Should New York State & all therein be red-lined (mostly isolated) from the world of Bitcoin?
RE: the pending NY DFS proposed BITLICENSE Regulatory Framework for Virtual Currency Firms
http://www.dfs.ny.gov/about/press2014/pr1407171.htmlMy Own Conclusion:
-----------------------
We must mostly isolate, by red-lining all parties, with few exceptions, within the state of New York, from doing
any and all business with the rest of the world of Bitcoin. Furthermore the only exceptions should be when & where
there are no onerous Bitcoin regulations there of.
This will in turn nullify the NY DFS from their vastly overreaching attempts to force regulations past their own
boundaries (turf) that is only the state of New York.
Companies now located in New York state should quickly make public announcements that they will support this
effort by relocating before the end of 2014 their businesses, to other locations outside New York state's jurisdictions.
Certain likely exceptions: e.g. Bitcoin ETF's and Trusts are NOT likely to be off-limits for almost any investors
from almost anywhere.
Furthermore:
----------------
Other major companies and anyone else is certainly free to do as they please, but they will risk themselves being
suddenly and strongly widely no longer welcome to most others in this global Bitcoin Community should they side
with any onerous regulatory attempts, or possibly even be perceived to professionally benefit from such actions.
This seems to be a logical start to ending all onerous regulation attempts by ruinous powers concerning Bitcoin
and it's future success.
In summary:
---------------
This can be concluded mutually beneficial, or not. It's New York's, NYDFS, & the Fed's choices to make.
An accurate and timely prediction: the legacy institutions will not be the victors should they decide on
more monetary war against Bitcoin.
Recap:
--------
Should New York State & all therein be red-lined (mostly isolated) from the world of Bitcoin?
*Note: There is no changing of one's own vote allowed on this poll.