What you like and dont like from the bitcoin regulation draft?

[cuddaloreappu]

Read the document and state what you like or dont like from the proposal..

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

[LostDutchman]

Read the document and state what you like or dont like from the proposal..

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

Do not like any of it.

[eleuthria]

I don't like that it currently implies New York (state) will be able to fine and prosecute businesses with no physical nexus in New York, if somebody from New York accesses them.  Since there is no way to guarantee that doesn't happen, it means it is unsafe to run anything Bitcoin related in the United States (other than as a merchant who accepts it), or possibly even in countries which are too friendly to the United States.

If that regulation passes, every pool with an owner/operator in the US will be forced to shut its doors.  Given the framing of these regulations, there is no way a pool can generate the revenue needed to comply with the requirements.  Better hope GHash isn't full of shit about their 40% promise, since about 18% of the network is probably going to be moving there in the next 90-120 days.

[CokeCoin]

"Virtual Currency shall not be construed to include digital units that are used solely within online gaming platforms with no market or application outside of those gaming platforms, nor shall Virtual Currency be construed to include digital units that are used exclusively as part of a customer affinity or rewards program"

Glad that someone was smart enough to include that caveat into the definition of Virtual Currency.

[jyakulis]

the word regulation...


here I'll fix it for you: Bitcoin Regulation CONTROL Draft


Seriously, why would I waste my time reading this filth. Stop trying to play in their system. You will lose. Think of ways around their system.

[LostDutchman]

the word regulation...


here I'll fix it for you: Bitcoin Regulation CONTROL Draft


Seriously, why would I waste my time reading this filth. Stop trying to play in their system. You will lose. Think

Exactly!

+1

[Beliathon]

I will just cut and paste my response for you from Reddit:

"Oh look, more rules and regulations for the plebians? That's cute.

You let me know when these laws against money laundering start applying to corporations and political elites and I'll start taking you seriously and maybe even consider obeying your laws. Probably not though, since they're fundamentally unenforceable.

Now if you'll kindly excuse me, I need to get back to downloading TOR, Tails, Dark Wallet, and Bitmessage, all while sharing terrabytes of free culture on the Pirate Bay and smoking weed.

TL;DR - You have no power here. Fuck your laws, fuck your corrupt oligopoly, and fuck you."

This comment netted me like 200 karma and 3 months reddit gold, so it must have resonated with folks in r/bitcoin.

the word regulation...

here I'll fix it for you: Bitcoin Regulation CONTROL Draft

Seriously, why would I waste my time reading this filth. Stop trying to play in their system. You will lose. Think of ways around their system.

Quoted for truth.

[Baitty]

What can be like about this regulation? I really do hope ghash keep to their word.