NY regulator memo: Notice of Inquiry on Virtual Currencies

[Mageant]

I dont get this, how exactly will they ACTUALLY stop Bitcoin? There is talk, more talk and even more talk. All the rules and regulations in the world, wont do shit to Bitcoin. The reality is that thousands of users ARE using it, regardless of what someone is saying, simply because they know they cannot be touched. So what is this all for? One last hurrah by regulators?

It won't, and that's the fun thing to watch.
They don't know what to do so they are just trying *anything*.
Just like a caught wild animal will thrash around even though its situation is hopeless.

[crumbs]

I dont get this, how exactly will they ACTUALLY stop Bitcoin? There is talk, more talk and even more talk. All the rules and regulations in the world, wont do shit to Bitcoin. The reality is that thousands of users ARE using it, regardless of what someone is saying, simply because they know they cannot be touched. So what is this all for? One last hurrah by regulators?

It won't, and that's the fun thing to watch.
They don't know what to do so they are just trying *anything*.
Just like a caught wild animal will thrash around even though its situation is hopeless.

I think the expression you're looking for is "caught a tiger by the tail"

[Mageant]

I dont get this, how exactly will they ACTUALLY stop Bitcoin? There is talk, more talk and even more talk. All the rules and regulations in the world, wont do shit to Bitcoin. The reality is that thousands of users ARE using it, regardless of what someone is saying, simply because they know they cannot be touched. So what is this all for? One last hurrah by regulators?

It won't, and that's the fun thing to watch.
They don't know what to do so they are just trying *anything*.
Just like a caught wild animal will thrash around even though its situation is hopeless.

I think the expression you're looking for is "caught a tiger by the tail"

No, I'm thinking more like a pigeon or rat in a cage.

[crumbs]

I dont get this, how exactly will they ACTUALLY stop Bitcoin? There is talk, more talk and even more talk. All the rules and regulations in the world, wont do shit to Bitcoin. The reality is that thousands of users ARE using it, regardless of what someone is saying, simply because they know they cannot be touched. So what is this all for? One last hurrah by regulators?

It won't, and that's the fun thing to watch.
They don't know what to do so they are just trying *anything*.
Just like a caught wild animal will thrash around even though its situation is hopeless.

I think the expression you're looking for is "caught a tiger by the tail"

No, I'm thinking more like a pigeon in a cage or a mouse in a mousetrap.

In that case, we can forgo speech therapy & go for ECT without wasting any time.

[joae1975]

My letter to Benjamin Lawsky.  Sent to him here.

Dear Mr. Benjamin Lawsky,

In regards to Bitcoin.  What you're doing is tyrannical.  Lawmakers today act more like the wild wild west with their overregulation and dictating then any businessman.  American's want to be free.  The one thing that will make them free is Bitcoin.  Currently, we are not truly free because of our centrally controlled currency aka Federal Reserve Bank.  Regulating Bitcoin will not help Bitcoin and other cryptocurrencies.  Regulations will do quite the opposite, as they always do.  By regulating Bitcoin, you are creating criminals.  When an action is deemed "illegal," criminals are created, therefore freedom and liberty is lost.  Bitcoin is great because it is not regulated.  Recent regulations on U.S. citizen banking practices have isolated us from the world.  Most foreign banks will not accept U.S. customers for the simple reason, they don't want to comply with U.S. regulations.  Bitcoin solves this.  Many countries are embracing Bitcoin with no regulations, i.e. Germany, India, Kenya, etc etc.  Bitcoin is global.  You cannot stop it.  They only way to stop it is to shut down the internet forever.  Not gonna happen.  You could temporarily halt it with an EMP or nuclear bomb, I doubt you'll do that.  If you regulate bitcoin in the United States and hamper it's legitimate use, you will play an active role in the downfall of the United States.  Bitcoin is meant to liberate the world.  The rest of the world is embracing Bitcoin because they know the U.S. will regulate it.  They know our government will try and stop it.  They know we will suffer for this regulation of Bitcoin.  They know it is freedom.  China is embracing Bitcoin because they know the U.S. will try and stop it.  Bitcoin will cure poverty all around the world.  People are free when they are free to communicate and trade with one another regardless of borders or culture.  Iranians use Bitcoins with impunity through CoinAva.  People are resilient and creative, in good ways and bad.  If you try to stop/regulate Bitcoin, people will find ways around your proposed regulations.  Instead of creating new products and helping each other they will waste their time avoiding you.  They will hurt other people trying to avoid you.  That's what happens when government regulates an industry.  They will still use Bitcoin no matter what you do.  American Bitcoin entrepreneurs will expatriate the United States.  They will flee to a more Bitcoin free country and create jobs/products there.  America will suffer.  You are not helping.  You are the problem.  Big banks and big government are the problem.  Have you ever read the book, "Atlas Shrugged?"

