Possible Regulatory Bounty

[coins101]

First off, I know regulation is unpopular and many don't want it.

However, when the US Senate talked positively about Bitcoin and regulations, the price went up from around $300 - $1,000 / BTC.

Now China is possibly making negative remarks about which businesses can trade with exchanges, the BTC / $ exchange rate is falling.

It seems to me that getting regulatory help to people who don't know where to start and can't afford the advice could be a cause for holding back the next stage, or the stage after, of Bitcoin growth.

The documentation to apply for regulatory approval can take months to create and needs people with experience to help. This costs a lot and it can detract from the core development work and halt businesses - Casascius being the most recent example of the regulations trigger finger gone mad - not forgetting the letter sent to the Bitcoin Foundation recently saying they had to stop what they were doing because they were a money transmitter.

Is it worth creating a bounty for an open source regulatory pack that people can download, amend and use to help them with regulatory applications and approval? The purpose would be to speed up the application process, remove as much of the cost as possible while providing documentation that meets most of the regulatory requirements right of out the box.

There are packs out there, but to make them open source, relatively useable in various locations around the world and relevant to digital coins might take a little effort.

Is there a need for something like this?

[BittBurger]

Worthwhile idea.

Do you have a $25 membership to the Bitcoin Foundation website?

I would get one, log in to their forums, and post this exact message.

Or I can do it for you.  But I can't be there to carry the conversation that ensues...

-Burger-

[coastermonger]

This is the dumbest idea I've ever heard.  And it would likely create a fork in the blockchain between users who did and did not want to participate in a regulatory version of bitcoin.

If anything, regulatory compliance should come from within websites themselves who are choosing to conduct business within a specific country.  The protocol itself should be as neutral and universal as possible, or it will cause a schism. 

[other_side]

Is it worth creating a bounty for an open source regulatory pack that people can download, amend and use to help them with regulatory applications and approval?

It is not enough. To make bitcoin legislation friendly - you need to change lots of laws. Mainly because the current laws don't favor anonymous transactions.

[coins101]

Worthwhile idea.

Do you have a $25 membership to the Bitcoin Foundation website?

I would get one, log in to their forums, and post this exact message.

Or I can do it for you.  But I can't be there to carry the conversation that ensues...

-Burger-

Thanks for the offer. I don't have a membership, but I will get one and then carry the post over.

Waiting to see views and feedback here first.

[Sir Lagsalot]

You should go all the way and hire lobbyists. The returns on bribing big gov't are astounding.

[coins101]

This is the dumbest idea I've ever heard.  And it would likely create a fork in the blockchain between users who did and did not want to participate in a regulatory version of bitcoin.

If anything, regulatory compliance should come from within websites themselves who are choosing to conduct business within a specific country.  The protocol itself should be as neutral and universal as possible, or it will cause a schism. 

This is nothing to do with the technical aspects of Bitcoin, but the people that want to work with it. This is for businesses and others who want to set-up and use Bitcoin - from exchanges to transaction enablers.

CASASCIUS stopped trading because of regulations -

"For the time being, I have suspended accepting new orders, pending resolution of some concerns I have as to regulatory issues. " http://casascius.wordpress.com/2013/11/28/orders-suspended/

CASASCIUS was operating a good service which hasn't touched any aspect of the Bitcoin client code or the blockchain from a technical development standpoint.

Regulators are saying you need pieces of paper and processes in place to show you understand consumer protections and restrictions on transacting with those with illegal motives. Those pieces of paper don't impact on how technically bitcoin works.  Without those pieces of paper, you can't trade - e.g. you can be the best driver in the world, but without a licence, you can't legally drive a car.