[2014-11-03] Richard Branson calls for tougher Bitcoin rules

[botany]

Richard Branson calls for tougher Bitcoin rules

http://www.afr.com/p/technology/richard_branson_calls_for_tougher_yZ8j2RE0t5e4xXMRbYMWWN

Virgin Group founder Sir Richard Branson has called for tougher regulation and taxation laws on controversial Bitcoin in Australia and singled out next month’s G20 Summit as a key platform for discussions.

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[TheButterZone]

Guess he doesn't want us flying on his spaceship then. Wanker.

[hilariousandco]

Guess he doesn't want us flying on his spaceship then. Wanker.

Did you read the article? I don't think him wanting regulations is a bad thing. I think he just wants it to be seen as a legitimate and useable currency, and if we want bitcoin to go mainstream it is going to be regulated and taxed at some point whether we like it or not.

Sir Richard is understood to have pumped around $US30 million ($34 million) into Bitcoin ventures to date. Over $3 billion was poured into technology start ups and entrepreneurs last year alone, and the figure is expected to grow to $8  billion by 2018.

Branson is definitely someone we'd want on our side. If he accepted it for all his businesses it would be huge for bitcoin.

[marcus_of_augustus]

Little Dicky must have had his 'wings clipped' ... he's playing nice and getting the cookies all of a sudden.

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/11207229/Sir-Richard-Bransons-Virgin-Money-back-on-float-path-after-Bank-of-England-thumbs-up.html

I wonder why?
http://www.telegraph.co.uk/science/space/11207281/Virgin-Galactic-crash-we-owe-it-to-dead-to-continue-with-space-tourism-says-Galactic.html

[notthematrix]

guy´s its not about anounching regulation its about the inorcebility of regulation!
If it can not be in forced ignore it!

[LiteCoinGuy]

Guess he doesn't want us flying on his spaceship then. Wanker.

Did you read the article? I don't think him wanting regulations is a bad thing. I think he just wants it to be seen as a legitimate and useable currency, and if we want bitcoin to go mainstream it is going to be regulated and taxed at some point whether we like it or not.

Sir Richard is understood to have pumped around $US30 million ($34 million) into Bitcoin ventures to date. Over $3 billion was poured into technology start ups and entrepreneurs last year alone, and the figure is expected to grow to $8  billion by 2018.

Branson is definitely someone we'd want on our side. If he accepted it for all his businesses it would be huge for bitcoin.

good summary. that sounds logic.

[Kprawn]

I agree, with him on board, we will fly to the Moon!!

If these regulations are fair and still encourage entrepreneurship, it might not be a bad idea.

There are competing Alt Coins, with aspirations of being more transparent and linking users identification to the currency, who will be doing better in the future, because it bends the knee to existing rules and regulations, governing traditional banking institutions.

That goes against most purist Bitcoiner's principles and goals.

[Spendulus]

I agree, with him on board, we will fly to the Moon!!
....

Branson's a hack.  Him on your side will just get you to hackville.

[bitbouillion]

Guess he doesn't want us flying on his spaceship then. Wanker.

Sir Richard is understood to have pumped around $US30 million ($34 million) into Bitcoin ventures to date. Over $3 billion was poured into technology start ups and entrepreneurs last year alone, and the figure is expected to grow to $8  billion by 2018.

Probably he views it as the better investment at much lower risk now.

[Sutters Mill]

Sir Richard is understood to have pumped around $US30 million ($34 million) into Bitcoin ventures to date. Over $3 billion was poured into technology start ups and entrepreneurs last year alone, and the figure is expected to grow to $8  billion by 2018.

Branson is definitely someone we'd want on our side. If he accepted it for all his businesses it would be huge for bitcoin.

Agreed. He seems to have casually promoted bitcoin in the past, but hopefully since he's invested 30 million in btc ventures I can't see why he wouldn't offer bitcoin as a payment option for his own companies. Though we've had a slightly disappointing year I still think the future is bright for bitcoin and his involvement makes me even more optimistic.

[TaunSew]

I agree, with him on board, we will fly to the Moon!!

If these regulations are fair and still encourage entrepreneurship, it might not be a bad idea.

There are competing Alt Coins, with aspirations of being more transparent and linking users identification to the currency, who will be doing better in the future, because it bends the knee to existing rules and regulations, governing traditional banking institutions.

That goes against most purist Bitcoiner's principles and goals.

There's 2 million unhappy people who want more decentralization and then 7 billion people who are content with the centralized system.

Reality is mainstream will never come into cryptos because of things like MtGox, all the scams and then the vulnerabilities of holding private keys.  Probably the best development I've recently seen is Fidor bank starting a crypto currency bank.

Mainstream will have no problem using digital currencies if there are regulated banks willing to hold their private keys and their funds can't be hacked, stolen or lost in a hard drive failure.

[Sutters Mill]

I agree, with him on board, we will fly to the Moon!!

If these regulations are fair and still encourage entrepreneurship, it might not be a bad idea.

There are competing Alt Coins, with aspirations of being more transparent and linking users identification to the currency, who will be doing better in the future, because it bends the knee to existing rules and regulations, governing traditional banking institutions.

That goes against most purist Bitcoiner's principles and goals.

There's 2 million unhappy people who want more decentralization and then 7 billion people who are content with the centralized system.

