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

[LostDutchman]

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.

You haven't checked the latest IRS regs, have you?

That's what I thought!

[seriouscoin]

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.

SHhh you're talking too much sense, let these idiotic noobs have their drama.

[seriouscoin]

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.

You haven't checked the latest IRS regs, have you?

That's what I thought!

Stick to "seeking justice from BFL" because you're making yourself a dumb fck here.

[tabnloz]

For better or worse, bitcoin is different things to different people  

The big end of town will probably "welcome" these regs, gives them a framework to operate in. This will open the door for more institutional money to pour in.

The entrepreneurs / start ups wont like this, especially underfunded ones. They'll move somewhere else more forgiving. This place will become bitcoin silicon valley. It will probably not be in the US, although Cali may give it a go, the Delaware of Bitcoin.

People who value privacy and love the true nature of bitcoin will stay the f@ck away from US regulated economy but like everything else, they will find a loophole. This may very well be the rest of the world. Bittorrent still exists as will bitcoin. There will also be a bitcoin Cayman Islands. There will be a Decentralised Bitcoin Exchange.

Bitcoin is the Honey Badger. It will adapt but it will also stay the same, depends on what path you want to take.

Be interesting to see the amendments come out in 45 (more like 90) days time.

[LostDutchman]

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.

You haven't checked the latest IRS regs, have you?

That's what I thought!

Stick to "seeking justice from BFL" because you're making yourself a dumb fck here.

And a good evening to you!

You must be one of those pro-government types living off the dole who actually believes that the government is there to help you.

There is no medication but there is education available.

[Bitcoin Magazine]

If regulation is what separates us from the US Dollar, you are not understanding the fully idea of Bitcoin.  is that it is not American Dollars.  which is great for other countries

[scribbles]

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

[LostDutchman]

If regulation is what separates us from the US Dollar, you are not understanding the fully idea of Bitcoin.  is that it is not American Dollars.  which is great for other countries

So the "idea of Bitcoin" is...........................?

[asdf123]

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.

Agree 100%

[BADecker]

One of the things that Bitcoin did was, it gave us a breather. At least those of us in the United States, Canada and the United Kingdom. Here's what I mean.

It has ALWAYS been the intent of some people to control and regulate all the rest of us. They use government to do it as much as they can. But consider. If they could have made us all slaves, they would have done it long ago. And they have, in some ways.

Bitcoin is something that they didn't expect. Bitcoin is a contingency that they didn't plan for. Bitcoin is a quirk that is causing THEM to have to do more of the ONE MAJOR THING that they have been doing all along to control us. This thing is to make us think that they have the right to regulate us. Notice, I said regulate US. Not regulate Bitcoin.

It isn't Bitcoin that they have to regulate. It is US that they have to regulate if they want the control and the centralization. They are using what they call Bitcoin regulation to take our focus off the ways that they are regulating US. They are doing it by keeping our focus on these so called Bitcoin regulation ideas and attempts.

I'm telling you, if you want to get out from their regulation, if you want to be and remain free, you really need to fill yourselves on the things that Karl Lentz and Richard Cornforth say. You won't understand it overnight, even though it is simple. It's just a concept that most of us have so little training in that it is almost foreign to us. It's called "common law," and the United States, Canada and the United Kingdom are built on it.

Here's your start. Peruse this website: http://voidjudgments.com/.

Then watch and listen to these 3 Richard Cornforth seminar videos: http://www.youtube.com/watch?v=a8MAQEJZbuY&list=PL8EWUTdkthJQjU6nhTTvzcgJjHLRX-TWP.

Finally, fill yourself on everything you can, that Karl Lentz has to say here: http://www.youtube.com/channel/UC5duR4OvEHHxOSdEZhANETw. Karl is a little difficult to understand. And at times he seems to be ambiguous. But be patient, and take the time that it takes to understand what he is getting at in these audios. Then look him up wherever else you can find him.

Bitcoin and centralization or decentralization doesn't mean a thing as long as PEOPLE are under the control of governments, as long as the PEOPLE are not free, as long as the people are stupid enough to remain unenlightened about the fact that it is THEY that are centralized.

[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:

Your post doesn't make any sense.

Bitcoin hasn't changed. A regulatory body has simply crafted regulations for those who submit to it's control.

New York state also outlaws normal capacity rifle and pistol magazines. That law doesn't affect the function of those magazines in the slightest. Nor does it affect my ability to use them. Did you think they all stopped working properly because New York state said so?

What did you expect? Regulators gunna regulate. If a regulator tells you to stop breathing, are you going to stop?

TL;DR: The Bitcoin protocol and network doesn't give a shit.

Piece.

Nice post!

+1

"Piece"?

Of what?

"Peace".

