Bitcoin Forum
January 18, 2019, 02:51:25 PM *
News: The copper membership price will increase by about 300% around Friday.
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: Implication of FinCEN stance on bitcoin exchanges  (Read 2031 times)
johnkingx
Newbie
*
Offline Offline

Activity: 1
Merit: 0


View Profile WWW
October 28, 2014, 02:34:23 AM
 #1

What are the implications on digital currency market places of this new development by FinCEN that Bitcoin Exchangers should be regulated as Money Transmitters. Is this signalling a change in direction by the authorities and a new regulation wave. Find link to http://www.coindesk.com/fincen-rules-bitcoin-payment-processors-exchanges-money-transmitters/ on FinCEN Rules Bitcoin Payment Processors, Exchanges are Money Transmitters
1547823085
Hero Member
*
Offline Offline

Posts: 1547823085

View Profile Personal Message (Offline)

Ignore
1547823085
Reply with quote  #2

1547823085
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1547823085
Hero Member
*
Offline Offline

Posts: 1547823085

View Profile Personal Message (Offline)

Ignore
1547823085
Reply with quote  #2

1547823085
Report to moderator
1547823085
Hero Member
*
Offline Offline

Posts: 1547823085

View Profile Personal Message (Offline)

Ignore
1547823085
Reply with quote  #2

1547823085
Report to moderator
1547823085
Hero Member
*
Offline Offline

Posts: 1547823085

View Profile Personal Message (Offline)

Ignore
1547823085
Reply with quote  #2

1547823085
Report to moderator
MicroGuy
Legendary
*
Online Online

Activity: 2030
Merit: 1007


www.MicroGuy.com


View Profile WWW
October 28, 2014, 04:24:31 AM
 #2

I think there is the possibility that this could be the end of the road for cryptocurrencies in the USA, from a practical standpoint.

"The Internet unshackled information, Satoshi Nakamoto unshackled money. And money makes the world go round."
mczarnek
Hero Member
*****
Offline Offline

Activity: 527
Merit: 500


View Profile
October 28, 2014, 04:30:22 AM
 #3

I think there is the possibility that this could be the end of the road for cryptocurrencies in the USA, from a practical standpoint.

Why?  It was already the case that Bitcoin exchanges had to implement Know Your Customer (KYC) for USA.. doesn't sound to me like this is saying anything new in that regard.

BitSend ◢◤Clients | Source
www.bitsend.info
█▄
█████▄
████████▄
███████████▄
██████████████
███████████▀
████████▀
█████▀
█▀












Segwit | Core 0.14 | Masternodes
XEVAN | DK3 | Electrum soon
Bitcore - BTX/BTC -Project












BSD -USDT | Bittrex | C.Gather | S.Exchange
Cryptopia | NovaExchange | Livecoin
Litebit.eu | Faucet | Bitsend Airdrop













████
 ████
  ████
   ████
    ████
     ████
      ████
       ████
        ████
       ████
      ████
     ████
    ████
   ████
  ████
 ████
████

████
 ████
  ████
   ████
    ████
     ████
      ████
       ████
        ████
       ████
      ████
     ████
    ████
   ████
  ████
 ████
████
MicroGuy
Legendary
*
Online Online

Activity: 2030
Merit: 1007


www.MicroGuy.com


View Profile WWW
October 28, 2014, 04:31:52 AM
 #4

I think there is the possibility that this could be the end of the road for cryptocurrencies in the USA, from a practical standpoint.

Why?  It was already the case that Bitcoin exchanges had to implement Know Your Customer (KYC) for USA.. doesn't sound to me like this is saying anything new in that regard.

These new rulings will affect many merchants also.

I suspect it will take a few days before the realizations sinks in as to what has happened.

"The Internet unshackled information, Satoshi Nakamoto unshackled money. And money makes the world go round."
mczarnek
Hero Member
*****
Offline Offline

Activity: 527
Merit: 500


View Profile
October 28, 2014, 04:37:00 AM
 #5

I suspect it will take a few days for the realization to sink in as to what has happened.

So it affects payment processors like GoCoin and BitPay?  It means more work short term making sure they are up to date with regulations but in the long run more business for those companies since individual merchants will want to let them deal with the KYC laws.  It seems to me like it affects merchant to Bitcoin processors more than business to business.

If BitPay has to know it's customers.. which are merchants.. that's not a bad idea.  If it's everyday consumers, that's bad. I still don't feel a Bitcoin killer but very bad.

Does it affect customer to cryptocurrency processing solution?  Maybe customers will have to have Bitcoin addresses linked to known identities.. which would be bad but cryptocurrency killer?  I don't think so.  And when sending person to person transactions, this does not apply, which is one place where cryptocurrency is particularly valuable.

Was a bad idea to send a letter asking that question though, remember, it's easier to ask forgiveness than it is to get permission.

