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

[NapoleonBonaparte]

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.

Who are they negotiating with?

[Nrcewker]

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.

hope so

[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.

Who are they negotiating with?

Anyone who submits a formal comment about the proposals on the NYS Register site.

[EtherCoin]

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.

+1 Agreed 100%, exactly the same feelings here.

Eth.

[BitsBitsBits]

this is the start of mainstream BTC

I predict 10k$ by late 2015/early 2016.

[novacn]

Regulation coronates bitcoin.

[tinof]

Regulation coronates bitcoin.

The other way around. Regulation will kill bitcoin.

[devphp]

Decentralized exchanges is the answer.

[GreenCoin22]

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

thinks, I'm looking for the pdf http://www.dfs.ny.gov/about/press2014/pr1407171-vc.pdf

[e4xit]

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.

Would you say that there are three things in this life that are certain? Death, taxes and governments regulating?

[tinof]

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.

Would you say that there are three things in this life that are certain? Death, taxes and governments regulating?

Only death is certain for now. There are ways to get around tax and regulation.

[Beliathon]

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

Yes, I agree, it's doomed. You should sell me all your BTC, for cheap, before the crash comes!

PM me, I'll give you great deal in super-trustworthy and definitely-not-going-to-crash-EVER US dollars for all your soon-to-be-worthless BTC.

Hurry, before it's too late!

[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.

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.

Im aware that this is the State of New York, and how regulated everything there is. We'll see how it turns out. They are always the ones to jump on some new regulation that they feel will make the world a better place. When in reality they just take more and more freedoms away.

[psudoBTC]

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.

Im aware that this is the State of New York, and how regulated everything there is. We'll see how it turns out. They are always the ones to jump on some new regulation that they feel will make the world a better place. When in reality they just take more and more freedoms away.

It really isn't a big deal. It is just making exchanges safer for consumers. The NYC regulations will not affect businesses that simply accept bitcoin.

[eduschka]

Just relax and take a cup of tea. All it is about is just an agony of dying US economics. Childish trial of a Liliput N.Y. government supervise all world by a computer. Wish them a lot of luck.

Very good news for Bitcoin. We all are waiting for the oportunity to buy your BTC cheaper. javascript:void(0);

[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.

Im aware that this is the State of New York, and how regulated everything there is. We'll see how it turns out. They are always the ones to jump on some new regulation that they feel will make the world a better place. When in reality they just take more and more freedoms away.

It really isn't a big deal. It is just making exchanges safer for consumers. The NYC regulations will not affect businesses that simply accept bitcoin.

That is the part everyone seems to be missing. The capital requirements etc. applies to exchanges. Not business that simply transact in bitcoin. Even for New York residents there are ways around the regulated exchanges.  

[RepublicSpace]

The government no longer trusts its own people to hold money. You can't buy $1 of bitcoin without them knowing who you are and where you live. Dark times. There's a light at the end of this tunnel though.

[FUR11]

Regulation is no bad thing or risk for bitcoin. Companies need to know the legal frameworks and rules before they want to get involved with bitcoin. At least the 'regular' companies who don't necessarily like to be some kind of early adopter and only bet on the outcome of bitcoin being a universally successful currency! Thus they wait until regulations are in place. Regulations also pose as a certain acceptance issued by the state!

[Yakamoto]

Regulation is no bad thing or risk for bitcoin. Companies need to know the legal frameworks and rules before they want to get involved with bitcoin. At least the 'regular' companies who don't necessarily like to be some kind of early adopter and only bet on the outcome of bitcoin being a universally successful currency! Thus they wait until regulations are in place. Regulations also pose as a certain acceptance issued by the state!

Well, it's not preferred that it is regulated in this manner, but your point is correct. Companies want a legal guide, as they aren't interested in destroying their business over a digital currency.

I don't want a bunch of licenses being required for BTC. Addresses also change so frequently that it is not even worth having to write down every address you own.

If there are stricter regulations put in place, I'll hold some of my BTC but use other cryptos for other transactions.

[annoyingorange]

The government no longer trusts its own people to hold money. You can't buy $1 of bitcoin without them knowing who you are and where you live. Dark times. There's a light at the end of this tunnel though.

It is a train.
Believing victory will just arrive if we wait it out is a good way to get your ass flattened