|
Q7
|
 |
March 24, 2015, 01:58:24 PM |
|
Not sure how they would do it but I expect every time before you make a withdrawal, you will need to submit a long list of supporting documents that require yourself to declare some statements concerning where the coins are obtained. Also they could make it mandatory for companies dealing in bitcoin to register and comply to certain guidelines. I see good and bad to it.
|
|
|
|
|
|
|
|
|
"In a nutshell, the network works like a distributed
timestamp server, stamping the first transaction to spend a coin. It
takes advantage of the nature of information being easy to spread but
hard to stifle." -- Satoshi
|
|
|
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
|
|
|
|
|
|
|
manselr
Legendary
 Offline
Activity: 868
Merit: 1004
|
|
March 24, 2015, 07:25:47 PM |
|
Not sure how they would do it but I expect every time before you make a withdrawal, you will need to submit a long list of supporting documents that require yourself to declare some statements concerning where the coins are obtained. Also they could make it mandatory for companies dealing in bitcoin to register and comply to certain guidelines. I see good and bad to it.
Thats only if you do it throught a bank. They can't stop P2P (as in person to person) direct local exchange of BTC for cash. There's always a risk of it being a trap, but if you buy from a trusted seller form LocalBitcoins nothing wrong should happen. It sucks tho, it makes adquiring Bitcoin as if you are adquiring god damn coke or something. |
|
|
|
|
countryfree
Legendary
Offline
Activity: 3052
Merit: 1047
Your country may be your worst enemy
|
|
March 24, 2015, 07:36:35 PM |
|
I'm not afraid, I'm sure there will be a minimum. Say if you want to buy 50 BTC, you will have to explain where your money comes from.
This is why in China, they started to buy mining gear instead of Bitcoin itself in order to get money out of their country once the government came down on it. Even if the profitability of mining decreases, hash keeps going up from things like this (as well as technical advances obviously). So just how effective are these AML laws when people can just buy hardware instead? Regulation will come afterwards, when people will look for ways to exchange their freshly mined coins into fiat. They don't really have to exchange to fiat, unless you're implying holding BTC is risky. I don't. I meant there are still many things which are difficult to get with nothing but BTC. |
I used to be a citizen and a taxpayer. Those days are long gone.
|
|
|
|
elvizzzzzzz
|
|
March 25, 2015, 08:34:34 AM |
|
"Do you have plans to randomly freeze accounts due to "suspicious activity" where the details are withheld from the account holders for the purposes of "security and fraud-prevention"?"
I am presently unable to answer your question ;-) however I would direct
your attention to rule 162 of the standard contractual conditions, just
under those providing various forms of indemnity, and "First Born Collateral".
I can tell you that this week I am providing a free badge to all new clients
in recognition of their contribution to GDP and the employment given to
countless numbers of otherwise unemployable fact-checkers, not to mention
the launch of my new company Badge Builders Conspiracy Inc ...
|
|
|
|
|
|
Rampton
|
|
March 25, 2015, 09:10:44 AM |
|
Not sure how they would do it but I expect every time before you make a withdrawal, you will need to submit a long list of supporting documents that require yourself to declare some statements concerning where the coins are obtained. Also they could make it mandatory for companies dealing in bitcoin to register and comply to certain guidelines. I see good and bad to it.
I'm sure there will be both positives and negatives to regulation, but one thing is for sure there's nothing we can really do about it. Regulation is inevitable but were going to have to play by their rules whether we like it or not. I can opnly hope that they're fair and don't actually cause harm to the bitcoin ecosystem. |
|
|
|
Will.i.am Shakespeare
Newbie
Offline
Activity: 25
Merit: 0
|
|
March 25, 2015, 09:12:35 AM |
|
Not sure how they would do it but I expect every time before you make a withdrawal, you will need to submit a long list of supporting documents that require yourself to declare some statements concerning where the coins are obtained. Also they could make it mandatory for companies dealing in bitcoin to register and comply to certain guidelines. I see good and bad to it.
Thats only if you do it throught a bank. They can't stop P2P (as in person to person) direct local exchange of BTC for cash. There's always a risk of it being a trap, but if you buy from a trusted seller form LocalBitcoins nothing wrong should happen. It sucks tho, it makes adquiring Bitcoin as if you are adquiring god damn coke or something. I can see a lot of people still getting their accounts shut down. It's happened quite a few times in the UK from what I've read on this forum. "Do you have plans to randomly freeze accounts due to "suspicious activity" where the details are withheld from the account holders for the purposes of "security and fraud-prevention"?"
