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

[IIOII]

It saddens me to see this bureaucratic madness unfold.

But I'm not without hope:

1. These bureaucratists think that the dollar is the state of the art and the measure of all wealth. They will be proven wrong by bitcoin. One day nobody wants to convert to fiat anymore.

2. If NY has bitcoin-hostile regulations, bitcoin business will relocate to more friendly states. Then they'll have to face the economic consequences of their shortsightedness.

[1715011947]

1715011947

[1715011947]

1715011947

[arbitrage001]

It saddens me to see this bureaucratic madness unfold.

But I'm not without hope:

1. These bureaucratists think that the dollar is the state of the art and the measure of all wealth. They will be proven wrong by bitcoin. One day nobody wants to convert to fiat anymore.

2. If NY has bitcoin-hostile regulations, bitcoin business will relocate to more friendly states. Then they'll have to face the economic consequences of their shortsightedness.

Most likely scenario would be those who want to remain under radar will move to another coin with anon feature.

[Meuh6879]

If you don't want regulation ... use localbitcoin or mycelium market.
2 tools to sell and buy BTC localy.

regulation only work on the exchange (pro exchange ... with ID verification).

[keithers]

Literally anything in the economy that has a decent sized market cap will be scrutinized by the government and eventually regulated.  It is just the nature of the world unfortunately.  

This by no means is the end for BTC though.

[IIOII]

It saddens me to see this bureaucratic madness unfold.

But I'm not without hope:

1. These bureaucratists think that the dollar is the state of the art and the measure of all wealth. They will be proven wrong by bitcoin. One day nobody wants to convert to fiat anymore.

2. If NY has bitcoin-hostile regulations, bitcoin business will relocate to more friendly states. Then they'll have to face the economic consequences of their shortsightedness.

Most likely scenario would be those who want to remain under radar will move to another coin with anon feature.

Yes, I generally agree that coins that offer better privacy will gain market share in future. However that would not help in this case, because it's the fiat-bitcoin link they're aiming at.

Of cause any improvement in privacy for bitcoin would be great.

[BitCoinDream]

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

LoLz ...I pitty for the New Yorkers. There will always be some corner on the earth, where Bitcoin will remain unregulated. Companies will set up there and US will lose control

The once leader of free market is now trying to control its own weapon

[Yakamoto]

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

There will always be some corner on the earth, where Bitcoin will remain unregulated. Companies will set up there and US will lose control

Bitcoin island!

See! Everyone follow this man's advice and start pooling your BTC so we can go and live on a large island in the middle of the ocean, set up a full-on crypto society and thrive away from the regulations!

Tbh, it's not necessarily a bad idea. I'd stay on the mainland, however, and support the island via contributions or a middle-man for sending over commodities and so...

Someone's probably thinking about it now...

[acs267]

Yes, people can't ban Bitcoins, inflate, or stop them from being made.

Very regulated, however. Ultra regulated.

[Cicero2.0]

It saddens me to see this bureaucratic madness unfold.

But I'm not without hope:

1. These bureaucratists think that the dollar is the state of the art and the measure of all wealth. They will be proven wrong by bitcoin. One day nobody wants to convert to fiat anymore.

2. If NY has bitcoin-hostile regulations, bitcoin business will relocate to more friendly states. Then they'll have to face the economic consequences of their shortsightedness.

These regulations are a product of bitcoin success. No one tries to regulate something that isn't a major factor in economics. Expect more and more of this as bitcoin grows. Knowing the regulatory climate of New York this could have been far more invasive.

This is a good day for bit coin. 

[hellscabane]

It's definitely a fine line between sticking to the core values and gaining some sort of legal footing (i.e. draconian legitimacy). I don't necessarily think we've crossed that line since this is only dealing with processors and exchangers (the way I interpret it, it doesn't affect "bartering" with bitcoins); however, with a few tweaks we'll be perilously close to that line and could very easily cross it.

[Lauda]

No this is not the END of BTC. This is the beginning of BTC.
Stop spreading pointless FUD. It had to become regulated at some point.

[IIOII]

These regulations are a product of bitcoin success. No one tries to regulate something that isn't a major factor in economics. Expect more and more of this as bitcoin grows. Knowing the regulatory climate of New York this could have been far more invasive.

This is a good day for bit coin. 

Just because you have accustomed yourself to the worst doesn't make the evil more enchanting. That's slave-think.

It's not a good day for bitcoin. But bitcoin has the power to overcome these brainless acts of bureaucratically enforced arbitrariness. Bitcoin can do much better for the whole society without those backwards-minded regulation mongers.

[eleuthria]

Just to point out how poorly written the regulations are:

The bitcoin tip-bot on Reddit would fall under this regulation if it allowed users to tip people that reside in New York (or if the operator itself was in New York).

[LostDutchman]

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

Well,all those assholes outhere advocated for "regulation" (Which of course defeats the purpose!) and now they've got it.

DUMB motherfuckers!

Assholes, anyway.

[DeathAndTaxes]

Well,all those assholes outhere advocated for "regulation" (Which of course defeats the purpose!) and now they've got it.

Do you think that NY was waiting for someone to advocate regulation?  Governments regulate.  That is what they do, that is all they do.  They will never ever stop.

[LostDutchman]

Well,all those assholes outhere advocated for "regulation" (Which of course defeats the purpose!) and now they've got it.

Do you think that NY was waiting for someone to advocate regulation?  Governments regulate.  That is what they do, that is all they do.  They will never ever stop.

Yes but most of the Bitcoin people bend over for them!

[Swordsoffreedom]

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

Well Gavin has mentioned this a few times that some of the believers will move onto something else
It probably will occur or is occurring as viable alternatives are appearing.

Part of its growth stage where he said there are only so many cryto anarchists and Bitcoin will start to grow up.

[hollowframe]

Yes, people can't ban Bitcoins, inflate, or stop them from being made.

Very regulated, however. Ultra regulated.

From what I can tell this would only apply to exchanges and businesses that process bitcoin on behalf of others (like bitpay and coinbase).

I don't think this would actually apply to, for example the coffee shop that accept bitcoin for payment.

[DeathAndTaxes]

Well Gavin has mentioned this a few times that some of the believers will move onto something else
It probably will occur or is occurring as viable alternatives are appearing.

You do realize that the regulations are about business using virtual currency that falls within the scope, not Bitcoin by name.  If one doesn't intend to comply with the regulations they can not comply while using Bitcoin instead of something new.  If they do intend to comply with the regulations than using something new doesn't really change anything either.

[runam0k]

Most likely scenario would be those who want to remain under radar will move to another coin with anon feature.

These regs will cover the exchanges, etc that deal in your "anon" coin too.

If you want privacy just move some coins to a new address, away from your ID linked addresses, and boom, who's to say you didn't sell them?