[2014-02-23] Hard to Put the Genie Back in the Bottle': Supernintendo speaks

[LiteCoinGuy]

'It's Hard to Put the Genie Back in the Bottle': Bitcoin's Top Cop Opens Up

http://motherboard.vice.com/blog/the-best-of-bitcoin-regulator-ben-lawskys-reddit-ama?trk_source=features5


makes me optimistic about btc in ny.

[1714010894]

1714010894

[cryptoanarchist]

They still don't get it. Regulating bitcoin businesses just gives a competitive advantage to the companies that ignore the regulations.

Lawsky, you're a moron.

[madzooka]

So it is gonna be real  - btc is gonna be regulated. Won't it make it less popular as now it is free from any regulations and that is what make bitcoin attractive

[notthematrix]

If you want to ragulate Π in 3.15 will it make anny change?
or wil it stay at 3.14?
I think thats what he is syaing , you can make regulations for anything but its useless if you can not enforce them.
Welcome in the internet age.

[hilariousandco]

So it is gonna be real  - btc is gonna be regulated. Won't it make it less popular as now it is free from any regulations and that is what make bitcoin attractive

If you want Bitcoin to be seen as a legitimate currency with mass adoption, then it is going to be regulated. Regulation isn't necessarily a bad thing.

[howardb]

They still don't get it. Regulating bitcoin businesses just gives a competitive advantage to the companies that ignore the regulations.

Lawsky, you're a moron.

Thats one of the dumbest statements I ever heard. Money follows safely regulated environments. Do you seriously believe investors would prefer to put their money in an unregulated Latvian Bitcoin startup or a regulated US one??? The market NEEDS regulation, the sooner it comes the better.

[cryptoanarchist]

They still don't get it. Regulating bitcoin businesses just gives a competitive advantage to the companies that ignore the regulations.

Lawsky, you're a moron.

Thats one of the dumbest statements I ever heard. Money follows safely regulated environments. Do you seriously believe investors would prefer to put their money in an unregulated Latvian Bitcoin startup or a regulated US one??? The market NEEDS regulation, the sooner it comes the better.

You're the one making dumb statements. Actually, naive and childish ones. The market will regulate itself. The government only knows how to regulate by pointing guns at people, and that won't work with bitcoin businesses that easily.

Its simple math, govt regulations increase the costs of doing business, so the companies that ignore those costly regulations have a competitive advantage and eventually win out.

Furthermore, they've been talking about regulating bitcoin since 2011. It hasn't happened because its impossible.

[cryptoanarchist]

So it is gonna be real  - btc is gonna be regulated. Won't it make it less popular as now it is free from any regulations and that is what make bitcoin attractive

If you want Bitcoin to be seen as a legitimate currency with mass adoption, then it is going to be regulated. Regulation isn't necessarily a bad thing.

Sorry, but like it or not, bitcoin has experience unprecedented growth because it CAN'T BE REGULATED, and no one, not even Lawsky, can change that.

[hilariousandco]

So it is gonna be real  - btc is gonna be regulated. Won't it make it less popular as now it is free from any regulations and that is what make bitcoin attractive

If you want Bitcoin to be seen as a legitimate currency with mass adoption, then it is going to be regulated. Regulation isn't necessarily a bad thing.

Sorry, but like it or not, bitcoin has experience unprecedented growth because it CAN'T BE REGULATED, and no one, not even Lawsky, can change that.

Of course it can be regulated. How can it not?

[notthematrix]

So it is gonna be real  - btc is gonna be regulated. Won't it make it less popular as now it is free from any regulations and that is what make bitcoin attractive

If you want Bitcoin to be seen as a legitimate currency with mass adoption, then it is going to be regulated. Regulation isn't necessarily a bad thing.

Sorry, but like it or not, bitcoin has experience unprecedented growth because it CAN'T BE REGULATED, and no one, not even Lawsky, can change that.

Of course it can be regulated. How can it not?

Bitcoin cant be regulated because you cant KILL it and does not have a single point of failure.
is that simple , if uganda starts usinmg bitcoin unregulated  its useless to regulatie it in the US.
because company's will move to uganda.

[coinnewbit]

Honesty everything will have a certain degree of regulation. Just keep in mind that over regulation will cause problems particularly for bitcoin

[hilariousandco]

So it is gonna be real  - btc is gonna be regulated. Won't it make it less popular as now it is free from any regulations and that is what make bitcoin attractive

If you want Bitcoin to be seen as a legitimate currency with mass adoption, then it is going to be regulated. Regulation isn't necessarily a bad thing.

Sorry, but like it or not, bitcoin has experience unprecedented growth because it CAN'T BE REGULATED, and no one, not even Lawsky, can change that.

Of course it can be regulated. How can it not?

Bitcoin cant be regulated because you cant KILL it and does not have a single point of failure.
is that simple , if uganda starts usinmg bitcoin unregulated  its useless to regulatie it in the US.
because company's will move to uganda.

It has a point of failure when people want to spend it or exchange it for cash. How can cash be regulated and Bitcoin can't? Why don't companies move to a place where money isn't regulated then?

[howardb]

So it is gonna be real  - btc is gonna be regulated. Won't it make it less popular as now it is free from any regulations and that is what make bitcoin attractive

If you want Bitcoin to be seen as a legitimate currency with mass adoption, then it is going to be regulated. Regulation isn't necessarily a bad thing.