Reality is mainstream will never come into cryptos because of things like MtGox, all the scams and then the vulnerabilities of holding private keys.  Probably the best development I've recently seen is Fidor bank starting a crypto currency bank.

Mainstream will have no problem using digital currencies if there are regulated banks willing to hold their private keys and their funds can't be hacked, stolen or lost in a hard drive failure.

Why would things like MtGox put people off forever? Exchanges will get more trustworthy, but banks and other institutes can fail and you can lose your money too. Decentralized exchanges will also stop problems like we had with gox any way. I also think the beauty of bitcoin is that we can choose how we handle our money. If bitcoin keeps growing there will be bitcoin banks or insurance companies and for those who feel comfortable using them they can, but for everyone else we can keep our btc how we want to keep it.

[TaunSew]

I agree, with him on board, we will fly to the Moon!!

If these regulations are fair and still encourage entrepreneurship, it might not be a bad idea.

There are competing Alt Coins, with aspirations of being more transparent and linking users identification to the currency, who will be doing better in the future, because it bends the knee to existing rules and regulations, governing traditional banking institutions.

That goes against most purist Bitcoiner's principles and goals.

There's 2 million unhappy people who want more decentralization and then 7 billion people who are content with the centralized system.

Reality is mainstream will never come into cryptos because of things like MtGox, all the scams and then the vulnerabilities of holding private keys.  Probably the best development I've recently seen is Fidor bank starting a crypto currency bank.

Mainstream will have no problem using digital currencies if there are regulated banks willing to hold their private keys and their funds can't be hacked, stolen or lost in a hard drive failure.

Why would things like MtGox put people off forever? Exchanges will get more trustworthy, but banks and other institutes can fail and you can lose your money too. Decentralized exchanges will also stop problems like we had with gox any way. I also think the beauty of bitcoin is that we can choose how we handle our money. If bitcoin keeps growing there will be bitcoin banks or insurance companies and for those who feel comfortable using them they can, but for everyone else we can keep our btc how we want to keep it.

Who will bother with an exchange when there will be options like Fidor (German bank since 2003)?

https://www.cryptocurrency-bank.com/

Even Robocoin and all those ATMs will be cheaper to use when they process more volume.  The day of risking your money and private information to an unregulated third party exchange ran by probably dubious personalities is ending.

People may miss the old west's freedom but nobody misses the negative aspects like being scalped by Indians, shot by bandits or dying of starvation from a failed harvest.

[Kprawn]

Well, I for one would be glad to see some sort of decentralized exchange, with less rules and regulation.

The mayority of the bitcoins changing hands, does not even go through a exchange anyways, and this influence the price. {The price of the exchanges, is not a true reflection of the price}

All coins going through private sales and on services like localbitcoin, should be taken into consideration when price is determined for BTC

Some people would never use exchanges anyways, so we far beyond a point of no return, to establish that.

On the current exchanges, coins are being pushed around to stimulate a fake price.

[bitbouillion]

There's 2 million unhappy people who want more decentralization and then 7 billion people who are content with the centralized system.

Reality is mainstream will never come into cryptos because of things like MtGox, all the scams and then the vulnerabilities of holding private keys.  Probably the best development I've recently seen is Fidor bank starting a crypto currency bank.

Mainstream will have no problem using digital currencies if there are regulated banks willing to hold their private keys and their funds can't be hacked, stolen or lost in a hard drive failure.

That will change with evolution of technology quickly. 25 years ago e-mail was only something for PhDs and computer geeks, because it was too expensive and too complicated for the average person. It's also a generational problem, which disappears naturally.

[rebuilder]

I read the article, and nowhere in it does Branson call for tougher rules. At most, he appears to call for a rational approach to cryptocurrency, while diplomatically suggesting self-regulation is not without its merits.

[Flashman]

Yah, I've been seeing that frequently lately, that headlines completely mismatch what the article actually says, deliberate spin, sloppy journos?

People may miss the old west's freedom but nobody misses the negative aspects like being scalped by Indians, shot by bandits or dying of starvation from a failed harvest.

But we're badasses, we're the progeny of folks that were too tough for bandits or indians to kill, smart enough to irrigate the crops in dry summers .... :p

[Rampton]

If Branson can accept btc for Virgin Galactic why can't he accept them for all his other business ventures. I'm really glad to see he has invested 30 mill into bitcoin start ups so hopefully he will get more involved in promoting btc in the future.

Yah, I've been seeing that frequently lately, that headlines completely mismatch what the article actually says, deliberate spin, sloppy journos?

Well that's just journalists for you. Maybe they just saw he wants regulations and assumed that's a bad thing.

[freedomno1]

Guess he doesn't want us flying on his spaceship then. Wanker.

Well to be fair who would want to ride on that metal deathtrap anyways
Just explodes
(Better hitch a ride on the Soyuz and pay a premium haha)

[PolarPoint]

Sir Richard is understood to have pumped around $US30 million ($34 million) into Bitcoin ventures to date. Over $3 billion was poured into technology start ups and entrepreneurs last year alone, and the figure is expected to grow to $8  billion by 2018.

Nearly $11 million has been invested in Australian cryptocurrency ventures during the year to July.

He invested $11 million in crypto ventures in Australia, I would say he is pro-bitcoin. So, there are reasons for tough regulations. Regulations gives tax clarity to cryptos and his ventures. It is good for (his) business.