Let's draft a model law for the crypto-Hong Kong

[JDBound]

From BLOGDIAL's "FinCEN sounds death knell for US based Bitcoin businesses" (it's worth a read):
http://irdial.com/blogdial/?p=3488

"Finally, this is a great opportunity for a country to cause Bitcoin startups to congregate in their territory. A 150 year moratorium on any law that touches anything to do with Bitcoin / Blockchain technology would create a new Hong Kong island of super prosperity, as it becomes the world’s hub for all Bitcoin business, and the trillions of dollars in Bitcoin flowing through it, leaving the pitiful democracies in the dust."

Jon Matonis posted that yesterday. Today, I see nothing preventing the knowledgeable individuals in this community from coming together and making it happen. Below is a simple vision:

LEX SATOSHI

Plan: Draft a model law establishing an ideal business climate for cryptocurrencies and their associated ventures. Present said law to various national governments. First-mover advantage establishes the crypto-Hong Kong in the adopting country.

Execution: Amass pro-Bitcoin talent (developers, business, economists, lawyers), establish a persuasive web-presence/sales pitch, and convince a national government to enact said law at the highest level possible.

This is probably too aggressive of a lobbying effort for the Foundation to take on directly, so I'm going through these channels instead. I think such a project would require a somewhat formal organization, but I'm interested in doing this regardless of the form it takes.

So, who wants to craft a super-prosperous crypto-HK?

(GitHub URL has changed)
lexsatoshi.org (coming soon)
https://groups.google.com/forum/?fromgroups#!forum/lex-satoshi
https://github.com/mdelias/LexSatoshi

Participants:
JDBound (Matthew Elias)
Beauxe
virtuallylaw (Patrick Murck)
Big Time Coin

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[Beauxe]

This is a great idea!  We can shop our support to jurisdictions that recognize the opportunity rather than the threat of bitcoin.  How do we begin?  I am in.  20 years of experience in trading/exchange management and financial industry regulation.

[JDBound]

This is a great idea!  We can shop our support to jurisdictions that recognize the opportunity rather than the threat of bitcoin.  How do we begin?  I am in.  20 years of experience in trading/exchange management and financial industry regulation.

Excellent! Either request to join to google group or PM me your email and I will add you. I will be working on getting some preliminary documentation there within the next few days, and maybe some type of rudimentary outline on github by next week.

From the google group:

...dedicated to the development and promotion of a prohibitory model law which will ensure the existence and operation of cryptocurrencies and their related ventures in the adopting jurisdiction.

I'm using this as a starting point right now, but it is admittedly clunky and could be improved.

[virtuallylaw]

Neat project. I like the idea of creating model rules and I really like the idea of doing it in GitHub Let me know if you want me to fork it into the Foundation's legal repo.

[JDBound]

Neat project. I like the idea of creating model rules and I really like the idea of doing it in GitHub Let me know if you want me to fork it into the Foundation's legal repo.

Thanks Patrick! Yes, please do fork.

[Big Time Coin]

I'm in.  I'm going to be doing some legal research in this area anyway.  I hope you realize what we are up against with FinCEN though, that is not just a U.S. organization, it has a global hegemonic reach in international finance.  Any model law, if it made the country in violation of FinCEN regs would be unappealing for adoption.

[sunnankar]

[/url]https://github.com/mdelias/Lex-Satoshi

Didn't you know? Lawyers are not allowed to use github.

[TheButterZone]

[/url]https://github.com/mdelias/Lex-Satoshi

Didn't you know? Lawyers are not allowed to use github.

Wut? LOL here's two more.

[hardcore-fs]

Until recently I was working with a guy in HK that knows a couple of the political people, his plan was to do something similar to this,
 he had invested in 'toms'  mining equipment with a view to setting up a demonstration and taking it from there.
Unfortunately when Tom fucked every one over the plan went to the wall.

He may be interested, are you based in HK?

[gnu]

This is a very cool idea. Crypotonomicon meets real life.

Hong Kong is probably the best bet because of its backing by China which gives it a chance against the cabal of FINCEN & the banker duopolies and would allow the tech to compete on its own value-adding merits rather than be preemptively & intentionally strangled by regulations...but anyway...Antigua might be interested too. Antigua is pretty pissed at the US for effectively shutting down its online gambling industry, which then damaged Antigua's economy badly. http://www.nestmannalliance.com/2013/02/the-right-to-piracy/

[JDBound]

I've done some preliminary work on getting the LexSatoshi repo organized on GitHub. Hopefully this provides us with a useful way to collaborate and move this project forward. I'll be working on getting some initial discussion topics started in the google group shortly. I want to begin by discussing our thesis, definitional matters, and the prohibitory model. I encourage anyone who is interested to engage in the group.

He may be interested, are you based in HK?

I am on the East Coast U.S. PM me his contact info and I'll get in touch.

This is a very cool idea. Crypotonomicon meets real life... Antigua

Certainly an interesting jurisdiction which we'll be looking into.

[marcus_of_augustus]

Bitcoin Island  ... HK, Singapore(?), somewhere that has no existing cap. gains tax to begin with would be good start ... New Zealand(?)

[moni3z]

Pretty naive article. You would need absolute solid OPSEC to start up your illegal offshore bitcoin paradise that caters to Americans, because they kidnap foreigners all the time for breaking Fincen and other bullshit US law

http://english.ruvr.ru/2012/01/21/64314939/

[Zeke_Vermillion]

Pretty naive article. You would need absolute solid OPSEC to start up your illegal offshore bitcoin paradise that caters to Americans, because they kidnap foreigners all the time for breaking Fincen and other bullshit US law

http://english.ruvr.ru/2012/01/21/64314939/

Didn't anyone read Cryptonomicon?
But seriously, the cool part about cryptography is that it is a tool that is useful in the real world, not just on private islands run by kleptocratic rules who can be manipulated. I think it is possible to build some impressive tech on top of btc and other decentralized crypto-currencies, WITHIN the existing legal regime in the US. If you're looking for a good place to do that, how about New Hampshire? Or, North Dakota?