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

[CokeCoin]

These licences are total bullshit.

The purpose of Bitcoin is to free ourselves from this kind of tedious red tape and state involvement in personal finance.

Fuck the bureaucrats. This adds NOTHING to Bitcoin or its economy. Its just another source of drag that would seek to make Bitcoin no better than fiat currency after burying it in red tape.

Welp, now you understand the goal.

[EnterReturn]

These licences are total bullshit.

The purpose of Bitcoin is to free ourselves from this kind of tedious red tape and state involvement in personal finance.

Fuck the bureaucrats. This adds NOTHING to Bitcoin or its economy. Its just another source of drag that would seek to make Bitcoin no better than fiat currency after burying it in red tape.

That is their intention.

[ljudotina]

Registering companyes is only way state can get their taxes from bitcoin, and i dont see it as bad thing. As noone can track every individual and their BTC assets (or they can but really really hard) only place where they can keep track on how much is spent and get their tax share are companies. As far as i know, paying taxes isnt big deal. BTC was not created as tax evasion tool (yes it can be used as one)....or maybe i'm wrong?

[Summer,69]

These licences are total bullshit.

The purpose of Bitcoin is to free ourselves from this kind of tedious red tape and state involvement in personal finance.

Fuck the bureaucrats. This adds NOTHING to Bitcoin or its economy. Its just another source of drag that would seek to make Bitcoin no better than fiat currency after burying it in red tape.

I read through all of these comments and I really don't understand the uproar. I read this as both reasonable and expected. It simply says that exchanges, brokers, and online wallet services need to have 100% BTC reserves and follow standard IRS and AML guidelines. These types of institutions are Bitcoin's intersection to the traditional finance system and these regulations are standard. This gives avenue to the liquidity that the bitcoin markets desperately need while still taking a hands off approach in the retail and consumer sectors of the bitcoin economy.

[Summer,69]

These licences are total bullshit.

The purpose of Bitcoin is to free ourselves from this kind of tedious red tape and state involvement in personal finance.

Fuck the bureaucrats. This adds NOTHING to Bitcoin or its economy. Its just another source of drag that would seek to make Bitcoin no better than fiat currency after burying it in red tape.

This actually is really good news.

These are essentially the same rules that apply to any business that acts as an intersection between financial institutions and the regular cash economy.

[smoothie]

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

Your misconception is ridiculous.

Bitcoin is not being regulated. Bitcoin businesses are. Get that straight buddy.

[neverminer77]

What do these regulations mean for online tipping services? It would be impossible for them to know the physical addresses of parties involved in a transaction, among other things. Also, what does this mean for Distributed Autonomous Companies?

It seems to me that these regulations completely stifle the possibility of legal innovation in the financial sector with digital currencies. Please tell me I have misunderstood because my interest in Bitcoin is its potential to facilitate new types of transactions and entities like those I listed above that are impossible with fiat currencies.

[Yakamoto]

"Well, good news! My business just dissolved into a bunch of people selling stuff we've 'acquired over the years' and I have other people helping me and I'm just compensating their effort with some cash!"

I'm probably skipping over some laws or something, but that seems like the most logical way to counter the liscenses. Otherwise anyone in the market section living in New York State is screwed over.

I hate the liscenses because they're a bunch of bloody red tape, making it even harder for startups to actually do something! It's damn paperwork everywhere!

Thankfully I live in Canada, but there's always the possibility those licenses will spread up here too...

The US is bound to collapse soon. Everything is showing it, economy, politics, everything. So don't worry about the liscenses, just be sure you can get through the wake of a dissolution (some how) of the United States. Now don't quote me, and I'm not a US hater, but just looking at the signs makes me worry.

[Baitty]

I don't know what to think now. It seems most countries have regulated Bitcoin in some way and people are reacting badly to it. We all knew this was going to happen sooner rather than later.

[tinof]

I don't know what to think now. It seems most countries have regulated Bitcoin in some way and people are reacting badly to it. We all knew this was going to happen sooner rather than later.

There is 0 exchange in the US for a reason. Now that government is regulating it, it won't be too long before all major bitcoin holders in the US will leave the country also.

[AMVM]

This is exact reason why I`m not buying any more BTC.

From now on there`s no way this 2 points of view are going to conciliate.

If like me and others in this thread you want to stay royal to the principles stated by Satoshi you`ll leave if BTC becomes regulated.
That`s ok. Let`s agree to disagree. That`s diplomacy guys not war.

But before that time comes I can`t stress this enough... Let`s remember that BTC is not only a new type of currency.
IT CAN BE A NEW WAY OF SOCIETY. One in which we wouldn`t have to trust anybody to do anything.

Strip those principles from Bitcoin and you did it! It will be just a coin (with less costs etc etc).
Sry, but for me BTC is not bigger than what it brings inside. If the majority of BTC`s community pick regulation I`ll leave for sure.


The Code brought us this far, let the Code push us further. It is possible to regulate within BTC`s code I believe.




Peace brothers,
AMVM

[glendall]

There are other coins dudes. If you are concerned about regulations, you are welcome to invest in coins such as DarkCoin.  BTC isn't the only crypto in town.

And for all the regulations, bitcoin is difficult to truly challenging to effectively regulate. As opposed to fiat. 

[Seanzqt]

There are other coins dudes. If you are concerned about regulations, you are welcome to invest in coins such as DarkCoin.  BTC isn't the only crypto in town.

And for all the regulations, bitcoin is difficult to truly challenging to effectively regulate. As opposed to fiat. 

Do you really want "InternetApe" managing your coins?
http://www.darkcoin.io/meetteam.html

[ThomasCrowne]

I seriously doubt we are going to see any "serious" government regulation start coming into play until bitcoin has hit a potential market-cap of at least 100 billion.

*I can see this in my crypto-ball :-)