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Author Topic: New York State Continues Its Path To Regulating Virtual Currency  (Read 3875 times)
EternalWingsofGod
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December 14, 2014, 11:16:06 PM
 #21

New York is trying to protect consumers and prevent illegal activity by regulating cryptocurrency.

http://www.ibtimes.com/bitcoin-new-york-state-continues-its-path-regulating-virtual-currency-1721103

An example of over regulation and oversight in an emerging industry

The current proposal includes a stipulation that people must be able to identify the exact source of any funds they receive. Anonymous transfers would then need to be rejected by the recipient, according to the suggested rules.

“Which is kind of fascinating, because the way bitcoin works, you can’t stop someone from sending funds to you,” said David Ripley, chief executive of Glidera, a bitcoin marketplace and digital wallet service. “And you can’t always identify them.”

Made by people who just didn't get it...

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darkmule
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December 14, 2014, 11:21:16 PM
 #22

“Which is kind of fascinating, because the way bitcoin works, you can’t stop someone from sending funds to you,” said David Ripley, chief executive of Glidera, a bitcoin marketplace and digital wallet service. “And you can’t always identify them.”

Made by people who just didn't get it...

And an example of why these proposed regulations are unconstitutional for another reason, that is, fundamental due process.  They'd make you a lawbreaker for something over which you had no control.

Imagine a law where you'd be guilty for having cash where you had no idea what it's origin was.  Someone would make you a criminal by dropping a penny on your lawn.
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December 14, 2014, 11:28:19 PM
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I don't know what the hell this is about but if they are talking about regulating as in regulating I'm not interested.
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