cypherdoc (OP)
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April 22, 2015, 04:40:26 PM |
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Although there is room for other states to have different regulations for virtual currency firms, there is a need for at least some consistency, Lawsky said.
“We’re going to see how this all shakes out. I think there’s room for federalism, but at the same time if you have a whole series of different rules and it becomes a crazy quilt patchwork, that can get hard to comply with,” Lawsky said on the sidelines of an event hosted by Dow Jones.
“We’ll have to see what other states do and other countries do, and if things don’t make sense we will take the next step,” he added. Seems to me Lawsky is starting to cave in after the outright objection of his "revised" proposition by a coalition of industry heads. I predict the final version will be considerably less constraining for businesses and might even get rid of the unnecessary and duplicate AML/KYC compliances. If this happens it will justifiably be celebrated by the industry and you can expect this "change of attitude" to be well publicized in the media. he really is a dickhead after releasing his latest essentially non-revised version after having pandered to the community for over a year and wasting everyone's time. best to just ignore him and if possible route around NY. |
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rocks
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April 22, 2015, 04:41:51 PM |
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This is what is happening. And it's a huge problem for the financial folks because it is precisely the tech folks who provide them with their online virtual weapons. They don't have the first idea about how those weapons work nor how to build them themselves. They hire out tech mercenaries to do their dirty work but eventually those guys figure out the math and will privately defect.
They're rotting from the inside out and they're beginning to wonder why they're feeling nauseous.
Most of them do not even understand how federal reserve notes work or what they are (I've worked with enough to see this). But that hasn't really mattered. What they do understand is how to control government and manipulate the creation of regulation in their favor. Since we left the gold standard this manipulation is all that has mattered. If you want to understand why financials are the #1 donor to all major politicians in BOTH parties, this is why. Some key outstanding questions are: 1) How useful this control over government and regulation will be under a wide scale bitcoin adoption scenario, this will determine how much the ability to control & influence gov matters and 2) How savvy the new crop of VCs and tech companies will be at playing the same game, this will determine who is doing the controlling. |
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rocks
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April 22, 2015, 04:45:47 PM |
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Although there is room for other states to have different regulations for virtual currency firms, there is a need for at least some consistency, Lawsky said.
“We’re going to see how this all shakes out. I think there’s room for federalism, but at the same time if you have a whole series of different rules and it becomes a crazy quilt patchwork, that can get hard to comply with,” Lawsky said on the sidelines of an event hosted by Dow Jones.
“We’ll have to see what other states do and other countries do, and if things don’t make sense we will take the next step,” he added. Seems to me Lawsky is starting to cave in after the outright objection of his "revised" proposition by a coalition of industry heads. I predict the final version will be considerably less constraining for businesses and might even get rid of the unnecessary and duplicate AML/KYC compliances. If this happens it will justifiably be celebrated by the industry and you can expect this "change of attitude" to be well publicized in the media. They are just trying to get you to go into their system. It doesn't matter how light or heavy handed the initial regs are, because once you are in the system they can tighten the screws as much as they want since you're already captured. Lawsky is simply realizing the he needs to go lighter in order to capture people into his system. Don't let it fool you, continue to tell him to fuck off and only work with businesses that reject bitlicenses. I use coinbase, but if they join this, my account is closed. |
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brg444
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April 22, 2015, 04:47:10 PM |
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Although there is room for other states to have different regulations for virtual currency firms, there is a need for at least some consistency, Lawsky said.
“We’re going to see how this all shakes out. I think there’s room for federalism, but at the same time if you have a whole series of different rules and it becomes a crazy quilt patchwork, that can get hard to comply with,” Lawsky said on the sidelines of an event hosted by Dow Jones.
“We’ll have to see what other states do and other countries do, and if things don’t make sense we will take the next step,” he added. Seems to me Lawsky is starting to cave in after the outright objection of his "revised" proposition by a coalition of industry heads. I predict the final version will be considerably less constraining for businesses and might even get rid of the unnecessary and duplicate AML/KYC compliances. If this happens it will justifiably be celebrated by the industry and you can expect this "change of attitude" to be well publicized in the media. he really is a dickhead after releasing his latest essentially non-revised version after having pandered to the community for over a year and wasting everyone's time. best to just ignore him and if possible route around NY. Best case scenario is that they admit their overly ambitious "licenses" and turn them into simple industry guidelines/best practices standards under existing AML/KYC regulations. |
"I believe this will be the ultimate fate of Bitcoin, to be the "high-powered money" that serves as a reserve currency for banks that issue their own digital cash." Hal Finney, Dec. 2010
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brg444
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April 22, 2015, 04:54:59 PM |
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thank god the internet is here so these idiots' opinions can be recorded for posterity |
"I believe this will be the ultimate fate of Bitcoin, to be the "high-powered money" that serves as a reserve currency for banks that issue their own digital cash." Hal Finney, Dec. 2010
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cypherdoc (OP)
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April 22, 2015, 05:02:08 PM |
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This is what is happening. And it's a huge problem for the financial folks because it is precisely the tech folks who provide them with their online virtual weapons. They don't have the first idea about how those weapons work nor how to build them themselves. They hire out tech mercenaries to do their dirty work but eventually those guys figure out the math and will privately defect.
