[2014-01-30] VICE — US Gov Closes In On Bitcoin & Some Bitcoiners Are Smiling

[ksruictkesn]

http://motherboard.vice.com/blog/the-us-government-closes-in-on-bitcoin-and-some-bitcoiners-are-smiling

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[Mike Christ]

This is how the state creates criminals out of innocent people; meanwhile, those using bitcoin for illicit activities will continue to do so, as they don't go through legitimate means anyway.

[odolvlobo]

[Superintendent of Financial Services Benjamin] Lawsky ... at one point making a sly dig at the incumbent sector, wondering why it took him up to three days to open a bank account.

Oh, the irony. The reason it takes 3 days? Your regulations, you fool!

[zakoliverz]

We are innocent Bitcoiners.

[bryant.coleman]

Talking about Benjamin Lawsky, several people have accused him of harassing legitimate business people who conducted business (legally) with Iran. A venomous and arrogant piece of thrash.

[DeathAndTaxes]

In other words, it’s time for Bitcoiners to follow the rules.

The irony is that NY despite being heavy handed with regulation has a rather narrow statuatory definition of money transmission.  It is highly unlikely that exchanging one currency into another meets that criteria (hint conventional currency exchangers are not money transmitters under NY law).

The regulators even commented on the fact that they likely will need to use the power to expand the scope of regulation to cover virtual currencies AS THE EXISTING REGULATIONS DO NOT COVER THAT ACTIVITY.

So how exactly would Bitcoin "follow the rules", when the rules as written today this 30th of January, in the two thousand and fourteenth year of our lord aren't applicable?  Somehow use precognition and follow the rules today, that regulators will think of next year?

[aigeezer]

So how exactly would Bitcoin "follow the rules", when the rules as written today this 30th of January, in the two thousand and fourteenth year of our lord aren't applicable?  Somehow use precognition and follow the rules today, that regulators will think of next year?

Good opportunity to mention that a new global calendar system is in order, one free of parochial religious connotations. How about one grounded in the date some presently call October 31, 2008?

https://bitcoin.org/bitcoin.pdf

[enquirer]

Right, and switch from base10 to base16 numbers, as some bitcoiners have long been arguing