New York Looks to Slap Digital Currency With Death Sentence

[nutildah]

I went too soft on Wall Street in my last post.

If Wall Street was useless to society, that would be an improvement.

[Honeypot]

Sometimes, it's interesting to see how ignorant some people are of reality. In their mind, they can move markets and is the center of the universe. NYC? Some fishing town...

Yeah unless you consider gross domestic product, trading activity and the fact that it is the 12th biggest economy in the world.

I think you are underestimating the gravity of their pull. Weren't you around in 2008?

You missed sarcasm on the last part, and the tone of the whole post

People have no idea how lack of regulation have been running down crypto. Vast majority of existing crypto 'heavy weights' have vested interest in demonizing regulations mainly because it would cut them off from doing their profiteering.

The regulation is going to be written by Wall Street, which is a far more corrupt and world-destroying entity than crypto, because they operate under the pretense that they are good and necessary and aren't evil shits (which the vast majority are -- evil, spoiled, unnecessary shits, deadset on making the world a worse place to live in during their lifetimes).

Here, its just a freeforall with no pretense. To me thats the more honorable option.

Exchanges have been running on hot air and lack of reserves for too long, and they will be swept aside.

I have no idea if this is true or not but I hope for their sake its not.

From what we have seen in the last 12 months of crypto, we learned that corruption finds a place to rest its head no matter where. If you think crypto and altcoin/exchange scene is any less corrupt then wall street, you are really foolin yourself.

It's a fact that exchanges have been running empty for a long time and basically trading substantially above what they are capable of dispatching at any given time. Their duplicity makes lehman brothers and jp morgan look law abiding in comparison, if you consider the scale of the respective businesses and especially the time frame in which such corruption took root.

This is now a muti billion dollar economy set up in less then 5 years, with which people were essentially fleeced willingly of their money and fucked by their own child like view of what corruption is. Because they were being cheeky and cheering on 'fuck the regs, fuck the gov, fuck DA MAN, fuck banksters etc', while common thieves and internet gamers were stealing their money faster then any 'bankster' did and in larger amount. and in shorter amount of time.

How many tens of hundreds of millions went with gox, crypto rush, and now mintpal? How many scams and disappearing devs have we seen? How many pump and dump groups operating while dumping not just on the public but on each other? These fools will be prison meat in 3 weeks tops if regs come into play and they find out how easily their identities are going to be revealed to the world.

You can feel good about 'sticking it to the man' while little whores like ryan kennedy are robbing you blind from behind their monitors for a sum far more then jp morgan did.

If we have learned anything, it's that these cheeky 20 and 30 somethings with attitude need to check their place.

Any question?

[turvarya]

Sometimes, it's interesting to see how ignorant some people are of reality. In their mind, they can move markets and is the center of the universe. NYC? Some fishing town...

Yeah unless you consider gross domestic product, trading activity and the fact that it is the 12th biggest economy in the world.

I think you are underestimating the gravity of their pull. Weren't you around in 2008?

Their impact isn't written in stone. They can easily lose it by making some stupid mistakes.
I don't think, that other cities/states will just follow, whatever NYC do.

[Oscilson]

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. BTC is international. However, if New York treats BTC properly, it sets a good example.

[aztecminer]

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

i am still going to hodl. new york is not really part of the usa.

[yayayo]

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. BTC is international. However, if New York treats BTC properly, it sets a good example.

Never underestimate the stupidity and evilness of politicians and statists! They may appear to be listening but that does not mean anything, because it's what they have been training for their whole life.

The best thing to do is to improve Bitcoin technology in a way that renders any regulatory attempt a futile endeavor. Then we don't even have to communicate with these scumbags anymore and can enjoy our lives in freedom.

ya.ya.yo!

[subcoin]

The logical fail of OP & NY regulators lies in the premise that "if something is bad, it needs regulation"
The supporting argument being: "look, something was bad, then regulation came out, it is good now"
This original premise is considered to be the "universal truth", when, in fact it is not.
Because it is considered a "universal truth", they cannot see any other ways to fix it.
For example, they could just leave it alone and market forces will fix it.
REGULATION IS NOT THE ONLY WAY!

[the joint]

The fact is, the World looks to New York for guidance as it relates to financial and banking regulation

Yeah, no. World doesn't.
In fact, most of the world looks at US to see how NOT to do regulation...

Yes but most finance of the world is in the US, so you have no choice but to pay attention. For example, the total market cap of the NYSE and NASDAQ far supersedes that of every other stock exchange in the world put together. Its not even close.

If the US economy takes a hit, the world economy takes a hit.

This is why Wall Street banker, trader and fund manager types are commonly referred to as "the masters of the universe."

Sometimes, it's interesting to see how ignorant some people are of reality. In their mind, they can move markets and is the center of the universe. NYC? Some fishing town...

Yeah and September 11, 2001 wasn't significant for the world in any way.

