taylortyler (OP)
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Activity: 84
Merit: 10
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July 27, 2014, 03:55:45 AM |
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Forfeit Bitcoins that are inactive for over 5 years to the State of New York - (200.12c)
Am I reading this right?
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In order to get the maximum amount of activity points possible, you just need to post once per day on average. Skipping days is OK as long as you maintain the average.
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🏰 TradeFortress 🏰
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👻
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July 27, 2014, 03:57:03 AM |
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No, hyperbole. These regulations regulate Bitcoin businesses, not individuals.
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FunnyHat43
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July 27, 2014, 04:01:37 AM |
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this is not true and NY regulators would have no way to enforce this.
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DeathAndTaxes
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Gerald Davis
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July 27, 2014, 04:06:16 AM |
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Forfeit Bitcoins that are inactive for over 5 years to the State of New York - (200.12c)
Am I reading this right?
No. No more than dollars under your mattress you don't use for 5 years belongs to NY. Abandoned property deals with THIRD PARTY accounts. So under the BitLicense if you had an account with an exchange and you didn't login for 5 years the EXCHANGE would turn the account over to the state. |
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leahsandes
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July 27, 2014, 04:36:24 AM |
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Forfeit Bitcoins that are inactive for over 5 years to the State of New York - (200.12c)
Am I reading this right?
No. No more than dollars under your mattress you don't use for 5 years belongs to NY. Abandoned property deals with THIRD PARTY accounts. So under the BitLicense if you had an account with an exchange and you didn't login for 5 years the EXCHANGE would turn the account over to the state. Holy mother of fuck that cannot be real. All they gotta do is make up some bullshit charges (Patriot Act or something) and put you in jail for 5 years and then keep all your money for inactivity. If you use coinbase or something that is. |
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coynbyer123
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July 27, 2014, 04:42:32 AM |
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Forfeit Bitcoins that are inactive for over 5 years to the State of New York - (200.12c)
Am I reading this right?
No. No more than dollars under your mattress you don't use for 5 years belongs to NY. Abandoned property deals with THIRD PARTY accounts. So under the BitLicense if you had an account with an exchange and you didn't login for 5 years the EXCHANGE would turn the account over to the state. Holy mother of fuck that cannot be real. All they gotta do is make up some bullshit charges (Patriot Act or something) and put you in jail for 5 years and then keep all your money for inactivity. If you use coinbase or something that is. if they do that theres no need to wait 5 years. bullshit charge can be used to seize the account immediately. |
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leahsandes
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July 27, 2014, 04:48:12 AM |
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if they do that theres no need to wait 5 years.
bullshit charge can be used to seize the account immediately.
They haven't managed to seize all of DPR's yet and he had semi-legit charges. There isn't any bullshit charges that let them take monies as easy as wait 5 years that I know of. |
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ThomasCrowne
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★☆★ 777Coin - The Exciting Bitco
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July 27, 2014, 05:07:28 AM |
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All the more reason to keep the majority of your bitcoins running on a local wallet. Don't trust your coins to any third party source!
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ANTIcentralized
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July 27, 2014, 05:17:45 AM |
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if they do that theres no need to wait 5 years.
bullshit charge can be used to seize the account immediately.
They haven't managed to seize all of DPR's yet and he had semi-legit charges. There isn't any bullshit charges that let them take monies as easy as wait 5 years that I know of. If your bank account or other asset account is dormant for a certain period of time then the assets are to be turned over to the state. If the accountholder later contacts the state looking for assets then the state would return the assets to the original owner of the assets. |
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haploid23
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July 27, 2014, 05:41:16 AM |
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Forfeit Bitcoins that are inactive for over 5 years to the State of New York - (200.12c)
Think for a minute. Lets say they do implement this. Now how are they going to execute and enforce this? One of the benefits of bitcoin is that it's yours, and you're in full control of it. The fundamentals of bitcoin does not operate within the law and regulation. |
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dadugan
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July 27, 2014, 05:54:47 AM |
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Forfeit Bitcoins that are inactive for over 5 years to the State of New York - (200.12c)
Think for a minute. Lets say they do implement this. Now how are they going to execute and enforce this? One of the benefits of bitcoin is that it's yours, and you're in full control of it. The fundamentals of bitcoin does not operate within the law and regulation. Yes. There is no mechanism available to recover lose wallet. |
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coynbyer123
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July 27, 2014, 07:53:16 AM |
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if they do that theres no need to wait 5 years.
bullshit charge can be used to seize the account immediately.
They haven't managed to seize all of DPR's yet and he had semi-legit charges. There isn't any bullshit charges that let them take monies as easy as wait 5 years that I know of. DPR didnt have his btc in an account owned by another business. they took everything they could get there hands on. waiting 5 years wont let them get there hands on DPR coins. point is that if they can take coins from an account after 5 years, and if they can make up bullshit charges to lock someone up for 5 years, then they can make up bullshit charges to seize coins from an account, and not need to wait 5 years. so the 5 years thing dont matter. |
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herzmeister
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July 27, 2014, 01:02:53 PM |
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Forfeit Bitcoins that are inactive for over 5 years to the State of New York - (200.12c)
Am I reading this right?
good luck with regulating math and the laws of this universe |
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Meuh6879
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July 27, 2014, 02:05:57 PM
Last edit: July 27, 2014, 02:20:43 PM by Meuh6879 |
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YOU CAN'T STEAL bitcoin (when no device is connected to private key).
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BitCoinDream
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The revolution will be digital
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July 27, 2014, 02:07:10 PM |
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Forfeit Bitcoins that are inactive for over 5 years to the State of New York - (200.12c)
Am I reading this right?
WTF ? Who told u that Satoshi is from NY ? |
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Meuh6879
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July 27, 2014, 02:08:03 PM |
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So under the BitLicense if you had an account with an exchange and you didn't login for 5 years the EXCHANGE would turn the account over to the state.
like mtgox ...  ALWAYS RETRIEVE bitcoins to your private wallet ! |
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commandrix
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July 27, 2014, 02:12:32 PM |
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This is why I've NEVER used third party wallets. Well, that and I didn't even know that online "wallets" existed when I first got started with Bitcoin. Storing them that way is the same thing as storing money in the bank. You're trusting them to keep your Bitcoin safe and we've seen with Mt Gox that third party applications have no incentive to look out for YOUR best interests.
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TopherB
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Activity: 109
Merit: 10
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July 27, 2014, 02:23:45 PM |
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if they do that theres no need to wait 5 years.
bullshit charge can be used to seize the account immediately.
They haven't managed to seize all of DPR's yet and he had semi-legit charges. There isn't any bullshit charges that let them take monies as easy as wait 5 years that I know of. My Uncle had $17,000 seized for the heinous crime of having $17,000 in cash. Obviously large amounts of cash money could only be used for illegal purposes and therefore were seized under RICO without any charge filed other than suspicious cash. It took just over 3 years and over half that sum to get it back. This was in the mid 90s. |
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right wing authoritarian
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July 27, 2014, 02:25:17 PM |
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I guess if bitcoin were that easy to regulate than bitcoin would already have been regulated out of existence. If you want a business to hold an asset for you for more than five years then you should buy EFT's not bitcoin. This does however bring up the problem of the unintended consequences of regulation. New York has been proactive which may mean bitcoin develops faster there because of certainty of regulation or may mean NY becomes a bitcoin free zone and business domicile in other places to avoid the inconvenience.
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