I am never using Bitpay!Former SEC chair takes advisory roles bitpay and vaurum!

[scarsbergholden]

BitPay serves a purpose.

A business might not know much about Bitcoin and might not be willing to change how their whole system operates to adopt it.

BitPay allows them to keep things running the same but take a few extra minutes and start accepting Bitcoin. They continue to do their finances the same way, get paid in fiat without any major disruption while saving a little bit of money on transaction fees in the process.

If you were really concerned, instead of a boycott you would be coming up with simple solutions for businesses to integrate bitcoins into their finances such that accepting them without a middle man would make a lot of sense.

This is a very good point. Too add onto this, companies like bitpay will help get more consumers to start using bitcoin as it gives them a reason to do so. This will overall benefit bitcoin over the long run

No company is going to follow your political beliefs 100% of the time across all issues. 

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[jabo38]

This is some of the best news in a while for Bitcoin.  This guy probably has some serious connections in the SEC.  We need them on our side.  If you don't think so, you are stupid.  If you think that Bitcoin will just up and depose fiat without the government sanctioning Bitcoin, you are crazy.  If the government declares war on Bitcoin, they can seriously make it difficult for Bitcoin to grow.  Can it stop it completely?  No.  But if all the governments in the world ban it, then it is going to fail.  

On the other hand, if big hands within government good ole boy system use their power to help Bitcoin gain approval from governments, then Bitcoin will be free to grow legally and without worry.    

Look...... the SEC isn't going to be able to change the code or the clients.  They can make no fundamental changes to the Bitcoin code.  What they can do is make it a pain in the ass to use for Americans, and even to a large extent non-Americans.  

The more people like him are on board with Bitcoin moving forward, the better.  

Look...... we didn't join the old system.  The old system joined us.  This is what HAS TO HAPPEN for Bitcoin to get big.  We don't want to fight fiat, we want to be better than it so that everybody, the people and the governments just switch over because it is the natural thing to do.

This man for almost a decade was one of the most powerful financial regulators of the world.  Having him as an ally is huge.

[traderman]

Ok, I give up, you guys win.

This is some of the best news in a while for Bitcoin.  This guy probably has some serious connections in the SEC.  We need them on our side.  If you don't think so, you are stupid.  If you think that Bitcoin will just up and depose fiat without the government sanctioning Bitcoin, you are crazy.  If the government declares war on Bitcoin, they can seriously make it difficult for Bitcoin to grow.  Can it stop it completely?  No.  But if all the governments in the world ban it, then it is going to fail. 

On the other hand, if big hands within government good ole boy system use their power to help Bitcoin gain approval from governments, then Bitcoin will be free to grow legally and without worry.   

Look...... the SEC isn't going to be able to change the code or the clients.  They can make no fundamental changes to the Bitcoin code.  What they can do is make it a pain in the ass to use for Americans, and even to a large extent non-Americans. 

The more people like him are on board with Bitcoin moving forward, the better. 

Look...... we didn't join the old system.  The old system joined us.  This is what HAS TO HAPPEN for Bitcoin to get big.  We don't want to fight fiat, we want to be better than it so that everybody, the people and the governments just switch over because it is the natural thing to do.

[jabo38]

I am serious.  What we need is the big boys to come and play.  Let's take the Forbe's top 400.  If we can get them to diversify their portfolio's to a measly 3% bitcoin, at current prices that would be infusing over 100 billion USD into the bitcoin system, a system right now that is only worth 4.5 billion.  I am not sure what kind of pressure that would put on the price, but I am guessing bitcoin would go over 100,000 USD per coin easily, probably much more than that. 

But these big boys aren't going to come into the system until they have heard official rulings from the main governments of the world saying that, "Yes, Bitcoin is approved and you don't have to worry.  It might be a risky investment, but it is completely legal."  Your crazy if you think they are going to buy in without getting confirmation from high ups in the government that their investments will be legal.  I don't know how many billionaires the old SEC chairman has met in his life, but I am guessing it is a whole lot.  This is exactly the type of guy they call before making a decision to buy in. 

We not only need one former SEC chairman on our side trying to smooth things out for Bitcoin, we need like 50 more.  Some heads of FinCEN would be nice. How about some heads of the IRS?  That sure would make things a lot easier for Bitcoin to be accepted if the government ruled it as a place to avoid some taxes (it won't ever be a place to avoid all taxes, but what we really want to make sure is that legal bitcoin businesses aren't over taxed, after all most businesses will be legal and will be paying taxes.) Some high up governors and senators.  Hey, it would be really nice if we could get a former (liked) President to go on a talk show and say they just bought some bitcoin.  Bill Clinton maybe?  Not while Hilary is running though.  The point is, right now Bitcoin has maybe a handful of big players pushing it (two of them are twins).  We need a lot more than that.  As much as these people are hated, they are the ones that will ultimately decide if the policies set by the governments of the world are pro-Bitcoin or not.  If the governments join us, it will make life a lot easier to transition.  Legal tax paying businesses (which the majority of the economy) and big investors will be much more likely to join in. 

[TonyT]

I am serious.  What we need is the big boys to come and play.  Let's take the Forbe's top 400.  If we can get them to diversify their portfolio's to a measly 3% bitcoin, at current prices that would be infusing over 100 billion USD into the bitcoin system, a system right now that is only worth 4.5 billion. 

 The point is, right now Bitcoin has maybe a handful of big players pushing it (two of them are twins).  We need a lot more than that.  As much as these people are hated, they are the ones that will ultimately decide if the policies set by the governments of the world are pro-Bitcoin or not.  If the governments join us, it will make life a lot easier to transition.  Legal tax paying businesses (which the majority of the economy) and big investors will be much more likely to join in. 

Don't worry, from what I've seen, the big players are thinking exactly what you are thinking.  I just don't know if they can pull it off. I suspect not.  What attracts the masses, and the users, of Bitcoin is the anonymity factor, which is going away fast. If Bitcoin loses anonymity, it becomes just another PayPal IMO.  Maybe a cheaper PayPal, but essentially another PayPal.

[bornil267645]

I never used bitpay, and hearing some of the comments about it, I am not sure whether I will use it in the near future.

[traderman]

That is exactly how they will destroy it, with all kinds of bs regulation! The people who are rooting for this are the ones who want to get rich in dollar terms! Exactly what Bitcoin was designed to avoid in the first place! FIAT!

I am serious.  What we need is the big boys to come and play.  Let's take the Forbe's top 400.  If we can get them to diversify their portfolio's to a measly 3% bitcoin, at current prices that would be infusing over 100 billion USD into the bitcoin system, a system right now that is only worth 4.5 billion. 

 The point is, right now Bitcoin has maybe a handful of big players pushing it (two of them are twins).  We need a lot more than that.  As much as these people are hated, they are the ones that will ultimately decide if the policies set by the governments of the world are pro-Bitcoin or not.  If the governments join us, it will make life a lot easier to transition.  Legal tax paying businesses (which the majority of the economy) and big investors will be much more likely to join in. 

Don't worry, from what I've seen, the big players are thinking exactly what you are thinking.  I just don't know if they can pull it off. I suspect not.  What attracts the masses, and the users, of Bitcoin is the anonymity factor, which is going away fast. If Bitcoin loses anonymity, it becomes just another PayPal IMO.  Maybe a cheaper PayPal, but essentially another PayPal.

[segvec]

Not good for this SEC punk to come in.

[RodeoX]

BitPay has hired another professional, great news!