Bitcoin is now officially illegal

[JimboToronto]

Here you go:

...
Keep accumulating.

This old chestnut again?

I'll say the same as I did 6 months ago or a month ago.

We'll probably reach our old ATH by mid summer, and hit anywhere from $7000 to $12,000 before crashing down to $2000-$2500, possibly before year's end.

We should be above $10,000 for good by this time next year.

Unless something comes along to break Bitcoin before then.

LOLOLOLOLOLOL

Where'd you dig that up from? Spend hours dredging through my post history? Get a life, noob.

Hahahahaha

I don't usually make predictions and you can see why.

Obviously thoughts of an ATH by mid-summer were a little premature, despite being the majority opinion here at the time.

Did you notice I used the words "probably" and "possibly"? Just in case English isn't your first language, the words mean that I wasn't saying we would reach the suggested prices, but rather that I was speculating that we may have been on the way to reaching them.

While most of us may have been a little ahead of ourselves at that time, don't completely discount the possibility of reaching 5 digits some time next year, possibly even by next May.

I'll give you the benefit of doubt and assume you're just a bumbling noob and not another ridiculous troll.

LOLOLOL

 

[1714625947]

1714625947

[1714625947]

1714625947

[NotLambchop]

^Grampa pops diaper 'coz people quote me

[EsBitcoin.org]

It isnt ilegal, its alegal.

[JimboToronto]

It isnt ilegal, its alegal.

It isn't a sick bird? It's a barmaid?

Pour us a pint wench.

 

[johnyj]

A news from February   

[fewcoins]

^ February??? Are you retarded???

...
Are mentally ill?
This is old news from 10 months ago, jezus christ how low can you sink.

Ahem... Published on December 12, 2014 at 22:58 GMT

DENIAL IS A SICKNESS THAT WILL CAUSE ALL YOU BUYERS TO LOSE ALL YOUR MONEY! WAKE UP WHILE YOU HAVE A CHANCE!!!

[Newbie1022]

This was actually bigger news than people caught on to -- I am a lawyer by training -- because it was a move by the SEC to assert authority to regulate exchanges pursuant to the '33 Act (Securities Act). Notably, SEC can only exact a civil punishment. However, violating the '33 Act can carry criminal punishment on factual findings (by a jury of course) identical to the SEC's administrative findings should the SEC refer the matter to the DOJ. Moreover, the '33 Act allows for regulating foreign exchanges and securities if they target U.S. customers. Basically, the door has been swung wide open for the Chinese exchange as well as Stamp, BTC-e, BFX, and others to face civil and criminal sanction for issuing unregistered securities.

So yes... this is a very big deal. It leaves the nuclear option to the U.S. government should BTC actually succeed as much as the bulltards suggest that it will obviating that possibility in its entirety. BUT, they'll never go after these guys with criminal sanctions because this horse and pony show is not really going anywhere. They've got bigger fish to fry.

Oh yes, and the fine, not just the existing of the proceeding, creates legal precedent for the SEC having this jurisdiction. The question was whether or not the SEC actually had jurisdiction to carry out the proceeding (the start of which was the February news) to its conclusion (this news) or whether the matter would be tossed. It is clear now that they do, indeed, have jurisdiction... not just the listless CFTC.

[fewcoins]

This was actually bigger news than people caught on to -- I am a lawyer by training -- because it was a move by the SEC to assert authority to regulate exchanges pursuant to the '33 Act (Securities Act). Notably, SEC can only exact a civil punishment. However, violating the '33 Act can carry criminal punishment on factual findings (by a jury of course) identical to the SEC's administrative findings should the SEC refer the matter to the DOJ. Moreover, the '33 Act allows for regulating foreign exchanges and securities if they target U.S. customers. Basically, the door has been swung wide open for the Chinese exchange as well as Stamp, BTC-e, BFX, and others to face civil and criminal sanction for issuing unregistered securities.

So yes... this is a very big deal. It leaves the nuclear option to the U.S. government should BTC actually succeed as much as the bulltards suggest that it will obviating that possibility in its entirety. BUT, they'll never go after these guys with criminal sanctions because this horse and pony show is not really going anywhere. They've got bigger fish to fry.

Oh yes, and the fine, not just the existing of the proceeding, creates legal precedent for the SEC having this jurisdiction. The question was whether or not the SEC actually had jurisdiction to carry out the proceeding (the start of which was the February news) to its conclusion (this news) or whether the matter would be tossed. It is clear now that they do, indeed, have jurisdiction... not just the listless CFTC.

Finally!!! Thank you somebody who understands law that I can reason with. My lawyer has personally said this scam would be completely gone in no more than 10years and looks like he might be right! What is your take on this?!

[inca]

Finally!!! Thank you somebody who understands law that I can reason with. My lawyer has personally said this scam would be completely gone in no more than 10years and looks like he might be right! What is your take on this?!

My take is you don't have a lawyer, nor are you a millionaire trader, nor do you have multiple businesses or 350 coins to play with. I would also guess that you are under 25 years old and have no real assets to speak of.

[BlindMayorBitcorn]

Finally!!! Thank you somebody who understands law that I can reason with. My lawyer has personally said this scam would be completely gone in no more than 10years and looks like he might be right! What is your take on this?!

My take is you don't have a lawyer, nor are you a millionaire trader, nor do you have multiple businesses or 350 coins to play with. I would also guess that you are under 25 years old and have no real assets to speak of.