Edit:  I see above you mention to someone else that this was supposed to be sarcastic, but I really didn't pick up on that at all the first time around, or even now to be honest.

[efreeti]

Bitcoin usage might simply move elsewhere.

The strength of bitcoin is settle payment across border when you can by pass wire and foreign exchange fee. Cash and credit card make more sense for local trade.

[sidhujag]

I thought they were making it tax free and legislation free for developers of technology and long term holders but taxing the traders only?

[nutildah]

You missed sarcasm on the last part, and the tone of the whole post

Sorry but a lot of people here really are that hard-headed or contrarian, that's why I didn't recognize the sarcasm.

From what we have seen in the last 12 months of crypto, we learned that corruption finds a place to rest its head no matter where. If you think crypto and altcoin/exchange scene is any less corrupt then wall street, you are really foolin yourself.

The only thing this says to me is you don't have much experience with Wall Street. Since they have been around for much longer and are in much greater numbers, they are much more efficient scammers than what goes on in this forum.

It's a fact that exchanges have been running empty for a long time and basically trading substantially above what they are capable of dispatching at any given time. Their duplicity makes lehman brothers and jp morgan look law abiding in comparison, if you consider the scale of the respective businesses and especially the time frame in which such corruption took root.

The entire cryptocurrency scene could be bought up by a medium-sized hedge fund. We are talking about a tiny sliver of market capitalization compared to Wall Street. You can put every single crypto exchange together and multiply their worth by 10 fold and still not approach the valuation of Lehman Brothers pre-collapse.

This is now a muti billion dollar economy set up in less then 5 years, with which people were essentially fleeced willingly of their money and fucked by their own child like view of what corruption is.

OK now you are trying to speak for everybody. I am currently sitting on a net BTC profit, so I don't know who you are talking about.

How many tens of hundreds of millions went with gox, crypto rush, and now mintpal?

Its just a tiny drop in the bucket compared to what is taken from the poor to feed to the rich on Wall Street on a daily basis.

How many scams and disappearing devs have we seen? How many pump and dump groups operating while dumping not just on the public but on each other? These fools will be prison meat in 3 weeks tops if regs come into play and they find out how easily their identities are going to be revealed to the world.

Why do we need additional "regs" to enforce pre-existing law? Theft is theft. We don't need new regulation, we simply apply the regulation we already have. Get it? No, of course not. You will never get it because for you getting it means admitting defeat.

You can feel good about 'sticking it to the man' while little whores like ryan kennedy are robbing you blind from behind their monitors for a sum far more then jp morgan did.

Really? You are saying there is a bigger thief on the planet than JP Morgan? Please, do go on...

If we have learned anything, it's that these cheeky 20 and 30 somethings with attitude need to check their place.

What I learned is old people just can't get it... It doesn't even matter how physically old you are. If you are mentally old, you won't get it.

[doubleredrolex]

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

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

agreed. Legislating themselves into the dark ages.

[Honeypot]

You missed sarcasm on the last part, and the tone of the whole post

Sorry but a lot of people here really are that hard-headed or contrarian, that's why I didn't recognize the sarcasm.

From what we have seen in the last 12 months of crypto, we learned that corruption finds a place to rest its head no matter where. If you think crypto and altcoin/exchange scene is any less corrupt then wall street, you are really foolin yourself.

The only thing this says to me is you don't have much experience with Wall Street. Since they have been around for much longer and are in much greater numbers, they are much more efficient scammers than what goes on in this forum.

It's a fact that exchanges have been running empty for a long time and basically trading substantially above what they are capable of dispatching at any given time. Their duplicity makes lehman brothers and jp morgan look law abiding in comparison, if you consider the scale of the respective businesses and especially the time frame in which such corruption took root.

The entire cryptocurrency scene could be bought up by a medium-sized hedge fund. We are talking about a tiny sliver of market capitalization compared to Wall Street. You can put every single crypto exchange together and multiply their worth by 10 fold and still not approach the valuation of Lehman Brothers pre-collapse.

This is now a muti billion dollar economy set up in less then 5 years, with which people were essentially fleeced willingly of their money and fucked by their own child like view of what corruption is.

OK now you are trying to speak for everybody. I am currently sitting on a net BTC profit, so I don't know who you are talking about.

How many tens of hundreds of millions went with gox, crypto rush, and now mintpal?

Its just a tiny drop in the bucket compared to what is taken from the poor to feed to the rich on Wall Street on a daily basis.

How many scams and disappearing devs have we seen? How many pump and dump groups operating while dumping not just on the public but on each other? These fools will be prison meat in 3 weeks tops if regs come into play and they find out how easily their identities are going to be revealed to the world.

Why do we need additional "regs" to enforce pre-existing law? Theft is theft. We don't need new regulation, we simply apply the regulation we already have. Get it? No, of course not. You will never get it because for you getting it means admitting defeat.