They're rotting from the inside out and they're beginning to wonder why they're feeling nauseous.
Most of them do not even understand how federal reserve notes work or what they are (I've worked with enough to see this). But that hasn't really mattered. What they do understand is how to control government and manipulate the creation of regulation in their favor. Since we left the gold standard this manipulation is all that has mattered. If you want to understand why financials are the #1 donor to all major politicians in BOTH parties, this is why. yes, this is why they have over a thousands lobbyists on the Hill which dwarfs every other industry. this is what free money buys you: unprecedented access. during the crisis, it was apparent the only ones Congress & POTUS et al were listening to were the self serving financial folks who were crying the loudest to be saved.
Some key outstanding questions are: 1) How useful this control over government and regulation will be under a wide scale bitcoin adoption scenario, this will determine how much the ability to control & influence gov matters and 2) How savvy the new crop of VCs and tech companies will be at playing the same game, this will determine who is doing the controlling.
under Bitcoin, none of this is possible which is precisely why they are so worried. gvt will be trimmed down to a sustainable size hopefully so that resources will be more equally divided and all the intense lobbying will be less needed. |
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cypherdoc (OP)
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April 22, 2015, 05:07:07 PM |
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Ryan's comin' back around. I especially liked: "I’m increasingly convinced that Wences et al have been right all along with bitcoin as a value store (reserve) emerging as its hidden-in-plain-sight killer app." Duh - we've been saying that for years in this thread!....but it's easy for the VC crowd to get caught up in all the other hype for a while, I suppose. yes, Sound Money is Bitcoin's Killer App. |
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Zangelbert Bingledack
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April 22, 2015, 05:24:28 PM |
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For every misconception about Bitcoin, there's an altcoin waiting to capitalize on it.
By and large, altcoins are a tax on economic ignorance. A tax on ignorance of the importance of sound money. A tax on ignorance of network effects.
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hdbuck
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April 22, 2015, 05:25:53 PM |
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...
Imho, Bitcoin emerged as retaliation from techies/intelligencia to central banks power.
Now we have Sillicon Valley's startups messing around with financial services, which were traditionally banks mojo.
VCs better start stacking up bitcoins instead of funding scams tho.
I think this is happening, they first need to use their abilities to get BTC (earn it) when the metaphysical block halving happens (aka competition) they will start buying in. This may also happy at the same time as the actual block halving. by my estimation, the last block halving frontrunning started 6 mo prior to the actual event. this time, i think it starts sooner than that. maybe even now, in fits and starts, but overall up with a real acceleration as we get closer. reason being, the extraordinarily long length of this last bear cycle of about a year and a half along with the deepness of this pullback. it's time. Im waiting for the halving as well, since i have come to the conclusion that it is The organic booster for bitcoin. The one and only event that has to impact bitcoin's value. But i mean, the global economy is striving thx to QEs et al., stocks are at ATH (for now) so i dont see a rally before spetember at least. There is no rush, still. Probably by january things will really get intense. |
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brg444
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April 22, 2015, 05:29:47 PM |
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Aaron Swartz would like a word with you. |
"I believe this will be the ultimate fate of Bitcoin, to be the "high-powered money" that serves as a reserve currency for banks that issue their own digital cash." Hal Finney, Dec. 2010
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cypherdoc (OP)
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April 22, 2015, 05:38:04 PM |
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making a break for it!:  |
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cypherdoc (OP)
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April 22, 2015, 05:41:07 PM |
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poor NY. little 'ol NC just won't cooperate:
The Coinbase Blog
In This Issue:
Sensible State Regulation: North Carolina
Sensible State Regulation: North Carolina
Apr 16, 2015 11:41 am
As a nascent technology, regulation surrounding bitcoin has been a difficult issue for some regulators and policymakers. Despite these difficulties, North Carolina is a state that is promoting innovation and regulatory efficiency into its regulatory framework via the next generation of its Money Transmitters Act (“MTA”), introduced to the NC legislature last month. Reasonable states can disagree on whether regulation of certain virtual currency businesses is necessary in the first place, and if it is necessary, how to implement that regulation and with respect to whom. But to the extent states view money transmission regulation (or similar substitutes) as the right avenue for regulation, here’s why NC's approach is a good one:
NC’s MTA does not duplicate regulatory regimes. NC includes sensible modifications to its existing money transmission framework to allow virtual currency businesses to operate with certainty rather than create a separate licensing regime for virtual currency businesses. This allows young bitcoin companies to obtain one license rather than two, a process which would be largely duplicative. When spread across the US, this could mean the difference between needing 50 versus 100 licenses to operate throughout the country.
