New York Looks to Slap Digital Currency With Death Sentence

[MicroGuy]

Remember the pain and suffering we all experienced when China banned Bitcoin last year? Well, a new form of punishment is on the horizon for Bitcoin thanks to New York’s Superintendent of Financial Services, Benjamin Lawsky. This new artificially imposed homicide might as well be called – Death by Regulation.

Imagine walking up to a New York street vendor in Times Square to purchase a foot-long hot dog and being asked to provide your name and home address. If you’re paying with cash, no need to fret. But if you’re paying in Bitcoin or some other digital currency, be prepared to answer a series of questions before enjoying your tasty treat.

The State of New York is proposing BitLicense, a set of rules and regulations that would mandate licenses for merchants that accept Bitcoin and its digital cousins. The proposal creates expensive costs and barriers-of-entry for vendors, and infringes upon the rights of both businesses and casual users alike, according to a recent article published by the electronic frontier foundation.

The fact is, the World looks to New York for guidance as it relates to financial and banking regulation and if this proposed legislation passes, it would mean an end to Bitcoin in New York, and likely set a wrench into motion that could “gum up” the entire cryptocurrency machine. In essence, the Bitlicense would become the Ebola Virus of digital currency with Benjamin Lawsky becoming “patient zero”.

The open comment period on these regulations is expected to end soon, after which time, the Department of Financial Services will release an updated version of its proposed regulatory framework. That means that digital currency adopters worldwide have a limited amount of time to speak out against these new proposals or face regulation that is sure to strike a crippling blow to cryptocurrencies across the globe.

Full Story: http://altcoinpress.com/2014/10/new-york-looks-to-slap-digital-currency-with-death-sentence/

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[S.Boxx]

Organization's like the quoted "electronic frontier foundation" and the "Cypherpunks" have been fighting for our freedom since the beginning of the digital age and the only person anyone knows is Steve Jobs, the king of "mass production for mass consumption". Google these organizations and donate, read and listen to what the have to say about protecting your freedom. This doesn't have to be a world of "NOTICE: The user agrees to surveillance and no rights of privacy so we can prosecute you if we feel the need to for political or financial reasons".

[Beliathon]

Bitcoin looks to slap New York with reality check. Bitcoin is sovereign, New York is not.

[mercistheman]

So much for their slogan... "New York Open For Business"

It should be... "New York Left Behind"

[MrBig]

This could backfire on the government if they actually tried to implement something like this, and give more credibility to btc.

[chopstick]

Poorly designed regulations are destined to fail.

Lawsky, looking out for his bro's at JP Morgan. One big fail party

[Bitcoin Magazine]

Bitcoin looks to slap New York with reality check. Bitcoin is sovereign, New York is not.

BTCitcoin takes too long.  No one wants to wait behind someone with a paper wallet.  especially when all they have to do is slide their card

[bitcoincal]

Horrible news if this happens, but it will probably backfire on these regulators.

[Undermood]

Never mind! The New York will eat the results themselves. The bitcoin startups will leave there to other open area to build their business.

[turvarya]

When you listen to Andreas Antonopolis in front of the Canadian committee and how this senators react to his answers, you pretty much see that the game has already changed in favor to Bitcoin, at least in Canada.
So, New York or even USA regulate how much you ever want. You will be left behind anyways, when you do so.

[jaybits]

New York is fail boat if they think they can regulate Bit[Suspicious link removed]d luck with that you out dated tards.

Kobayashi cares not what you think.

[Lethn]

When you listen to Andreas Antonopolis in front of the Canadian committee and how this senators react to his answers, you pretty much see that the game has already changed in favor to Bitcoin, at least in Canada.
So, New York or even USA regulate how much you ever want. You will be left behind anyways, when you do so.

I've been amazed at Canada's response, unusually rational, but then again their Canadian Royal Mint produces Gold/Silver bars and as far as I know they actually have a reasonably well run economy. Considering New York has the stock exchange and is supposed to be a financial capital they're going to look like morons with these new laws.

That said, New York has been known to introduce some ridiculous laws, Mayor Bloomberg did something with fucking limits on how big of a coke cup you could buy awhile back and then said it was okay to carry around a certain amount of marijuana lol.

[runam0k]

Support the EFF and follow their advice by emailing the NYDFS.

[Elwar]

Places to do business with bitcoin:
New York

[altcointalk.org]

When you listen to Andreas Antonopolis in front of the Canadian committee and how this senators react to his answers, you pretty much see that the game has already changed in favor to Bitcoin, at least in Canada.
So, New York or even USA regulate how much you ever want. You will be left behind anyways, when you do so.

Exactly. The technology will survive and thrive and those that don't embrace it will be left behind.

[bitsmichel]

Remember the pain and suffering we all experienced when China banned Bitcoin last year? Well, a new form of punishment is on the horizon for Bitcoin thanks to New York’s Superintendent of Financial Services, Benjamin Lawsky. This new artificially imposed homicide might as well be called – Death by Regulation.

Imagine walking up to a New York street vendor in Times Square to purchase a foot-long hot dog and being asked to provide your name and home address. If you’re paying with cash, no need to fret. But if you’re paying in Bitcoin or some other digital currency, be prepared to answer a series of questions before enjoying your tasty treat.

I have not been in New York in a while but I doubt they would ask a series of questions. Imagine you are about to make a sale: would you start asking the customer hundreds of questions? 

[huoiuu]

This is a frustrating news。

New York ,what are you doing?

[CryptoCarmen]

I think NY slapped them self a death sentence.

[Monkeynutz]

I have couple buddies there, they heard this too and aren't happy.  I mean I cant understnad WHY NY wants to be that tight?  I can understnad some reg's but this much??  More b.s. poitics behind it.  Didn't knwo they became a commie or nazi city overnight?!!

[R2D221]

Bitcoin looks to slap New York with reality check. Bitcoin is sovereign, New York is not.

BTCitcoin takes too long.  No one wants to wait behind someone with a paper wallet.  especially when all they have to do is slide their card

That's similar to paying with a check. Why would you pay for your hot dog with a check?