Begining of the END for BTC. Bitcoin is becoming ultra regulated currency

[dida]

BTC is becoming peace of shit ultra regulated currency like USD, YEN, etc. and I don't like it. Probably true crypto believers will abandoned BTC soon if not even sooner:

http://www.businessinsider.com/nydfs-bitlicense-draft-2014-7

[HarmonLi]

what did you expect? you thought BTC would fly under the radar forever and there would be no regulations around it?

well that wasn't very realistic.

[StevenS]

The license is not required for merchants or consumers that utilize Virtual Currency solely for the purchase or sale of goods or services; or those firms chartered under the New York Banking Law to conduct exchange services and are approved by DFS to engage in Virtual Currency business activity.

Bottom line: It applies to exchanges and services like Bitpay. And it seems to only apply to New York companies. (Does it apply to companies with customers in New York?)

[Yakamoto]

"First they ignore you,
then they laugh at you,
then they fight you,
then you win."
-Gandhi

There is nothing that will force businesses to obtain these liscenses.

As long as you can remain somewhat secretive, you can beat them out. It can't be regulated. The decentralization confirms that.

Plus that's New York, not the entire world. Why did California legalise it with no regulations...?

One government doing something doesn't affect the rest.

Tell me how it can become a

peace of shit ultra regulated currency

When they can't regulate it fully?

If necessary, people will jump to coins like XMR, LTC, DRK (Maybe), VER, the list goes on with established coins.

They're fighting us, but they'll have a hard time winning. If we hold out long enough, they'll have to give up.

Does anyone agree?

[devphp]

Decentralized exchanges is the answer.

[StevenS]

Probably true crypto believers will abandoned BTC soon if not even sooner:

The (proposed) regulation does not mention Bitcoin or BTC by name. It uses the term "Virtual Currency". So if a "true crypto believer" abandons BTC, the next crypto will still be covered by this regulation.

Also, the (proposed) regulation specifically says that miners (as well as merchants, mentioned earlier) are not required to obtain a license.

I really don't see how this has any negative.

[PolarPoint]

I think regulating exchanges is inevitable. But it is a good thing in some ways. At least the exchanges will be monitored and audited, so we will not have another gox meltdown.

[LiteCoinGuy]

this is the start of mainstream BTC

[dida]

Guys as BTC became mainstream everyone who trully loves crypto will go under radar on tor network and darknet and use XC, darkcoin and other privacy based coins..

[kendog77]

BTC is becoming peace of shit ultra regulated currency like USD, YEN, etc. and I don't like it. Probably true crypto believers will abandoned BTC soon if not even sooner:

http://www.businessinsider.com/nydfs-bitlicense-draft-2014-7

I'm not sure why you think this is a bad thing.

In order for the price of BTC to go to the moon like most people hope it will, it needs to be an ultra regulated currency so grandma can use to it pay for groceries at the supermarket.

BTC is never going to go mainstream, and the price will never go to the moon, without significant regulation.

True "crypto" believers have little impact on the price. Right now, the focus needs to be on getting the average Joe to use BTC.

[hiromem]

agreed but i think the title of the post is wrong. should read "middle of the end..." the begining of the end was when asics hit mainstream. and for a libertarian utopia "coin" it sure is hard to get any without revealing your identity or risking your money to some asshole who wants you to "Send First" so he can make a fucking 15 percent commission for sitting on ass and being a general fuck twat.

dont even get me started on "bitcoin atms" with their biometric sensors, handprint scanners, and gov id verifications. bitcoin should be renamed to "beastcoin" (as is "mark of the").

i havent even mentioned price stability (since it completely lacks it). now that i think about it, bitcoin is currently more of a pain in the ass to deal with than ANY OTHER means of exchange presently in existence. now the fanboys can jump in and start sucking each other off, hoping to prop up this overvalued piece of shit so a GREATER FOOL can come take it off their hands, enriching them in the process.

[dida]

I think regulating exchanges is inevitable. But it is a good thing in some ways. At least the exchanges will be monitored and audited, so we will not have another gox meltdown.

Don't be so sure that  that is the purpose of this act

[dida]

agreed but i think the title of the post is wrong. should read "middle of the end..." the begining of the end was when asics hit mainstream. and for a libertarian utopia "coin" it sure is hard to get any without revealing your identity or risking your money to some asshole who wants you to "Send First" so he can make a fucking 15 percent commission for sitting on ass and being a general fuck twat.

dont even get me started on "bitcoin atms" with their biometric sensors, handprint scanners, and gov id verifications. bitcoin should be renamed to "beastcoin" (as is "mark of the").

i havent even mentioned price stability (since it completely lacks it). now that i think about it, bitcoin is currently more of a pain in the ass to deal with than ANY OTHER means of exchange presently in existence. now the fanboys can jump in and start sucking each other off, hoping to prop up this overvalued piece of shit so a GREATER FOOL can come take it off their hands, enriching them in the process.

+1000

[frankenmint]

Guys as BTC became mainstream everyone who trully loves crypto will go under radar on tor network and darknet and use XC, darkcoin and other privacy based coins..

Is it really necessary to stay under the radar.  Do you feel like your rights are violated SOOOOO much that you spend excessive time using Tor ir i2p or freenet?  I tried them out and honestly the deep web has been an underwhelming waay overrated experience.  I want BTC to go mainstream because I'd like to see everyone pass on the savings of using BTC with lower pricing (yes a pipe dream probably not going to happen)  and I want to see companies give kickbacks to users who use btc over other currencies (sort of like what isis is trying to do - they feel threatened by cryptocurrency so this is an attempt to keep users incentivized to continue using consumer debt attached to high interest rates.)


