Price drop? Thank all those that advocated working with regulators.

[Severian]

That is all.

[BitTrade]

+1.  Every dollar spent having to comply with regulations is one less dollar spent on providing bitcoin products and services, and one less dollar's worth of BTC in the bitcoin economy.   

[ElectricMucus]

You're welcome.

Would advocate again.

[franky1]

when dealing with fiat u got no choice....

be regulated or be shut down...

so its not really about advocating, its about limiting risk of being shut down. now that exchanges are starting to get licences it will secure the trust that our funds are not being managed by inexperienced zit faced squatters. thus secure future growth..

so lets just plod on through the growing pains and enjoy the future.

a price drop is not a reason to cry, its a reason to buy in cheap.

[BCB]

BTC price will SKYROCKET as soon at the First Fully regulated exchange comes on line.

I'm taking bets.

[franky1]

+1.  Every dollar spent having to comply with regulations is one less dollar spent on providing bitcoin products and services, and one less dollar's worth of BTC in the bitcoin economy.   

wrong..

if alice has bitcoins and jeff has dollars. and they use dave's exchange.. dave does not remove jeffs funds to pay for licences.. dave uses the 0.x% profits of both alice and jeff's transactions when trading..

or dave uses own investment to buy licences and then recoups and eventually profits from the 0.x% transaction fee's..

the amount of dollar in the economy does not change.. and no exchange should be removing funds from the thousands of Jeff's in an exchange.

lastly if a exchange cant afford the licences. then it shouldnt really be trusted to handle billions of dollar economy

[franky1]

BTC price will SKYROCKET as soon at the First Fully regulated exchange comes on line.

I'm taking bets.

use http://www.fincen.gov/financial_institutions/msb/msbstateselector.html

so far just typing in 'bit' into the legal name:
bitbox
bitquick

are the only 2 fully US covered.

[BCB]

BTC price will SKYROCKET as soon at the First Fully regulated exchange comes on line.

I'm taking bets.

use http://www.fincen.gov/financial_institutions/msb/msbstateselector.html

so far just typing in 'bit' into the legal name:
bitbox
bitquick

are the only 2 fully US covered.

franky1

Love your enthusiam, but could you please stop posting your opinion about things you not nothing about.  It is really not helpful. 

[FreeMoney]

Ha, what a crappy system if it is vulnerable to some people asking some other people to ask (okay probably try to force) other people to do something.

[franky1]

BTC price will SKYROCKET as soon at the First Fully regulated exchange comes on line.

I'm taking bets.

use http://www.fincen.gov/financial_institutions/msb/msbstateselector.html

so far just typing in 'bit' into the legal name:
bitbox
bitquick

are the only 2 fully US covered.

franky1

Love your enthusiam, but could you please stop posting your opinion about things you not nothing about.  It is really not helpful. 

i know more then you think, but a comment like that, i guess your in team 'death and taxes' . if so..

i lol you

[Severian]

BTC price will SKYROCKET as soon at the First Fully regulated exchange comes on line.

As long as the Federal Reserve is calling the shots, that won't be happening. They want to kill Bitcoin just like they want to kill gold and silver, probably even more.

[Severian]

Love your enthusiam, but could you please stop posting your opinion about things you not nothing about.  It is really not helpful. 

+1.

[Severian]

Ha, what a crappy system if it is vulnerable to some people asking some other people to ask (okay probably try to force) other people to do something.

It's people using the old crappy model of "I gotta do what the State says with my spiffy new decentralized P2P currency or I'll get in big trouble/won't make an extra dollar" that are the problem.

I love Bitcoin the tool. It's smarter than 40% of the tools that use it.

[Severian]

+1.  Every dollar spent having to comply with regulations is one less dollar spent on providing bitcoin products and services, and one less dollar's worth of BTC in the bitcoin economy.   

Yepper. Every minute spent dealing with publicly funded busybodies to keep them happy is one less minute spent on services to help Bitcoin users.

[justusranvier]

+1.  Every dollar spent having to comply with regulations is one less dollar spent on providing bitcoin products and services, and one less dollar's worth of BTC in the bitcoin economy.   

Yepper. Every minute spent dealing with publicly funded busybodies to keep them happy is one less minute spent on services to help Bitcoin users.

It's going to be more productive to think of this as an opportunity rather than a problem.

Every bitcoin business out there where the operators are dumping their time, money, and mental energy into the black hole of compliance is vulnerable to being out-competed by other businesses with better tactics.

[franky1]

every minute becoming compliant for dealing with FIAT is one less month having your funds frozen and lost trust due to non compliance of handling FIAT.


i fully advocate BITCOIN is not regulated.. but the FIAT gateways into bitcoin.. well thats a little different.

regulation is about FIAT
regulation has always been about FIAT
regulation will be about FIAT

if you don't want regulation don't be a FIAT exchanger.. become a T-shirt or grocery's for BTC exchanger instead.

[Severian]

It's going to be more productive to think of this as an opportunity rather than a problem.

Agreed. This thread is merely my way of hoping against hope that some people will see the futility of trying to play Step n Fetchit for the State.

[nobbynobbynoob]

Franky's totally right: if you touch fiat (in the open rather than in the hidden underground "cash-only" market), then you have to play by the State's and banks' rules. It works out better than the alternative. Look at Mt Gox: they stay on good terms with Japanese authorities (presumably) and they don't get shut down. They stick the finger up at FinCEN and have their subsidiary (Mutum Sigillum LLC)'s funds frozen.

[Severian]

Franky's totally right: if you touch fiat (in the open rather than in the hidden underground "cash-only" market), then you have to play by the State's and banks' rules. It works out better than the alternative. Look at Mt Gox: they stay on good terms with Japanese authorities (presumably) and they don't get shut down. They stick the finger up at FinCEN and have their subsidiary (Mutum Sigillum LLC)'s funds frozen.

A tool comes along that can actually free us from fiat and people still want to be on the leash.

The choice between Liberty and Security seems to be an easy one for most. Bitcoin clearly delineates the border.

[BCB]

Franky's totally right: if you touch fiat (in the open rather than in the hidden underground "cash-only" market), then you have to play by the State's and banks' rules. It works out better than the alternative. Look at Mt Gox: they stay on good terms with Japanese authorities (presumably) and they don't get shut down. They stick the finger up at FinCEN and have their subsidiary (Mutum Sigillum LLC)'s funds frozen.

A tool comes along that can actually free us from fiat and people still want to be on the leash.

The choice between Liberty and Security seems to be an easy one for most. Bitcoin clearly delineates the border.

Yes if you want to remain in the shadows.