Bitcoin is John Galt.  GET OUT OF THE WAY!

-J

[joae1975]

And what was the point of that?

I sent that to them.  You don't like it?

[Coinseeker]

<snip>Have you ever read the book, "Atlas Shrugged? <snip>"

I hope you didn't actually send that letter.  Exactly the type of ideological idiocy, that is hurting Bitcoin adoption, it's legitimacy and makes this whole process much harder than necessary.  "Atlas Shrugged"??  That's your argument??  Sheesh...kids these days.    I believe in free speech and all but sometimes I just wish these zealots would learn when to stfu.

[crumbs]

My letter to Benjamin Lawsky.  Sent to him here.

Dear Mr. Benjamin Lawsky,
[snip]

Dear joe1975,

Thank you so much for your kind yet eye-opening letter.
Me and my recently elected friend, Mayor mcCheese, just couldn't stop reading it!  If it wasn't for Atlas Shrugged, which proved to be quite the page-turner and just about impossible to put down, we'd still be at it.

I was saddened to learn i was not helping with the suffering of America, as was Mayor mcCheese -- we're both real sorry.  We're doing the best we can, though Hamburglar is proving to be a fiendishly clever adversary.  EMP is just about the only way to stop him, and, as you know, that's a weapon of last resort.  Sure, we were forced to use it to conquer Equestria, but at what cost?  Pinkie Pie still refuses to talk to us!

We're eager to learn more about international finance from you, joe1975, please keep on writin'.

Your friend,

  Benjamin <3

[joae1975]

Okay, hahaha!  I understand my letter will do nothing.  But what if millions of Americans sent him similar letters?  What if we flood his office with calls?  I did send it to him.  I signed it with my name, address, ph# and all.  I was so disgusted with his subpoenas, I had to vent.  How many of you are calling and writing him?  How many of you are voicing your opinions to the powers that be?  I call my congressman/senators all the time.  If you don't stand up to the aggressors, you will be aggressed.  It's like the bully at the playground.  Let them know you won't take it.

[QuantPlus]

I dont get this, how exactly will they ACTUALLY stop Bitcoin? There is talk, more talk and even more talk. All the rules and regulations in the world, wont do shit to Bitcoin. The reality is that thousands of users ARE using it, regardless of what someone is saying, simply because they know they cannot be touched. So what is this all for? One last hurrah by regulators?

It won't, and that's the fun thing to watch.
They don't know what to do so they are just trying *anything*.
Just like a caught wild animal will thrash around even though its situation is hopeless.

Seems like hank-picking 20 high profile BTC people...
Serving them with a subpoena to get TRUTHFUL testimony UNDER OATH...
Is precisely the opposite of what you describe = a very measured, responsible response.

[jedunnigan]

So a friend of mine looked at one of these subpoenas last night. They are very detailed documents, lot's of requirements but nothing seems to be out of MSB scope. I hope I am still right about this.

[QuestionAuthority]

A couple of years ago I had a discussion with someone here about bad publicity. I was voraciously attacked by all and told that any publicity is good for Bitcoin. Well this is the result of years of bad publicity in the U.S.A. combined with too many average people getting scammed and running to do the only thing they know to do/have been programmed to do (alert the authorities). This is obviously what everyone wanted so why complain now? The worst possible outcome that could happen is the American Nazi's stop using Bitcoin and it flourishes in the rest of the world. Oh sure, some pro-American countries that always implement our legislation will follow suit but that won't stop the rest of the world from using it and people that fervently believe in it can just go live in one of those countries.

[jgarzik]

So a friend of mine looked at one of these subpoenas last night. They are very detailed documents, lot's of requirements but nothing seems to be out of MSB scope. I hope I am still right about this.

Dying to read actual subpoena text...