Sorry, but like it or not, bitcoin has experience unprecedented growth because it CAN'T BE REGULATED, and no one, not even Lawsky, can change that.

Wow, you're really having a bad day HAL, can you feel your mind slipping??

The USE of Bitcoin can be regulated in all kinds of ways that will admittedly effect only the country of regulation. The most likely touch points (If you listened to the hearings) will be the Exchanges which will likely have to implement Anti Money Laundering (AML) and Know Your Customer (KYC) procedures. They may also restrict use of Tumbler sites. Current projections are that mining operations and retailers (and other points of use) will not be regulated.

[cryptoanarchist]

So it is gonna be real  - btc is gonna be regulated. Won't it make it less popular as now it is free from any regulations and that is what make bitcoin attractive

If you want Bitcoin to be seen as a legitimate currency with mass adoption, then it is going to be regulated. Regulation isn't necessarily a bad thing.

Sorry, but like it or not, bitcoin has experience unprecedented growth because it CAN'T BE REGULATED, and no one, not even Lawsky, can change that.

Wow, you're really having a bad day HAL, can you feel your mind slipping??

The USE of Bitcoin can be regulated in all kinds of ways that will admittedly effect only the country of regulation. The most likely touch points (If you listened to the hearings) will be the Exchanges which will likely have to implement Anti Money Laundering (AML) and Know Your Customer (KYC) procedures. They may also restrict use of Tumbler sites. Current projections are that mining operations and retailers (and other points of use) will not be regulated.

Wrong again. There are so many options for buying bitcoins to avoid AML/KYC procedures that its ridiculous.

My mom is a good example. She is totally computer illiterate and scared of the government and wants to play by the rules, but when she needs to buy bitcoins she buys them off UNregulated exchange - namely private sellers.

For traders like myself, we'll just go to a non-US exchange like BTC-e.

Trying to regulate bitcoin is like trying to catch water with your hands - it just moves faster through the cracks.

[notthematrix]

So it is gonna be real  - btc is gonna be regulated. Won't it make it less popular as now it is free from any regulations and that is what make bitcoin attractive

If you want Bitcoin to be seen as a legitimate currency with mass adoption, then it is going to be regulated. Regulation isn't necessarily a bad thing.

Sorry, but like it or not, bitcoin has experience unprecedented growth because it CAN'T BE REGULATED, and no one, not even Lawsky, can change that.

Of course it can be regulated. How can it not?

Bitcoin cant be regulated because you cant KILL it and does not have a single point of failure.
is that simple , if uganda starts usinmg bitcoin unregulated  its useless to regulatie it in the US.
because company's will move to uganda.

It has a point of failure when people want to spend it or exchange it for cash. How can cash be regulated and Bitcoin can't? Why don't companies move to a place where money isn't regulated then?

Thats a taeporary situation why would people want to change it for cash???
its not needed only in the beginning , if cash will become more complex do to regulation bitcoin wil take over iots that simple.

[hilariousandco]

So it is gonna be real  - btc is gonna be regulated. Won't it make it less popular as now it is free from any regulations and that is what make bitcoin attractive

If you want Bitcoin to be seen as a legitimate currency with mass adoption, then it is going to be regulated. Regulation isn't necessarily a bad thing.

Sorry, but like it or not, bitcoin has experience unprecedented growth because it CAN'T BE REGULATED, and no one, not even Lawsky, can change that.

Of course it can be regulated. How can it not?

Bitcoin cant be regulated because you cant KILL it and does not have a single point of failure.
is that simple , if uganda starts usinmg bitcoin unregulated  its useless to regulatie it in the US.
because company's will move to uganda.

It has a point of failure when people want to spend it or exchange it for cash. How can cash be regulated and Bitcoin can't? Why don't companies move to a place where money isn't regulated then?

Thats a taeporary situation why would people want to change it for cash???
its not needed only in the beginning , if cash will become more complex do to regulation bitcoin wil take over iots that simple.

Because at the moment you cant buy much with Bitcoin. Go try pay for your food, groceries and bills in Bitcoin and see if it's possible.

[notthematrix]

So it is gonna be real  - btc is gonna be regulated. Won't it make it less popular as now it is free from any regulations and that is what make bitcoin attractive

If you want Bitcoin to be seen as a legitimate currency with mass adoption, then it is going to be regulated. Regulation isn't necessarily a bad thing.

Sorry, but like it or not, bitcoin has experience unprecedented growth because it CAN'T BE REGULATED, and no one, not even Lawsky, can change that.

Of course it can be regulated. How can it not?

Bitcoin cant be regulated because you cant KILL it and does not have a single point of failure.
is that simple , if uganda starts usinmg bitcoin unregulated  its useless to regulatie it in the US.
because company's will move to uganda.

It has a point of failure when people want to spend it or exchange it for cash. How can cash be regulated and Bitcoin can't? Why don't companies move to a place where money isn't regulated then?

Thats a taeporary situation why would people want to change it for cash???
its not needed only in the beginning , if cash will become more complex do to regulation bitcoin wil take over iots that simple.

Because at the moment you cant buy much with Bitcoin. Go try pay for your food, groceries and bills in Bitcoin and see if it's possible.

Food easy , groceries easy (true giftcards)  , it requires some research but can be done.
Bitcoin is a worldwide thing , you can transfer money in your memory whitout need foor physical storage.