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Author Topic: Decentralized Exchanges Are Illegal.  (Read 7713 times)
Stampbit
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June 08, 2013, 09:44:59 PM
Last edit: June 14, 2013, 01:33:14 AM by Stampbit
 #1

According to FINCEN.

Edit:

I figured people would connect the dots. FINCEN requires anyone operating as a business who exchanges one currency for another to register as a Money Services Business, whose compliance costs millions of dollars. Naturally this would only allow a few key players to operate as such, therefore decentralized exchanges are not legally possible, and because the regulation is applied to anyone using the entry/exit points that are the banks it is not technically possible either to operate outside the bounds of regulation.
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puffpuffpass
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June 08, 2013, 09:45:25 PM
 #2

According to FINCEN.

I hope they shut down Bitcoin. Would be funny.

I have a bitcoin address that anyone can send BTC too, so I'm going to post it
on my sig because I think someone is going to randomly give me their BTC:
1D37qouguK5rNh1mSZDocgVCvA2rxsAgLp Roll Eyes
threeip
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June 08, 2013, 10:02:20 PM
 #3

According to FINCEN.

Not if every person registers as a MSB?
Coming soon, MSB forms stapled to birth certificates  Wink

ส็็็็็็็็็็็็็็็็็็็็็็็็็ GPG:2AFD99BB ಠ_ಠ mon
ninjaboon
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June 08, 2013, 10:03:39 PM
 #4

According to FINCEN.

I hope they shut down Bitcoin. Would be funny.

They would have to shut off the Internet in it's entirety.

puffpuffpass
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June 08, 2013, 10:06:02 PM
 #5

According to FINCEN.

I hope they shut down Bitcoin. Would be funny.

They would have to shut off the Internet in it's entirety.

Shows what an idiot you are.

I have a bitcoin address that anyone can send BTC too, so I'm going to post it
on my sig because I think someone is going to randomly give me their BTC:
1D37qouguK5rNh1mSZDocgVCvA2rxsAgLp Roll Eyes
westkybitcoins
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June 08, 2013, 10:24:47 PM
 #6

According to FINCEN.

*Shrug*

They're decentralized. The legality doesn't matter, they'll have a pretty rough time stopping them.

Bitcoin is the ultimate freedom test. It tells you who is giving lip service and who genuinely believes in it.
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bluemeanie1
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June 08, 2013, 10:40:30 PM
 #7

According to FINCEN.

care to back up that statement with some information?

I know it's asking a lot around here.

Just who IS bluemeanie?    On NXTautoDAC and a Million Stolen NXT

feel like your voice isn't being heard? PM me.   |   stole 1M NXT?
2D
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June 08, 2013, 11:09:03 PM
 #8

According to FINCEN.

I hope they shut down Bitcoin. Would be funny.

They would have to shut off the Internet in it's entirety.

Shows what an idiot you are.

PPP dazzling us with his razor sharp intellect again Cheesy
empoweoqwj
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June 08, 2013, 11:52:55 PM
 #9

According to FINCEN.

Out for your Sunday morning Troll I see.
grue
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June 09, 2013, 12:04:57 AM
 #10

bait topic is bait

It is pitch black. You are likely to be eaten by a grue.

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BTCTalkAccounts
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June 09, 2013, 12:07:54 AM
Last edit: July 12, 2013, 04:09:22 PM by BTCTalkAccounts
 #11

-
desert_beagle
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June 09, 2013, 12:49:36 AM
 #12

When the government gets hold of some people and puts them in federal penitentiary for felony tax evasion, people will learn.  You DON'T need a big red "OFF" button to shut down bitcoin.  Bitcoin is very fragile.  For crying out loud people go into panic mode whenever they see a large sell order.  Also any new laws or regulations will deter future investors thus preventing new "fiat" from coming in.
Cryptoman
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June 09, 2013, 12:50:51 AM
 #13

According to FINCEN.

Not if every person registers as a MSB?
Coming soon, MSB forms stapled to birth certificates  Wink

It's probably true that trading in any sort of unregistered or un-tracked financial instrument is or will soon be illegal in most jurisdictions.  That's why any type of decentralized exchange, to be successful in the long run, must be anonymous/pseudonymous.  On the positive side, all of the restrictions governments are imposing on fiat currencies are making them less and less like real money every day.  That can only bode well for the value of cryptocurrencies, and we may soon be much less interested in exchanging them with fiat.

"A small body of determined spirits fired by an unquenchable faith in their mission can alter the course of history." --Gandhi
GGGGG
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June 09, 2013, 03:05:27 AM
 #14

So is Silk Road - the whole point is that P2P solutions cannot be destroyed by outside forces.
acceptance2
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June 09, 2013, 11:45:49 AM
 #15

When the government gets hold of some people and puts them in federal penitentiary for felony tax evasion, people will learn.  You DON'T need a big red "OFF" button to shut down bitcoin.  Bitcoin is very fragile.  For crying out loud people go into panic mode whenever they see a large sell order.  Also any new laws or regulations will deter future investors thus preventing new "fiat" from coming in.

Good thing Bitcoin is " the world currency " and not owned, managed or controlled by the US.

As BTC becomes more widely distributed, any actions the US takes will be tantamount to pissing in the wind.

It will take time but there is no doubt it will survive attacks from those slowly losing control.

And eventually THRIVE, just like BitTorrent. 
Prophet
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June 09, 2013, 01:46:00 PM
 #16

Bitcoin will not survive.

It was not designed to, it is only an experiment to test the waters; The real global champion will
be the one that rises from it's ashes, better, faster, stronger: Anti-fragile perfected.

We are already seeing the emergence of a true world government by the people for the people and for
that the first shot is establishing a currency that no nation or corporation can control. You can almost
say that Bitcoin is the internet nations currency an underlying web that connects everyone in the
planet now with a currency to match.

Smile and wave, we are the new Boston tea party.

that exchange that people are talking about, who cares if it is illegal? If it's useful people will use it and
even those who wish to stop it will see the ideology behind it and they will make the same mistake they
always do, enforcing it by the point of a gun, taking away ones logic or their life. silly rabbits tricks are for kids.
gollum
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June 09, 2013, 04:02:13 PM
 #17

According to FINCEN.
They can jerk off
tycoonUA
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June 09, 2013, 04:09:14 PM
 #18

where's the links? just trolling?
crazynoggin
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June 09, 2013, 04:20:28 PM
 #19

Maybe it is time to have a major decentralized cryptotrading site on the tor network even if this is a troll.

Use my referral link if you want: https://primedice.com/?ref=Crazynoggin
BitcoinBarrel
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June 09, 2013, 04:28:53 PM
 #20

Wouldn't surprise me if giving your kid a pop tart is illegal nowadays.

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