New York’s New Bitcoin Rules Are Going to Kill Its Startups

[BigOrangeBee]

I guess the main offense is, who is New York to regulate Bitcoin? They didn't make it. They don't own it. It's not theirs. It belongs to the world, not to any one state or country or government. Is the rest of the world going to follow New York? Highly unlikely. So who cares if New York tries to slap regulations on Bitcoin? Bitcoin is much bigger than New York. By trying to regulate it, they are simply limiting themselves. People will use it freely in every other place, and New York will be excluded.

Well, a state, city our country can only try to put rules in place they think will benefit their companies and citizens the most. If they devise rules they think are suitable for companies dealing with bitcoin, they can just do that. It's their task to provide a legal framework for companies operating in their state, after all. If you don't want to do business there, just don't do it then, I guess

Do you believe these rules were made to benefit companies and citizens? How so?

[1713303862]

1713303862

[DjPxH]

I guess the main offense is, who is New York to regulate Bitcoin? They didn't make it. They don't own it. It's not theirs. It belongs to the world, not to any one state or country or government. Is the rest of the world going to follow New York? Highly unlikely. So who cares if New York tries to slap regulations on Bitcoin? Bitcoin is much bigger than New York. By trying to regulate it, they are simply limiting themselves. People will use it freely in every other place, and New York will be excluded.

Well, a state, city our country can only try to put rules in place they think will benefit their companies and citizens the most. If they devise rules they think are suitable for companies dealing with bitcoin, they can just do that. It's their task to provide a legal framework for companies operating in their state, after all. If you don't want to do business there, just don't do it then, I guess

Do you believe these rules were made to benefit companies and citizens? How so?

I'm not saying anything about the concrete rules that have been published regarding bitcoin. I'm just saying that a government may opt to put rules in place to protect their companies and citizens. Maybe the NY government believes those rules need to be put in place in order to avoid bankruptcies, scams, or whatnot.

[Harley997]

I guess the main offense is, who is New York to regulate Bitcoin? They didn't make it. They don't own it. It's not theirs. It belongs to the world, not to any one state or country or government. Is the rest of the world going to follow New York? Highly unlikely. So who cares if New York tries to slap regulations on Bitcoin? Bitcoin is much bigger than New York. By trying to regulate it, they are simply limiting themselves. People will use it freely in every other place, and New York will be excluded.

Well, a state, city our country can only try to put rules in place they think will benefit their companies and citizens the most. If they devise rules they think are suitable for companies dealing with bitcoin, they can just do that. It's their task to provide a legal framework for companies operating in their state, after all. If you don't want to do business there, just don't do it then, I guess

The rules are meant to make it so, over the long term it will be easier to deal in bitcoin as consumers will have confidence in the financial strength of the exchanges.

[QuestionAuthority]

New York and California are not doing anything to Bitcoin that they don't do to every business. They are major economic players and they regulate all commerce to death. People don't start a business there because they want a regulation free environment they go to New Mexico for that. Hell, in New Mexico you can all but rape your employees, pay them minimum wage, provide no benefits, fire them at will for no reason, buy business zoned land for pennies on the dollar, pay no property tax, no business tax, pollute the environment without repercussions all because the government is backwards and corrupt.

The bad news is there is almost no economy in backwards little corrupt states. You won't make a fraction of the money there that you will in California or New York because there are few people living there and they don't have any money to spend. Bitcoin businesses will comply with all the stupid regulations and open in New York and in California because that's where the money is and always will be.

Bitcoiners get all excited when big players like the Winklevoss, Dish, Dell, Overstock and the like endorse Bitcoin. These are real businessmen and they will play by the book. They will be successful because towers of regulation are not new to them. Small players will not easily enter the Bitcoin market any more than they can enter any other market. Welcome to the first steps of wide spread adoption.

[Nxtblg]

New York and California are not doing anything to Bitcoin that they don't do to every business. They are major economic players and they regulate all commerce to death. People don't start a business there because they want a regulation free environment they go to New Mexico for that. Hell, in New Mexico you can all but rape your employees, pay them minimum wage, provide no benefits, fire them at will for no reason, buy business zoned land for pennies on the dollar, pay no property tax, no business tax, pollute the environment without repercussions all because the government is backwards and corrupt.

The bad news is there is almost no economy in backwards little corrupt states. You won't make a fraction of the money there that you will in California or New York because there are few people living there and they don't have any money to spend. Bitcoin businesses will comply with all the stupid regulations and open in New York and in California because that's where the money is and always will be.

Bitcoiners get all excited when big players like the Winklevoss, Dish, Dell, Overstock and the like endorse Bitcoin. These are real businessmen and they will play by the book. They will be successful because towers of regulation are not new to them. Small players will not easily enter the Bitcoin market any more than they can enter any other market. Welcome to the first steps of wide spread adoption.

Way to inject some realism into this. We sometimes forget, but the virtual world is aught but a gateway from and to the real world.

[BTCfan668]

New York and California are not doing anything to Bitcoin that they don't do to every business. They are major economic players and they regulate all commerce to death. People don't start a business there because they want a regulation free environment they go to New Mexico for that. Hell, in New Mexico you can all but rape your employees, pay them minimum wage, provide no benefits, fire them at will for no reason, buy business zoned land for pennies on the dollar, pay no property tax, no business tax, pollute the environment without repercussions all because the government is backwards and corrupt.

The bad news is there is almost no economy in backwards little corrupt states. You won't make a fraction of the money there that you will in California or New York because there are few people living there and they don't have any money to spend. Bitcoin businesses will comply with all the stupid regulations and open in New York and in California because that's where the money is and always will be.

Bitcoiners get all excited when big players like the Winklevoss, Dish, Dell, Overstock and the like endorse Bitcoin. These are real businessmen and they will play by the book. They will be successful because towers of regulation are not new to them. Small players will not easily enter the Bitcoin market any more than they can enter any other market. Welcome to the first steps of wide spread adoption.

There are a lot of businesses that are started in CA, mainly tech companies. Most tech companies that were created in the late 90's were based in CA.

The regulations that NY is proposing is good for bitcoin in general as it will give consumers certainty that an exchange is not going to fail the day after they deposit bitcoin with them.

[URSAY]

The regulations that NY is proposing is good for bitcoin in general as it will give consumers certainty that an exchange is not going to fail the day after they deposit bitcoin with them.

If I wanted to trust a centralized institution then I'd be using a regular bank.  If you do not hold your own coins and you lose them then it's your own fault.  It's unfortunate that so many people whom do not understand cryptos go crying to BBB and local government to clean things up.  You want bitcoin to be modeled after the traditional institutions?  Perhaps you don't understand why this technology is so groundbreaking.   

[jbreher]

If I wanted to trust a centralized institution then I'd be using a regular bank. 

Well, you're in luck. As it so happens, banks are specifically exempt from these proposed regulations.









You might ask yourself 'why?'

[techlover]

New York’s New Bitcoin Rules Are Going to Kill Its Startups

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

I am lucky to be not in NY, and I hope it will not spread to other states soon