Not all BTMs require you to 'sell your palm print|ID|DNA|etc'.  I think they do more good than harm because it draws attention from those who have no idea what it is and it makes those who DO know what it is smile because they see that cryptocurrency is becoming more accessible to the mainstream.

[Yakamoto]

agreed but i think the title of the post is wrong. should read "middle of the end..." the begining of the end was when asics hit mainstream. and for a libertarian utopia "coin" it sure is hard to get any without revealing your identity or risking your money to some asshole who wants you to "Send First" so he can make a fucking 15 percent commission for sitting on ass and being a general fuck twat.

dont even get me started on "bitcoin atms" with their biometric sensors, handprint scanners, and gov id verifications. bitcoin should be renamed to "beastcoin" (as is "mark of the").

i havent even mentioned price stability (since it completely lacks it). now that i think about it, bitcoin is currently more of a pain in the ass to deal with than ANY OTHER means of exchange presently in existence. now the fanboys can jump in and start sucking each other off, hoping to prop up this overvalued piece of shit so a GREATER FOOL can come take it off their hands, enriching them in the process.

Look, a newbie who still needs to learn!

I'll go through your post bit by bit.

ASICs didn't do anything but create more jobs for R&D and manufacturers of said ASICs, help the ecosystem along, as well as providing a means to generate the coins faster (At first), providing some people with an advantage. And said Libertarian coins DO exist, just not in a utopia you're asking for. And what is this "Send First" bullcrap? Only scammers want you to do that, especially with no escrow. And said commissions are commonplace in the real world, don't claim they exist only in Bitcoin. It's the same everywhere.

Bitcoin ATMs are to exchange BTC without having to go through an entire exchange process, and so that people can sell BTC relatively on-the-go. Those sensors or scanners are there because they have to comply with legal regulations, otherwise the company gets lawsuited and disappears, something that it looks like you want. And what the hell is this "mark of the beast" crap? What ARE you smoking? Or are you just 100% clueless? I already explained, and that part is so filled with crap it amazes me.

Volatility is good for the market, proven time and time again because people like you keep making the same dumbass statement. It's only a pain in the ass if you want it to be, otherwise it is pretty simple. I've done it, wasn't a pain for me. Or are you under 18/21?

Read through the forum and learn about BTC, not make retarded claims. And go back to school and learn grammar (Or grammer, depends on where you live), it started to hurt my eyes.

[frankenmint]

Chiming in on What he said ^^^ without volatility we would be stuck with some stable crap number that no one wants - imagine its 2017 and BTC value is still at .40 cents.  Those said ASICS would not exist and likely neither would coinbase|bitpay.  

For that matter most of the alts would ceast to exist as well   

[Ron~Popeil]

People have interesting definitions for decentralization. Bit coin will be subjected to regulations for a time because we tend to abide by regulations. No one ever promised other wise. The key difference from fiat is that it cannot be artificially inflated by anyone. That is the fundamental difference and it is a crucial one. You can't have mass adoption with out governments attempting to regulate.

[dida]

Just wanna to say...wish you all the luck ...see ya on the other side of net

[hiromem]

@ frankenmint: volatility is good if youre a trader agreed. but as has been stated here and elsewhere btc is supposed to be a digital currency. currency needs stability for it to be taken seriously. lets say i sell you a tv for $300. then a week later that $300 will now only buy me 2/3 of the same tv ($200). would i want to transact in btc? or would btc only be useful as a means to acquire currency (USD). and im aware of the issues with fiat, but we all still use it so please...

@ron popeil: because btc is traded it is by its nature able to be inflated and deflated artificially everyday, the same as stocks, fiat, etc... tell me with certainty the btc exchanges are not manipulated by whales in any way. the market cap for btc is so ridiculously small it would be trivial for a small group of wealthy investors to manipulate it.

@yakamota:  not smokin anything mate. just making a point, which i made, effectively. thanks for the obligatory grammar nazism which seems so prevalent on the net however, im sure ill do something about that... eventually

[Yakamoto]

@ frankenmint: volatility is good if youre a trader agreed. but as has been stated here and elsewhere btc is supposed to be a digital currency. currency needs stability for it to be taken seriously. lets say i sell you a tv for $300. then a week later that $300 will now only buy me 2/3 of the same tv ($200). would i want to transact in btc? or would btc only be useful as a means to acquire currency (USD). and im aware of the issues with fiat, but we all still use it so please...

@ron popeil: because btc is traded it is by its nature able to be inflated and deflated artificially everyday, the same as stocks, fiat, etc... tell me with certainty the btc exchanges are not manipulated by whales in any way. the market cap for btc is so ridiculously small it would be trivial for a small group of wealthy investors to manipulate it.

@yakamota:  not smokin anything mate. just making a point, which i made, effectively. thanks for the obligatory grammar nazism which seems so prevalent on the net however, im sure ill do something about that... eventually

Volatility doesn't change a currencies' ability to be taken seriously. Bitcoin is already taken seriously, and it's still pretty volatile. Everyone who doesn't like Bitcoin is actually quite scared about it now.

And you didn't exactly make a point, it had little evidence and simple to disprove, but I'll ignore that. You're still learning, and it's understandable.

Grammar is common on the network because some people actually think that the net shouldn't be a haven for poor... Everything, and that it should be an equivalent to real life in terms of correctness. I'm one of those people...
Just pointing that out.