You can feel good about 'sticking it to the man' while little whores like ryan kennedy are robbing you blind from behind their monitors for a sum far more then jp morgan did.

Really? You are saying there is a bigger thief on the planet than JP Morgan? Please, do go on...

If we have learned anything, it's that these cheeky 20 and 30 somethings with attitude need to check their place.

What I learned is old people just can't get it... It doesn't even matter how physically old you are. If you are mentally old, you won't get it.

One thing I do get is how young 20 to 30 somethings involved in bitcoin like you have very little idea of the true scale of corruption in this world, yet finds it convenient to blame wall st. It's very typical - almost cute. Just hope that bubble doesn't get burst by reality.

Also, you completely missed the idea behind my statement about scale of business in comparing crypto to wall st in terms of corruption. What it means is that you must consider the proportion of outright scams and quasi legal activities within their respective economies and the time length in which they had to implement such corruption, then compare the two entities and see where all that got you in terms of the naive 'we are pure and wall st is corrupt bitch moan bitch moan'.

The only difference is the fact that smart con men deceive others, while weak and inexperienced con deceives himself first. It's a pretty obvious path these kids take to rationalize their circumstances and actions - and being very honest here it's pretty damn childish.

Bottom line is, crypto has no business bitching about corruption of others anymore. You have conclusively proven that common people who claimed to be victims of 'ultimate corruption' in wall st are mainly motivated by the desire for themselves to be the big cheese, not because of any better purpose that they constantly mouth off about.

[Spoetnik]

you bashed the regulation OP in your first post.
but.. you did not state any specific parts of the legislation
aside from one scary bad example of the hot dog vender and id.
you did not say this was a real part of the legislation or a part of an example you made for dramatic purposes.

no decision and comment can be provided on what was posted in this forum topic alone.

of course popping your id out to buy a hotdog is dumb..
but is that what is being proposed ?

seems like you are scare mongering and FUD'Ing the proposal pretty hard.
with out giving any details as to what is said.

and no off site links don't matter.. you need to include them here or people will skip them and guess what is going on.

i am all for a dramatic portrayals but i usually prefer an accurate one with as much detail as possible.

i have been for regulation for ages too *if done right and that should involve getting feedback from the entire world wide communities.
a rush to push through bad regulation would be more harmful than what we have already.
a compromise needs to be made between big banks etc and the bitcoiners.
i hope this is doable.. and it does not wind up an issue where they simply push their slanted biased crap on us giving them the advantage over us hindering Bitcoin.

we need facts not hysteria about regulation.
you posted this so guys will get all riled up over regulation like it's all bad.
regulation has to happen or it can't fit in with the rest of society.. regulation is not an option it's an inevitability..

i spent last year telling everyone they better start thinking about it then because it's coming and FAST !
and i was told no way and that they can't etc
They are and they will !
and it will matter when your accounts are seized etc
Bitcoin can not function with out links to Fiat not any time soon that is for sure.

Don't waste your time fighting regulation.. think of ways to improve it so it works everyone.

[Spoetnik]

One thing I do get is how young 20 to 30 somethings involved in bitcoin like you have very little idea of the true scale of corruption in this world, yet finds it convenient to blame wall st. It's very typical - almost cute. Just hope that bubble doesn't get burst by reality.

Also, you completely missed the idea behind my statement about scale of business in comparing crypto to wall st in terms of corruption. What it means is that you must consider the proportion of outright scams and quasi legal activities within their respective economies and the time length in which they had to implement such corruption, then compare the two entities and see where all that got you in terms of the naive 'we are pure and wall st is corrupt bitch moan bitch moan'.

The only difference is the fact that smart con men deceive others, while weak and inexperienced con deceives himself first. It's a pretty obvious path these kids take to rationalize their circumstances and actions - and being very honest here it's pretty damn childish.

Bottom line is, crypto has no business bitching about corruption of others anymore. You have conclusively proven that common people who claimed to be victims of 'ultimate corruption' in wall st are mainly motivated by the desire for themselves to be the big cheese, not because of any better purpose that they constantly mouth off about.

i agree a side by side comparison would show us in the crypto scene i think as faaaaaaaaaaaaar more corrupt than Wall street !

[Black Fire]

New York would be stupid to try this. I live in NY. I wouldn't do it. I would just use a vendor that accepts a anono type coin on the DL. 

[TaylorSwift]

New York would be stupid to try this. I live in NY. I wouldn't do it. I would just use a vendor that accepts a anono type coin on the DL. 

I have to agree. It will just cause it to go more underground.

[pattu1]

New York is the financial capital with respect to fiat currency.
Bitcoin needs a new center.

[AltCoinBuddah]

New York is the financial capital with respect to fiat currency.
Bitcoin needs a new center.

There is a Bitcoin center in NY.

[PlatinumExpress]

New York is the financial capital with respect to fiat currency.
Bitcoin needs a new center.

There is a Bitcoin center in NY.

I've actually been to it.