Agreed. Someone needs to buy a better troll.

[inca]

Finally!!! Thank you somebody who understands law that I can reason with. My lawyer has personally said this scam would be completely gone in no more than 10years and looks like he might be right! What is your take on this?!

My take is you don't have a lawyer, nor are you a millionaire trader, nor do you have multiple businesses or 350 coins to play with. I would also guess that you are under 25 years old and have no real assets to speak of.

Agreed. Someone needs to buy a better troll.

Perhaps he is paid by the by the signal-noise ratio rather than the content.

[betterangels]

fuck fiat $ 

[Omikifuse]

Just don't sell the coins if dude is saying he will use it to buy drugs or hire hitmans.

It not hard and does not means BTC is illegal

[betterangels]

Just don't sell the coins if dude is saying he will use it to buy drugs or hire hitmans.

It not hard and does not means BTC is illegal

pleople can do the same with fiat, or i'm wrong?

what's the difference of fiat vs btc.... oh wait... isn't controlled by banks.

[criptix]

did anyone of you guys manage to realize from when the article was?

@fewcoin

good job bro  


/edit

[oblivi]

This is good, all official institutions fighting bitcoin will only make bitcoin more fascinating to people. Who is cheering for the NSA saying its illegal to download movies and shuting down download sites? this is the same.

[Newbie1022]

This was actually bigger news than people caught on to -- I am a lawyer by training -- because it was a move by the SEC to assert authority to regulate exchanges pursuant to the '33 Act (Securities Act). Notably, SEC can only exact a civil punishment. However, violating the '33 Act can carry criminal punishment on factual findings (by a jury of course) identical to the SEC's administrative findings should the SEC refer the matter to the DOJ. Moreover, the '33 Act allows for regulating foreign exchanges and securities if they target U.S. customers. Basically, the door has been swung wide open for the Chinese exchange as well as Stamp, BTC-e, BFX, and others to face civil and criminal sanction for issuing unregistered securities.

So yes... this is a very big deal. It leaves the nuclear option to the U.S. government should BTC actually succeed as much as the bulltards suggest that it will obviating that possibility in its entirety. BUT, they'll never go after these guys with criminal sanctions because this horse and pony show is not really going anywhere. They've got bigger fish to fry.

Oh yes, and the fine, not just the existing of the proceeding, creates legal precedent for the SEC having this jurisdiction. The question was whether or not the SEC actually had jurisdiction to carry out the proceeding (the start of which was the February news) to its conclusion (this news) or whether the matter would be tossed. It is clear now that they do, indeed, have jurisdiction... not just the listless CFTC.

Finally!!! Thank you somebody who understands law that I can reason with. My lawyer has personally said this scam would be completely gone in no more than 10years and looks like he might be right! What is your take on this?!

The bucket shop exchanges will be gone now that the SEC has exerted their authority to regulate them. It doesn't, however, mean that BTC or other cryptos won't remain. In fact, it may ultimately be a positive for cryptocurrencies. The existing exchanges, however, will likely cease to exist within the next year or two and be replaced by more reputable ones.

They've done studies on countries that have relatively unregulated v. relatively regulated securities and they've found that the prices are higher in countries with regulated securities because, simply, regular folks are more willing to adopt them knowing they have a form of recourse. The cryptos themselves as well as their day to day uses can remain decentralized while still having exchanges that are themselves subject to regulation. It would be a real positive. We'll have to see how it unfolds, though. It would be wonderful if the exchange scams stopped, though, in my opinion (even though that would cost me money because I've done well shorting this year).

[Newbie1022]

By the way... this is the relevant news. SEC has exerted jurisdiction, successfully, over this sphere. This, by definition, requires changes in the BTC ecosystem. The exchanges may be subject to registration requirements, they'd likely have to register even if foreign if they target U.S. customers in any way, and egregious violations can be referred to the DOJ. This is not the end of crypto and might actually be a positive development in the bigger scheme of things. BUT, it probably suggests that the bucket shop exchanges won't last through 2015.

Note: The fine was fairly minimal, but that part is irrelevant. What is legally significant is that the SEC was able to secure a judgment and create precedent for jurisdiction over cryptos. Again, this is actually a very big deal.

http://www.coindesk.com/sec-bitcoin-exchange-60000-securities-violations/

[DustyRah]

Let's be honest here...
http://www.coindesk.com/localbitcoins-users-criminal-charges-florida/
Criminal charges for selling BTC on localbitcoins??? This guy might face a felony for crying out loud...

Now localbitcoins is shutting down in Germany due to "regulatory issues" coming...

Exchanges are going to start getting banged out for money too now...
BTC Trading Corp was operating a trading business without a license. This was a lengthy investigation examined of BTC Trading Corp’s two subsidiaries, BTC Co and Litecoin Global Exchange, they calculated 426,986 illegal trades from 10,614 registered accounts. The owner must now pay $60,000!

Do you really think this will be the only case ever??? or Plenty more to come???

It is illegal to move large amounts of money as a business without license. Its similar to currency exchange which is illegal without a license. This does not affect transactions between individuals as long as the transaction is reported in your taxes etc.

This in no way affects the price of Bitcoin and Bitcoin will only continue to rise in value over the years due to limited supply and growing adoption.

[bitarro]

have a look at the mycelium app, if your government shuts down localbitcoins with stupid laws