BitSend ◢◤Clients | Source
www.bitsend.info
█▄
█████▄
████████▄
███████████▄
██████████████
███████████▀
████████▀
█████▀
█▀












Segwit | Core 0.14 | Masternodes
XEVAN | DK3 | Electrum soon
Bitcore - BTX/BTC -Project












BSD -USDT | Bittrex | C.Gather | S.Exchange
Cryptopia | NovaExchange | Livecoin
Litebit.eu | Faucet | Bitsend Airdrop













████
 ████
  ████
   ████
    ████
     ████
      ████
       ████
        ████
       ████
      ████
     ████
    ████
   ████
  ████
 ████
████

████
 ████
  ████
   ████
    ████
     ████
      ████
       ████
        ████
       ████
      ████
     ████
    ████
   ████
  ████
 ████
████
chufchuf
Full Member
***
Offline Offline

Activity: 205
Merit: 100


View Profile
October 29, 2014, 03:31:56 PM
 #6

I think there is the possibility that this could be the end of the road for cryptocurrencies in the USA, from a practical standpoint.

Why?  It was already the case that Bitcoin exchanges had to implement Know Your Customer (KYC) for USA.. doesn't sound to me like this is saying anything new in that regard.

These new rulings will affect many merchants also.

I suspect it will take a few days before the realizations sinks in as to what has happened.

Merchants are exempt according to Lawsky. A merchant isn't the same as a payment processor. Why can't the merchants handle the bitcoin and immediately send them to coinbase or bitpay for them to instantly convert it?
ThomasCrowne
Full Member
***
Offline Offline

Activity: 210
Merit: 100

★☆★ 777Coin - The Exciting Bitco


View Profile
October 31, 2014, 06:38:41 AM
 #7

I think there is the possibility that this could be the end of the road for cryptocurrencies in the USA, from a practical standpoint.

Why?  It was already the case that Bitcoin exchanges had to implement Know Your Customer (KYC) for USA.. doesn't sound to me like this is saying anything new in that regard.

These new rulings will affect many merchants also.

I suspect it will take a few days before the realizations sinks in as to what has happened.

Merchants are exempt according to Lawsky. A merchant isn't the same as a payment processor. Why can't the merchants handle the bitcoin and immediately send them to coinbase or bitpay for them to instantly convert it?
lmao!  oh well hell, if he said that!  Don't get it confused, just because Lawsky say's something today doesn't mean it can't be squashed the very next week with additional BS rules and regulations.

What's this going to do to BTC in the states?  My opinion is fee's for places like Coinbase, etc. will increase dramatically, eliminating any benefit BTC might have been useful for in the past.  Most of the exchanges will likely simply refuse to work with US-based customers and unless customers are willing to break the 'law' by using non-authorized outlets we will see bitcoin ultimately die the slow death or eventually get taken over by the central bankers and hedge fund masters to be used as the underlying replacement to the USD for international trade.  Specifically for oil I'm thinking.

Bitcoin might not be the 'Peoples Currency' for much longer.

NewLiberty
Legendary
*
Offline Offline

Activity: 1204
Merit: 1001


Gresham's Lawyer


View Profile WWW
November 01, 2014, 12:34:15 PM
 #8

I think there is the possibility that this could be the end of the road for cryptocurrencies in the USA, from a practical standpoint.

Why?  It was already the case that Bitcoin exchanges had to implement Know Your Customer (KYC) for USA.. doesn't sound to me like this is saying anything new in that regard.

These new rulings will affect many merchants also.

I suspect it will take a few days before the realizations sinks in as to what has happened.

Merchants are exempt according to Lawsky. A merchant isn't the same as a payment processor. Why can't the merchants handle the bitcoin and immediately send them to coinbase or bitpay for them to instantly convert it?
lmao!  oh well hell, if he said that!  Don't get it confused, just because Lawsky say's something today doesn't mean it can't be squashed the very next week with additional BS rules and regulations.

What's this going to do to BTC in the states?  My opinion is fee's for places like Coinbase, etc. will increase dramatically, eliminating any benefit BTC might have been useful for in the past.  Most of the exchanges will likely simply refuse to work with US-based customers and unless customers are willing to break the 'law' by using non-authorized outlets we will see bitcoin ultimately die the slow death or eventually get taken over by the central bankers and hedge fund masters to be used as the underlying replacement to the USD for international trade.  Specifically for oil I'm thinking.

Bitcoin might not be the 'Peoples Currency' for much longer.

Fees will rise.  Competition will fall or exit.  Less competition, less innovation, more centralization.
This is the job of regulation.
If you've ever gone diving, you know the value of a regulator to control the flow from a high pressure tank into your soft pink lungs.  Regulators have a place, but when it doesn't even let you breath air it has failed.

That this is done in the name of "consumer protection" is the greatest tragedy.  It leaves the consumer more naked and helpless than ever and with fewer choices.

The regulation runs counter to its own claimed policy goals.  It is killing its diver.  It has failed.

FREE MONEY1 Bitcoin for Silver and Gold NewLibertyDollar.com and now BITCOIN SPECIE (silver 1 ozt) shows value by QR
Bulk premiums as low as .0012 BTC "BETTER, MORE COLLECTIBLE, AND CHEAPER THAN SILVER EAGLES" 1Free of Government
Pages: [1]
  Print  
 
Jump to:  

Bitcointalk.org is not available or authorized for sale. Do not believe any fake listings.
Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!