GREAT NEWS FOR VIRTUAL CURRENCIES from Liberty Reserve Press Conference

[Coinseeker]

When people don't want to use my money to blow giant craters in other peoples' countries for shits and giggles let me know and then I'll share

So you basically mean never.  Honestly, sounds like a really poor excuse to just be selfish.  Fine by me, but why not just own that without the excuses?  

[fellowtraveler]

Those offering virtual currencies must comply with these regulatory requirements and if they do so they have nothing to fear...

...and what are those regulatory requirements?

a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter.

So hey, as long as all the miners register as money transmitters, they have nothing to fear!

[bytemaster]

This is where BitShares will entirely demolish their plans.

1) no more exchanges
2) mining is far more decentralized.
3) all assets that are traded are 'final' sales, no IOU, no deposits.  Equivalent to barter.
4) no currency exchange risk.

Combine the properties and the only thing they could do is outlaw the direct acceptance of Bitcoin or BitShares for goods as being 'money transmittal'.    If we get them 'on the record' saying that using crypto-currencies for buying and selling goods is acceptable and legal, then they are stuck!

[QuestionAuthority]

This is where BitShares will entirely demolish their plans.

1) no more exchanges
2) mining is far more decentralized.
3) all assets that are traded are 'final' sales, no IOU, no deposits.  Equivalent to barter.
4) no currency exchange risk.

Combine the properties and the only thing they could do is outlaw the direct acceptance of Bitcoin or BitShares for goods as being 'money transmittal'.    If we get them 'on the record' saying that using crypto-currencies for buying and selling goods is acceptable and legal, then they are stuck.....

....until they pass a new law saying its illegal. lol

[Lethn]

When people don't want to use my money to blow giant craters in other peoples' countries for shits and giggles let me know and then I'll share

So you basically mean never.  Honestly, sounds like a really poor excuse to just be selfish.  Fine by me, but why not just own that without the excuses?  

If you think that taxes have anything to do with with being generous you're incredibly naive.

[Coinseeker]

When people don't want to use my money to blow giant craters in other peoples' countries for shits and giggles let me know and then I'll share

So you basically mean never.  Honestly, sounds like a really poor excuse to just be selfish.  Fine by me, but why not just own that without the excuses?  

If you think that taxes have anything to do with with being generous you're incredibly naive.

Oh spare me the libertarian bible thumping.   

[FoBoT]

yay! great news! as long as bitcoin fully complies with any and all laws they feel like making up , taxes anyone? how about a nice 25% US National tax on each bitcoin transaction? yay! go government regulations!!
no worries mate! we just have to register all of our wallet addresses with the IRS and they will grant us permission from   Palpatine, Dark Lord of the Sith and Emperor of the Galactic Empire to continue using bitcoin


oh joyous news everyone!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!111111111111111

[TheButterZone]

"I, (insert practically any American politician's name here) fully support the 2nd Amendment."
/violates civil rights with impunity

[foggyb]

Those offering virtual currencies must comply with these regulatory requirements and if they do so they have nothing to fear...

...and what are those regulatory requirements?

a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter.

So hey, as long as all the miners register as money transmitters, they have nothing to fear!

Bitcoins are not created by miners. It is a lottery system. The winner gets bitcoins as a reward for solving the math problem. Am I wrong? Legally speaking, I mean.

[bytemaster]

Legally speaking, words mean nothing or anything depending on how you look at it.

[fellowtraveler]

If you think that taxes have anything to do with with being generous you're incredibly naive.

Oh spare me the libertarian bible thumping.  

Speaking of which...

"Each one must give as he has decided in his heart,
not reluctantly or under compulsion,
for God loves a cheerful giver."
2 Corinthians 9:7

"Do not pervert justice;
do not show partiality to the poor
or favoritism to the strong,
but judge your neighbor fairly."
Leviticus 19:15

"You shall not go after the majority to do evil.
Neither shall you testify in a matter in court
to incline after the majority to pervert justice."
Exodus 23:2

[vongesell]

Yeah, but I think to them virtual currency means AmazonCoin and Terrance and Phillips MintChip not Bitcoin. They are looking for money laundering. Don't you suppose they are at least a little concerned with tumblers and that Bitcoin is the payment system of choice for SR.  Don't be naïve.

Read http://www.ieee-security.org/TC/SP2013/papers/4977a080.pdf -- if they wanted to shutdown SR they could tomorrow using vulns in Tor.

[Its About Sharing]

Listen from around the 27:30 minute on.

Some VERY notable extracts:

I want to make clear that today's actions does not mean that we are against virtual currencies

To the contrary, mobile and internet based financial technologies, including virtual currencies, have great promise to empower consumers, to encourage the development of innovative financial products and expand access to financial services. In fact FinCen issued guidance in March 2013 to bring clarity and regulatory certainty to businesses and individuals....

Those offering virtual currencies must comply with these regulatory requirements and if they do so they have nothing to fear...

This is pretty damn good news guys...

You've cherry picked. This is an ex-script from the same video...

...27:06 "[...] was used because of the anonymity it offers. Liberty Reserve thus threatens the financial system by facilitating anonymous transactions among cyber criminals ultimately involving more traditional financial institutions where so called Liberty Reserve dollars are converted into US Dollars. Liberty Reserve also threatens the US financial system by providing financial services to the developers and purchasers of financial malware [...]"

Replace "Liberty Reserve dollars" with "Bitcoins" and "traditional financial institutions" with "exchanges (Mt Gox et al)" and suddenly, the pictures not quite so rosy.  

Your experience may differ, but subjectively no where in that video does it hint at endorsement of Bitcoin. And if you were to take Liberty Reserve as the model and apply it to the current BTC world, most of the current Bitcoin businesses fall afoul of US (read: Western global) anti money laundering regulations.

