Thou shalt have no other gods before me

[Frizz23]

Quote: "New York's top banking regulator has issued subpoenas to roughly two dozen companies associated with bitcoin as part of a wide-ranging inquiry into the business practices of the fledgling virtual-currency industry, according to people familiar with the matter.

The subpoenas, from the New York Department of Financial Services, seek information on a range of topics, including antimoney-laundering programs, consumer-protection measures and investment strategies, according to the people. ...

The department, led by Benjamin Lawsky, also plans on Monday to issue a memo expressing concern that virtual-currency companies aren't complying with the state's money-transmission laws. ..."

Read the full article here: http://online.wsj.com/article/SB10001424127887323585604579006880143449754.html

Thou shalt have no other gods before me!

[Lethn]

That's because Bitcoins don't have to comply with any state's money-transmission laws the stupid cunts.

[Epicurus]

That's because Bitcoins don't have to comply with any state's money-transmission laws the stupid cunts.

That's correct, just like dollars don't have to.

The government doesn't prosecute currency, however. It prosecutes individuals, and individuals certainly do have to comply with state money transmission laws.

[p2pbucks]

US big brother cant bear bitcoin to defy USD's thron

[Lethn]

The government doesn't prosecute currency, however. It prosecutes individuals, and individuals certainly do have to comply with state money transmission laws.

Well I'm no lawyer in the slightest, but in order to find us out they'd have to do something illegal which would then break the laws they set up because of all the security measures Bitcoin has, so the only way to catch anyone in their country using Bitcoin would be to get rid of the fifth amendment ( I think that's the one that prevents unreasonable search and seizures ) and in doing that they'd stop being any sort of legitimate government.

So at least law wise they wouldn't be able to do a damn thing about people using Bitcoin in America, the only way they could get everyone would be to turn into a full on dictatorship.

[jwzguy]

As a brief aside... The government - does - prosecute currency,  on a regular basis. Every time they steal large amounts of cash under the  pretext that it 'could'  be used to buy drugs, in order to then seize it without evidence if any crime,  they will file a case against the cash itself. For example 'the state of Tennessee vs $ 100,000.'
Pure insanity.

[murraypaul]

Well I'm no lawyer in the slightest, but in order to find us out they'd have to do something illegal which would then break the laws they set up because of all the security measures Bitcoin has, so the only way to catch anyone in their country using Bitcoin would be to get rid of the fifth amendment ( I think that's the one that prevents unreasonable search and seizures ) and in doing that they'd stop being any sort of legitimate government.

Or they could look at the companies that openly say that they exchange Bitcoin for dollars?
That would seem like a pretty obvious start, wouldn't it?
And no, the fourth amendment protects against unreasonable search and seizure. The fifth protects against self-incrimination.
I don't even live in the US, and I know that.

[Lethn]

Oops! You know I've never been able to find a proper list of the constitutions amendments on the internet.

[murraypaul]

http://en.wikipedia.org/wiki/List_of_amendments_to_the_United_States_Constitution

You clearly haven't watched enough cop shows, if you've never seen people take the fifth