In addition, NC’s MTA does not reinvent the wheel with regard to AML reporting. Instead, it relies on the federal framework FinCEN set forth for the entire bitcoin industry federally in 2013 by making it a “prohibited practice” for a licensee to fail to comply with the federal BSA, including maintenance of active registration with FinCEN. Both state and federal regulators have an interest in preventing financial crime, but duplicative or inconsistent Anti-Money Laundering (AML) rules will cause unnecessary inefficiencies or redundancies for both regulators and businesses.
NC’s MTA provides a sensible and flexible framework for consumer protection. Storing or transferring cash on behalf of others is a significant responsibility. Coinbase believes protecting its customer’s money is critical to the success and future of its business, and we understand and support policymakers’ interest in encouraging and reinforcing strong consumer protection standards.The MTA includes provisions which demonstrate NC’s careful weighing of the balance between the needs for both consumer protection and room for innovation. For example, the legislation allows flexibility for providing exemptions to small startups or unique business models. In addition, the MTA gives the NC Bank Commissioner discretion to require a licensee to obtain insurance coverage to address cybersecurity risks inherent in certain business models. Because industry best practices are still in development, Coinbase applauds this flexible approach to cybersecurity.
NC’s MTA allows for permissible investments to be denominated in virtual currency. In adding and clarifying definitions, the MTA provides that virtual currency businesses may hold virtual currency as a permissible investment to back outstanding transmission obligations in like-kind virtual currency. This approach makes sense, because if a company receives bitcoin for a customer or is instructed to transmit bitcoin to another payee, then the backing for that obligation ought to likewise be denominated in bitcoin.
Over the past several months, Coinbase has had the opportunity and privilege to discuss virtual currency with policymakers throughout the U.S. and abroad. In each discussion, Coinbase has focused on the following three principles to guide policymakers on virtual currency regulation: (1) avoid duplicative regulatory regimes, (2) protect consumers’ interests, and (3) prevent money laundering. These principles underlie our published formal responses to the proposed New York BitLicense regulatory framework (here and here), as well as our comments to the Conference of State Bank Supervisors (CSBS), who are crafting a model state regulatory framework for virtual currency businesses.
We want to thank the NC Bank Commissioner’s office for engaging with industry while modernizing its MTA and working to make NC a welcoming place for tech innovation. Please join us in thanking both Representative Ross and Senator Gunn, who sponsored the legislation in the NC House and Senate, respectively, and in urging the NC Legislature to move quickly in passing the legislation.
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hdbuck
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April 22, 2015, 05:44:04 PM |
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Aaron Swartz would like a word with you. regarding A. Swartz, i heard the MIT was hiding peadophile stuff (explaining the physical break in the servers closet). dat true possible? Why would the USG do so anyway? Isnt the MIT the NSA's purgatory? |
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cypherdoc (OP)
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April 22, 2015, 05:47:07 PM |
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cypherdoc (OP)
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April 22, 2015, 06:28:00 PM |
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Aaron Swartz would like a word with you. regarding A. Swartz, i heard the MIT was hiding peadophile stuff (explaining the physical break in the servers closet). dat true possible? Why would the USG do so anyway? Isnt the MIT the NSA's purgatory? it's about smearing anything Bitcoin related |
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cypherdoc (OP)
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April 22, 2015, 06:31:43 PM |
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stereotype
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April 22, 2015, 06:32:20 PM |
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rocks
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April 22, 2015, 06:42:24 PM |
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It's called a Patsy. One low level person caused the 2010 market flash crash. But all big wigs who caused the 2008 depression got off free and clear. Hell, half of them were given metals. |
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