I am presently unable to answer your question ;-) however I would direct
your attention to rule 162 of the standard contractual conditions, just
under those providing various forms of indemnity, and "First Born Collateral".
I can tell you that this week I am providing a free badge to all new clients
in recognition of their contribution to GDP and the employment given to
countless numbers of otherwise unemployable fact-checkers, not to mention
the launch of my new company Badge Builders Conspiracy Inc ...
What's this about and where are you quoting it from? |
|
|
|
|
bitcoinluv79
Newbie
Offline
Activity: 25
Merit: 0
|
|
March 25, 2015, 03:23:48 PM |
|
They will never be able to stop the underground bitcoin trade. "They" are just upset people are making money without having to pay >25% of all profit to the governments of the world. Taxes are bullshit.
|
|
|
|
|
gentlemand
Legendary
Offline
Activity: 2590
Merit: 3013
Welt Am Draht
|
|
March 25, 2015, 05:15:14 PM |
|
Not sure how they would do it but I expect every time before you make a withdrawal, you will need to submit a long list of supporting documents that require yourself to declare some statements concerning where the coins are obtained.
Bitstamp has already had a go at that. I found it a humongous turn off. A lot of the anality is due to its freshness. You don't have to prove sod all if you're buying or withdrawing a million quid on shares other than who you are. I expect it'll settle down eventually. |
|
|
|
|
manselr
Legendary
Offline
Activity: 868
Merit: 1004
|
|
March 25, 2015, 06:10:33 PM |
|
They will never be able to stop the underground bitcoin trade. "They" are just upset people are making money without having to pay >25% of all profit to the governments of the world. Taxes are bullshit.
They are are severly butthurt at the fact we have now a fact to bypass all their monitoring. There will always be a fact to not get caught by these scammers. |
|
|
|
|
|
Rampton
|
|
March 26, 2015, 08:30:38 AM |
|
They will never be able to stop the underground bitcoin trade. "They" are just upset people are making money without having to pay >25% of all profit to the governments of the world. Taxes are bullshit.
You're right, they won't be able to stop the 'underground' trade just like they can't stop the sale of drugs in the underground which is what happens when you make things illegal or put silly restrictions on them, but just like drugs people don't want bitcoins to be 'underground'. We want to be able to use them freely and as a legitimate currency. |
|
|
|
|
elvizzzzzzz
|
|
March 26, 2015, 08:53:47 AM |
|
""They" are just upset people are making money without having to pay >25% of all profit to the governments of the world. Taxes are bullshit."
"They" are the people who avoid having to pay >25% of all profits. "They" make the rules.
Regulation of cryptocurrency is bullshit.
Did Regulation prevent the crash in 2008? or reduce the £500 BILLION needed to prop up the banks?
Did the government even go to the Regulator to ask for their money back? "Asleep at the wheel" IIRC
What has happened since - apart from G Brown promoting himself for "Saving the World" to Saving Scotland?
Debts and Leverage have increased, so the next crisis will different and more painful, and soon.
There's just enough time to introduce capital punishment for financial crime, like they have in China, instead of a Knighthood or promotion to the House of Lords. After that is passed and proven effective, then think about regulating bitcoin.
Jeremy Clarkson should run for Parliament!
Banking Regulator with a plan meets Jeremy Clarkson - I'd pay bitcoin to see that.
|
|
|
|
|
roadbits
Legendary
Offline
Activity: 1092
Merit: 1000
|
|
March 27, 2015, 10:38:50 PM |
|
They will try to limit the inevitable expansion of cryptocurrencies… but they will fail eventually
|
|
|
|
|
|
elvizzzzzzz
|
|
March 31, 2015, 03:52:26 PM |
|
Not directly applicable to bitcoin, but the Money Laundering part is worth noting : http://www.newsletter.co.uk/news/regional/newry-fraudster-spared-jail-over-money-laundering-1-6664964"In two and a half years his business handled over £63m, much of it, according to HM Customs, profit made by gangs north and south of the Irish border." “I will impose a sentence of two years on all counts and they will be suspended for a period of three years” "Prosecutor Stephen McCourt told the court that confiscation proceedings are due to take place at the end of April to recover £1 million from Trainor as a result of his “criminal offending’’" Lucky for him no bitcoin was involved. |
|
|
|
|
|