Does the subpoena include confidentiality clause, preventing the sharing of its contents?

[jedunnigan]

So a friend of mine looked at one of these subpoenas last night. They are very detailed documents, lot's of requirements but nothing seems to be out of MSB scope. I hope I am still right about this.

Dying to read actual subpoena text...

Does the subpoena include confidentiality clause, preventing the sharing of its contents?

It was 13 pages, my friend doesn't remember seeing a confidentiality agreement. I'll see if I can get a copy.

[TippingPoint]

My letter to Benjamin Lawsky.  Sent to him here.

Dear Mr. Benjamin Lawsky,

In regards to Bitcoin.  What you're doing is tyrannical.  Lawmakers today act more like the wild wild west with their overregulation and dictating then any businessman.  American's want to be free.  The one thing that will make them free is Bitcoin.  Currently, we are not truly free because of our centrally controlled currency aka Federal Reserve Bank.  Regulating Bitcoin will not help Bitcoin and other cryptocurrencies.  Regulations will do quite the opposite, as they always do.  By regulating Bitcoin, you are creating criminals.  When an action is deemed "illegal," criminals are created, therefore freedom and liberty is lost.  Bitcoin is great because it is not regulated.  Recent regulations on U.S. citizen banking practices have isolated us from the world.  Most foreign banks will not accept U.S. customers for the simple reason, they don't want to comply with U.S. regulations.  Bitcoin solves this.  Many countries are embracing Bitcoin with no regulations, i.e. Germany, India, Kenya, etc etc.  Bitcoin is global.  You cannot stop it.  They only way to stop it is to shut down the internet forever.  Not gonna happen.  You could temporarily halt it with an EMP or nuclear bomb, I doubt you'll do that.  If you regulate bitcoin in the United States and hamper it's legitimate use, you will play an active role in the downfall of the United States.  Bitcoin is meant to liberate the world.  The rest of the world is embracing Bitcoin because they know the U.S. will regulate it.  They know our government will try and stop it.  They know we will suffer for this regulation of Bitcoin.  They know it is freedom.  China is embracing Bitcoin because they know the U.S. will try and stop it.  Bitcoin will cure poverty all around the world.  People are free when they are free to communicate and trade with one another regardless of borders or culture.  Iranians use Bitcoins with impunity through CoinAva.  People are resilient and creative, in good ways and bad.  If you try to stop/regulate Bitcoin, people will find ways around your proposed regulations.  Instead of creating new products and helping each other they will waste their time avoiding you.  They will hurt other people trying to avoid you.  That's what happens when government regulates an industry.  They will still use Bitcoin no matter what you do.  American Bitcoin entrepreneurs will expatriate the United States.  They will flee to a more Bitcoin free country and create jobs/products there.  America will suffer.  You are not helping.  You are the problem.  Big banks and big government are the problem.  Have you ever read the book, "Atlas Shrugged?"

Bitcoin is John Galt.  GET OUT OF THE WAY!

-J

I hope you did not send that.  It appears to have been written by a crazy person.

[jedunnigan]

So a friend of mine looked at one of these subpoenas last night. They are very detailed documents, lot's of requirements but nothing seems to be out of MSB scope. I hope I am still right about this.

Dying to read actual subpoena text...

Does the subpoena include confidentiality clause, preventing the sharing of its contents?

He has been advised not to post it. I will take a look at it in the coming days, report back what I can.

[joae1975]

I hope you did not send that.  It appears to have been written by a crazy person.

Oh sent indeed!  I think it's great!

[kiko]

Sshhh...Lawsky has a secret.

[jedunnigan]

Sshhh...Lawsky has a secret.

LOL YES

[TheButterZone]

I dont get this, how exactly will they ACTUALLY stop Bitcoin? There is talk, more talk and even more talk. All the rules and regulations in the world, wont do shit to Bitcoin. The reality is that thousands of users ARE using it, regardless of what someone is saying, simply because they know they cannot be touched. So what is this all for? One last hurrah by regulators?

It won't, and that's the fun thing to watch.
They don't know what to do so they are just trying *anything*.
Just like a caught wild animal will thrash around even though its situation is hopeless.

I think the expression you're looking for is "caught a tiger by the tail"

No, I'm thinking more like a pigeon or rat in a cage.

"Please don't throw me into the briar patch!"