banks. True, as long as you don't need to purchase them with actual USD. Exchanging BTC and buying products virtual or real with BTC, in my estimation is utterly unstoppable. For non-miners or investors, this applies acutely, as they will have a very hard time acquiring them using familiar monetary instruments.
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Math based currencies will supplant all sovereign currencies over time. Buy them now.
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Jaw3bmasters
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Another block in the wall
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March 19, 2013, 05:41:25 AM |
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I don't get this thread. What the OP is saying is accurate yet he's getting trolled.....
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In Cryptography we trust.
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BTCINVESTOR (OP)
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Activity: 176
Merit: 101
Cryptographic money will be the bedrock in time.
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March 19, 2013, 05:42:57 AM |
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By the way, Dwolla is included in the above analysis. They will need to answer for their money transmission service. They will no longer be able to pretend it's just Veridian...
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Math based currencies will supplant all sovereign currencies over time. Buy them now.
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