[counter]

I have to admit my first reaction in my head was panic they are killing Bitcoin.  But that was just a split second reaction.  Some other people don't seem to have gotten out of the panic phase yet.  I you want to do business There with BTC then you forfiet your privacy, simple...  Nothing mentioned in the regulations about the end of Bitcoin...   

[Erdogan]

If regulation is what separates us from the US Dollar, you are not understanding the fully idea of Bitcoin.  is that it is not American Dollars.  which is great for other countries

So the "idea of Bitcoin" is...........................?

-..to have a money system that is not under government control, i.e sound money.

[libivan]

One of the things that Bitcoin did was, it gave us a breather. At least those of us in the United States, Canada and the United Kingdom. Here's what I mean.

It has ALWAYS been the intent of some people to control and regulate all the rest of us. They use government to do it as much as they can. But consider. If they could have made us all slaves, they would have done it long ago. And they have, in some ways.

Bitcoin is something that they didn't expect. Bitcoin is a contingency that they didn't plan for. Bitcoin is a quirk that is causing THEM to have to do more of the ONE MAJOR THING that they have been doing all along to control us. This thing is to make us think that they have the right to regulate us. Notice, I said regulate US. Not regulate Bitcoin.

It isn't Bitcoin that they have to regulate. It is US that they have to regulate if they want the control and the centralization. They are using what they call Bitcoin regulation to take our focus off the ways that they are regulating US. They are doing it by keeping our focus on these so called Bitcoin regulation ideas and attempts.

I'm telling you, if you want to get out from their regulation, if you want to be and remain free, you really need to fill yourselves on the things that Karl Lentz and Richard Cornforth say. You won't understand it overnight, even though it is simple. It's just a concept that most of us have so little training in that it is almost foreign to us. It's called "common law," and the United States, Canada and the United Kingdom are built on it.

Here's your start. Peruse this website: http://voidjudgments.com/.

Then watch and listen to these 3 Richard Cornforth seminar videos: http://www.youtube.com/watch?v=a8MAQEJZbuY&list=PL8EWUTdkthJQjU6nhTTvzcgJjHLRX-TWP.

Finally, fill yourself on everything you can, that Karl Lentz has to say here: http://www.youtube.com/channel/UC5duR4OvEHHxOSdEZhANETw. Karl is a little difficult to understand. And at times he seems to be ambiguous. But be patient, and take the time that it takes to understand what he is getting at in these audios. Then look him up wherever else you can find him.

Bitcoin and centralization or decentralization doesn't mean a thing as long as PEOPLE are under the control of governments, as long as the PEOPLE are not free, as long as the people are stupid enough to remain unenlightened about the fact that it is THEY that are centralized.

Thank you very much for this post.

[larem]

this is the start of mainstream BTC

This is my thought exactly. Most people aren't willing to get into BTC yet BECAUSE it has little regulation still. This will make people feel safer.

[seriouscoin]

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.

You haven't checked the latest IRS regs, have you?

That's what I thought!

Stick to "seeking justice from BFL" because you're making yourself a dumb fck here.

And a good evening to you!

You must be one of those pro-government types living off the dole who actually believes that the government is there to help you.

There is no medication but there is education available.

Eat your own words when you're trying to sue BFL ok dumb fck?

I love it when these anarchist cry about being scammed and ask government to help them.

[oceans]

This is crazy. I hope other states don't follow. This is the exact opposite of what we want.
How would they control it anyway? How would they know who is sending what? I just
don't see this working. If the people don't come forward there's no way for them to know.

[dida]

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.

SHhh you're talking too much sense, let these idiotic noobs have their drama.

http://www.wired.com/2014/07/ny_bitcoin/

http://www.reddit.com/r/Bitcoin/comments/2aycxs/hi_this_is_ben_lawsky_at_nydfs_here_are_the/

http://www.dfs.ny.gov/about/press2014/pr1407171-vc.pdf

[Cicero2.0]

This is crazy. I hope other states don't follow. This is the exact opposite of what we want.
How would they control it anyway? How would they know who is sending what? I just
don't see this working. If the people don't come forward there's no way for them to know.

No it isn't really crazy at all. It is the state of New York, one of the most heavy handed regulatory environments in the US. This really only has meaning if you are a business in NY that wants to use bitcoin.

Other states will follow. Bitcoin is getting bigger and they are noticing. Generally states that over regulate will do so and the ones that don't won't.

[solex]

The draft NY regulations are following the classic negotiating strategy of demanding everything, later conceding a few things, then eventually getting more than originally expected. Most (all?) of the feedback will want to rein in the original proposals. The real news will be how much this document is watered down before the final version appears in a few months.

As other posters have pointed out, Bitcoin will not go to the moon without a regulatory framework which major companies feel they can work within. If the regulations are too harsh and stupid then NY will definitely lose the digital currency initiative to many other more appealing jurisdictions: California, Texas, or Europe etc.