Two points:

1.  Seem odd to suddenly be offering blind trust to a government after years of building an ideology on the basis the same government is untrustworthy.     I guess they are ok when they say what you want?  Not so good when they don't?  

2.  ...27:06 "[...] [Bitcoin]was used because of the anonymity it offers. Liberty Reserve [Bitcoin]thus threatens the financial system by facilitating anonymous transactions among cyber criminals ultimately involving more traditional financial institutions where so called Liberty Reserve dollars [Bitcoins] are converted into US Dollars. Liberty Reserve [Bitcoin] also threatens the US financial system by providing financial services to the developers and purchasers of financial malware [...]"

Not hard to swap the names and drop the hammer.  If anything, it's another telegraphed warning at Bitcoin.  Didn't see this part initially when the news broke.  Very telling IMO.  

FUD?  Maybe.

You don't "telegraph warnings" to a p2p protocol.

But there is a clear message to exchanges - they want their voice to be heard.

Everything else in your post is FUD of the dullest kind.

Well said. It is being spelled out for us and even then, FUD'ers want to spin it negatively. "Maybe it was Amazon Coin or the like". (Not to pick on that one example). CoinFuder is the king of this. He wants to make money with BitCoin and cares less about the bigger implications. You reap what you sow... Blind trust? If they lie they lie, but we have to go forward. Don't live in fear people, that gives up your power.

We got a break guys, they want us to follow CURRENT regulations. This doesn't mean we are kissing AZZ. Anything new that comes up will have to be met from a position of power, which we are in.

[Its About Sharing]

Those offering virtual currencies must comply with these regulatory requirements and if they do so they have nothing to fear...

...and what are those regulatory requirements?

a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter.

So hey, as long as all the miners register as money transmitters, they have nothing to fear!

and Fobot...

The regulatory requirements have BASICALLY been set by FinCen. No, they are not clear but it gives us something to work with. Current regulations, not future. Again, we are in a position of power. Don't give in to fear.

I don't think the miner thing is clear. That sure is bothersome. But we got to move forward. See good news as good news and don't lump it all as bad. That is unfair.

[FoBoT]

i am not giving to fear, i am in this , i just think there is a good chance one(some) of us will end up in jail or with $250,000 fine after being found guilty of something, like Jammie Thomas-Rasset (see link below)
jury's in the US do as they are told, they are made up of sheep and the government has trained US Citizens to believe they must convict people of whatever prosecutors put before them

it comes down to the almighty dollar, if the mega corporations think they will lose profits from this cryptocurrency, they will use their control of the governments to try and stop it

http://www.cnn.com/2009/CRIME/06/18/minnesota.music.download.fine/

[yocko06]

great news for bitcoin. they know going after bitcoin is a wast of time so they are just going to control money going in and out of it. this will be regulated like cash. Bitcoin is being excepted

[Coinseeker]

Speaking of which...

"Each one must give as he has decided in his heart,
not reluctantly or under compulsion,
for God loves a cheerful giver."
2 Corinthians 9:7

Is it lawful to pay taxes to Caesar, or not? Should we pay them, or should we not?” 15 But, knowing their hypocrisy, he said to them, “Why put me to the test? Bring me a denarius[d] and let me look at it.” 16 And they brought one. And he said to them, “Whose likeness and inscription is this?” They said to him, “Caesar's.” 17 Jesus said to them, “Render to Caesar the things that are Caesar's, and to God the things that are God's.” -Mark 15-17

"Do not pervert justice;
do not show partiality to the poor
or favoritism to the strong,
but judge your neighbor fairly."
Leviticus 19:15

"Sell your possessions and give to those in need. This will store up treasure for you in heaven! And the purses of heaven never get old or develop holes. Your treasure will be safe; no thief can steal it and no moth can destroy it. -Luke 12:33

"You shall not go after the majority to do evil.
Neither shall you testify in a matter in court
to incline after the majority to pervert justice."
Exodus 23:2

But small is the gate and narrow the road that leads to life, and only a few find it. -Matt 4:17

In the future...pick a covenant and stick with it.  You're quoting from two different covenants as if they are one and the same.  You are either under the law or under Grace, but not both.  

[Coinseeker]

Well said. It is being spelled out for us and even then, FUD'ers want to spin it negatively. "Maybe it was Amazon Coin or the like". (Not to pick on that one example). CoinFuder is the king of this. He wants to make money with BitCoin and cares less about the bigger implications. You reap what you sow... Blind trust? If they lie they lie, but we have to go forward. Don't live in fear people, that gives up your power.

We got a break guys, they want us to follow CURRENT regulations. This doesn't mean we are kissing AZZ. Anything new that comes up will have to be met from a position of power, which we are in.

Yeah, spin that SUBMISSION.     Glad to see you guys coming around to support and compliance of the law.  There's hope yet. 

[QuestionAuthority]

If Robert S. Mueller, Director of the FBI, and Secretary Janet Napolitano of Homeland Security made a statement claiming that they had no problem with Bitcoin specifically as a system then you could be excited. The term "Virtual Currency" is too generic. Having some little fudwinkle under secretary nobody claiming that they have no problem with a generic concept and supporting advances in consumer technology doesn't say much about the way the US government is really going to react.

Alcohol was illegal in the U.S., then it was illegal, then the people went apeshit and it became legal again. The way to get support for anything in the U.S. is to get overwhelming support of the people. It can be really difficult to do like the civil rights struggle or gay marriage but it can be done. The last thing you want to focus on is what some two faced double speak politician says about anything because his opinion and actions will spin around like a leaf in a river.

[EndTheFed321]

I don`t see any good new for Bitcoin 
Only for the funny money printed by the Feds or Virtual Currencies backed by the FED