Is New York Going too far?

[IIOII]

If you base your company in North Korea then you really can't whine when all your rights are stripped away by a bunch of demagogues.

This.

I think the idea of people operating their bitcoin business from New York, California, Massachusetts, Chicago, or anywhere near D.C. is a very unwise move, and this is the main reason why. Honestly, inside the U.S. is probably to be avoided if possible, but at the very least I would have thought that avoiding the worst control zones would be a top priority for more bitcoiners.

Then again, I'm also disturbed at the number of bitcoiners who believe in preemptively meeting with and working with "the authorities." 

+1

Must quote this again.

Those preemptively meeting with "the authorities" will find out some unpleasant truths about respect of fundamental rights by U.S. government. It's pure naivety doing this.

But even our lead developer doesn't stay anonymous, meets with the CIA, and is pro-regulation.

This is bad news for Bitcoin. But it isn't surprising.

[bassclef]

They've asked for information, that's all. Regulators are still trying to learn and understand about bitcoin.

This. It's not a part of a grand conspiracy. The regulators have jobs to do and need to learn about bitcoin in order to justify their existence. If they didn't, there are new regulators lined up ready to take their jobs.

Regulators gonna regulate.

[DannyHamilton]

Which one do you prefer?

Do you like banks (and other "financial institutions") reporting your transactions to the government?

Yes.

Do you like IRS rules and regulations?

Yes.

Do you like mandatory payroll reporting and withholding?

Yes.

Do you like low value (max $100) currency?

I don't understand the question.

Do you like TSA searches that result in confiscation of "undeclared" currency?

Yes.

[TippingPoint]

Do you like low value (max $100) currency?

I don't understand the question.

The U.S. government stopped printing $500 bills, $1000 bills, etc. so that transporting or possessing large amount of currency is cumbersome and impractical.
https://en.wikipedia.org/wiki/Large_denominations_of_United_States_currency

(You probably like that too)

But the good news is that you can now create whatever denomination you can afford and store it on one of these


these


or even print your own paper wallet.

Until they "regulate" it out of existence.

https://en.wikipedia.org/wiki/Executive_Order_6102
Executive Order 6102 is an Executive Order signed on April 5, 1933, by U.S. President Franklin D. Roosevelt "forbidding the Hoarding of Gold Coin, Gold Bullion, and Gold Certificates within the continental United States". The order criminalized the possession of monetary gold by any individual, partnership, association or corporation.  The Supreme Court upheld all seizures as constitutional, with only one justice dissenting.

(You probably like that too)

[Carlton Banks]

Wormbog, by all means, consume and propagate the US-centric propagandist viewpoint, but at least try to acquaint yourself with the alternative propaganda, it'll give the impression that you're not living in a cave. Allow me:

If the Feds were able to brand bitcoin as a tool of terrorists and pornographers, and declare it illegal, all the US-based bitcoin businesses would shut down and venture funding would disappear overnight.

Perception of reality problem: you're assuming that US based businesses and venture funding actually matter to the rest of the world. Not the case. Plenty of loud mouthed, well funded propagandists will disagree, but it's still not the case. The world's dependence on the US economy is reaching/reached a tipping point, check out the events of the last 5 years for evidence

Now let's say the US declares that any nation that allows bitcoin transactions supports terrorism and loses all US aid money, loses access to US banks, and is put under trade embargo. Bitcoin would forever remain an underworld currency with a small, mostly criminal user base. The US gov't would then claim that making it illegal was justified, since only criminals use it.

More assumptions... so many countries have reduced their dependence on US aid now, trade embargoes are going to matter less and less as the US exports less and less real world goods and services, under those circumstances, other countries are going to be doing less and less trade using dollars. When are people going to wake up to the fact that the US increasingly exports little else but debt and death? Why doesn't anyone understand why the US political will is so determined to ramp up their export of both debt and death? (the debt being significantly more successful than the death, of late)

[CompNsci]

I think that working with so-called "regulators" is a short road to a quick death for the security and privacy of crypto currency, if not the death of crypto currency itself.

The would-be "regulators" should be told to go pound sand, as it were!

My $.02.

What is really needed to tell them to go pound sand is for some business to be willing to stand up to them and make them go to court. Hard to find businesses willing to do that, but clearly they exist, e.g. Lavabit.

[LostDutchman]

I think that working with so-called "regulators" is a short road to a quick death for the security and privacy of crypto currency, if not the death of crypto currency itself.

The would-be "regulators" should be told to go pound sand, as it were!

My $.02.

What is really needed to tell them to go pound sand is for some business to be willing to stand up to them and make them go to court. Hard to find businesses willing to do that, but clearly they exist, e.g. Lavabit.

Yep!

My $.02.

[wachtwoord]

All I have to say: "Bring it!"

[CrazyBit]

Things are just crazy. What's next, a turn-key democracy?

[DeathAndTaxes]

It's laughable from a non-american standpoint how a single city can have it's own regulatory system. The whole states thing in America is probably the issue, needs merging.

Well not to condone NY reaction but

a) this is from the STATE not CITY of NY.
b) States in the United States at one time were considered sovereign (they still are on paper but not as a practical matter) and the early US government was more like European Union.  Your comment would be like an American saying "I find the idea that France passes its own laws laughable, all power and authority should simply sit with the EU".

[K3nn3th]

Nothing to worry about. Bitcoin can take a hit.

[adamstgBit]

Its interesting to see the difference in opinion, on this thread.

I think regulation is fine and dandy, but it will change absolutely nothing for me.

All I have to say: "Bring it!"

I think you'll be disappointed by their ability to "bring it"

[solex]

China and Russia are the key to US regulation being pitched at a reasonable level, after the NY and Senate investigations are finished.

Once the regulators learn how much is being done in the bitcoin space in these countries, and that crippling US-based Bitcoin (and all crypto) businesses, will leave an empty highway for the foreign domination of this internet-based revolution in finance. The only way to have influence in the direction of this technology is to allow local companies to compete worldwide.

[RChevalier]

Not sure if it's going "too far", maybe just far enough.  I don't think they are out to hunt down bitcoin/bitcoiners and drone them, but I also don't think they will be pre-ordering asics either.  Might be appropriate to say that they are now more "interested" in the whole bitcoin thing, whatever their reasons may be.  Ultimately, they will probably look to figure out a way where they can take advantage of it somehow while allowing it to continue.

[tclo]

Yeah bitcoin could easily be made illegal in the USA...just like other victimless crimes llike marijuana and prostitution.   They could make it a crime to buy or sell bitcoin...hope this doesn't happen for awhile.

[WinVery.com]

Bloomberg is definitely too liberal in the retard department.

[Carlton Banks]

Things are just crazy. What's next, a turn-key democracy?

Yes, please. Why am I voting for people to represent my views, when I'm the best person to represent my views?

[wachtwoord]

Things are just crazy. What's next, a turn-key democracy?

Yes, please. Why am I voting for people to represent my views, when I'm the best person to represent my views?

I vote for me to represent my rights and I'm the only one that's eligible to vote.

[faiza1990]

The important thing to understand is that the bitcoin economy can be regulated but the core protocol and currency itself cannot be controlled.  It will be impossible for governments to manipulate the currency

[LostDutchman]

The important thing to understand is that the bitcoin economy can be regulated but the core protocol and currency itself cannot be controlled.  It will be impossible for governments to manipulate the currency

Right up to the point at which NSA turns its servers against mining pools.

My $.02.