Something to worry about?

[AngelicSoul]

Hello,

Just want to see other peoples thoughts on this.. something to worry about?

http://www.cryptocoinsnews.com/news/proposed-bitcoin-regulation-bitlicense-shut-mining-bitcoin-businesses-us/2014/07/20

[311]

Niot unless you're a miner. It wont effect the rest of us or  the network if thats what you're worried about.

[Meuh6879]

  yes, shutdown the pools ... like server on P2P file sharing.
and then, personal node (with low miner powered) can win 25BTC  

[Malin Keshar]

yes, shutdown the pools ... like server on P2P file sharing.
and then, personal node (with low miner powered) can win 25BTC  

And a private node from some arabic country can win most of the coins and 51% attack the network.

It may be a strategic problem with future consequences that we may not directly relate to this, since US in really strong in the network, and less hash power = less powerfull and vulnerable to attack bitcoin network.

[Meuh6879]

ooooh, please ... don't compare a pool and a solo-miner.
51% is possible because of the pools ...

you can't do a real 51% without a heavy costly line (only available) on datacenter.

[banque]

Yep a major mining pool out of Vegas put up notice in 45 days they may close due to new NY State reg's

Look at node map of the world btc network

USA btc nodes mine more than any region

Next is Europe in total nodes

[blatchcorn]

Any regulations that don't ban Bitcoin are great.  It still early days yet

[GrandmaJean]

yes, shutdown the pools ... like server on P2P file sharing.
and then, personal node (with low miner powered) can win 25BTC  

IF we shutdown pools then it will be easier to attempt a 51% attack as less people would have the capital to mine with enough hashrate to make it so they ever earn a reward, so the network difficulty would be lowered.

[robhimself]

Haters gonna hate.

 

[odolvlobo]

This is a weird thread. You want us to comment in this thread about an article summarizing another Bitcointalk thread. Why not just go directly to the thread to comment?

Go here:
https://bitcointalk.org/index.php?topic=49417.msg7900799#msg7900799
 

[PalmerLaura]

Really? Is this a thing?. Regulated bitcoin? Sad.

[FlowerMatt]

Really? Is this a thing?. Regulated bitcoin? Sad.

It's only a thing if you want it to be.
Otherwise it's just a bunch of hot air. Like piracy laws.

[666uazan]

How many times do I have to say this everyone? It would only be yourself to be at blame for willing to comply with it. There is no way to enforce this unless you willingly comply. To comply or enforce is to be just as guilty as the one whom created that tyrannical law. For a law is no law if no one complies with it, or enforces it. The legal system no longer has legitimacy or credibility. And anyone whom thinks otherwise is a fool and blind to current state of the world and how it works.

[666uazan]

For those concerned, bitcoin is already highly regulated. It is a self regulated protocol. I have said, if this becomes law I will push forth an agenda to open up an illegal bitcoin exchange out of retalliation in NY. Government is only panicing right now because it realizes that crypto technology is a threat to the existence and power of corrupt government. And so government is doing everything it can to suppress technology.

Solution: Do not comply.

[walletla]

lawsky and bitlicense need to be stopped  

[pawel7777]

Definitely yes.

Of course, you can just ignore it if you're a regular person who just uses bitcoin. But for anyone who built/intend to build a serious business around bitcoin - this is a bad news.

Then again, you can just start your business elsewhere and avoid new yorkers, but other states/countries can go the same route.

Hopefully this regulation will not go through in it's current shape.

[franky1]

lets end the fud worry

bitlicence = new york
miner in article=navada.

moving on

[pawel7777]

lets end the fud worry

bitlicence = new york
miner in article=navada.

moving on

If it was only that simple... Are you familiar with TVShack's case? Basically, the British guy, operating a website from UK (servers in Netherlands) didn't break any UK law, but still was facing extradition to US. No one can guarantee the same cannot happen with BTC exchange or mining pool.

Link to the article:

http://www.bbc.co.uk/news/uk-england-south-yorkshire-18266805

Eventually it didn't end up that bad for him (could've been worse):

http://www.theregister.co.uk/2012/12/07/tvshack_fine/

[Beliathon]

Hello,

Just want to see other peoples thoughts on this.. something to worry about?

http://www.cryptocoinsnews.com/news/proposed-bitcoin-regulation-bitlicense-shut-mining-bitcoin-businesses-us/2014/07/20

The best response to this hostile-takeover of a "regulation" was given by Bruce Fenton, in a speech you can watch here.

The TL:DR version is - Fuck Ben Lawsky and his insanely out-of-touch bank-takeover regulations. It will leave New York completely out of the Bitcoin scene. I feel sorry for every Bitcoin entrepreneur that is a New York resident right now.

I'm glad I simply dumped all my savings in, rather than trying to start a business in this fucked up, corrupt ass state. The banksters own New York City and New York State. And they're rightfully terrified of Bitcoin.

[franky1]

lets end the fud worry

bitlicence = new york
miner in article=navada.

moving on

If it was only that simple... Are you familiar with TVShack's case? Basically, the British guy, operating a website from UK (servers in Netherlands) didn't break any UK law, but still was facing extradition to US. No one can guarantee the same cannot happen with BTC exchange or mining pool.

Link to the article:

http://www.bbc.co.uk/news/uk-england-south-yorkshire-18266805

Eventually it didn't end up that bad for him (could've been worse):

http://www.theregister.co.uk/2012/12/07/tvshack_fine/

thats because linking an american copyrighted product makes it american jurisdiction as the tv shows company is american.

but bitcoin has no country. so bitcoin is not based in new york, those new york rules dont apply to navada