Based on the title, I was hoping Satoshi Nakamoto had been subpoenaed.
Maybe he's just dodging the process server.
Every important person in BitCoin just got subpoenaed by NY financial regulators
41–50 of 194 posts
Re: Every important person in BitCoin just got subpoenaed by NY financial regulators
#42This worries me more about other virtual currencies (eg. "game" money) than it does about Bitcoin. The last time something like this happened because of Bitcoin (FinCEN), Linden Lab forced the closure of all third-party Linden$ exchanges [1] to cover itself legally. Those were very scary times for everyone involved in Second Life.
As someone who does business in Linden$ et al, I (selfishly) wish the media hype around Bitcoin would simmer down, lest my own life become a lot more complicated. The way these government announcements always refer to cracking down on "virtual currencies" in general is very disconcerting, especially when the term is so hazily defined.
[1] http://blog.nalates.net/2013/05/08/end-of-linden-exchanges/
Re: Every important person in BitCoin just got subpoenaed by NY financial regulators
#43Unpopular opinion of the day: bitcoin is real money, and the government will regulate it and control it as such. In my opinion, the end-game is this: bitcoin addresses are taxable, with occasional tax agents spot-checking large accumulations of bitcoin to determine if said addresses fall within their jurisdiction. Bitcoin has the unusual ability to have a very tight trace on where a given virtual coin goes: that just…
I don't know why this should be unpopular, except among people who see the Internet as a new Wild West. The basic advantage of Bitcoin, that its controlled by an algorithm rather than a central bank, exists whether or not financial regulations apply to Bitcoin. Does it destroy the utility of a crypto currency for exchanges and processors to be required to detect e.g. money laundering?
> Does it destroy the utility of a crypto currency for exchanges and processors to be required to detect e.g. money laundering?
It introduces a mandatory third party (the government) to transactions where only two parties are intended.
Such a virtual currency could be designed, and I don't believe it would be successful.
The Bitcoin protocol allows two parties to transact without any outside interference. If governments can restrict using a protocol remains to be seen.
Re: Every important person in BitCoin just got subpoenaed by NY financial regulators
#44"the department says it wants to make sure Bitcoin company customers’ funds are “safe and sound,” expressing concern about consumer complaints “about how quickly virtual currency transactions are processed.”"
So, are they saying there are complaints that the transactions are processed too quickly? Because I've never had a BitCoin transaction take more than an hour or so to complete where as my regular bank routinely takes about 3 business days. Makes you wonder what their motivations are.
Re: Every important person in BitCoin just got subpoenaed by NY financial regulators
#45Unpopular opinion of the day: bitcoin is real money, and the government will regulate it and control it as such. In my opinion, the end-game is this: bitcoin addresses are taxable, with occasional tax agents spot-checking large accumulations of bitcoin to determine if said addresses fall within their jurisdiction. Bitcoin has the unusual ability to have a very tight trace on where a given virtual coin goes: that just…
In a way, bitcoin itself is not really a currency, or money, it's more like an idea for exchanging messages. Bitcoin is really a decentralized messaging system which relies on cryptography and proof-of-work to maintain integrity. Should exchanging messages in the form of "I owe you x amount" over a p2p network be regulated or be made illegal? However, The fact that it's used as a form of currency is just an interpret…
They are also disastrous for the planet - bitcoin's carbon footprint is growing, trading our planet for ... imaginary points. This has got to stop.
Re: Every important person in BitCoin just got subpoenaed by NY financial regulators
#46Unpopular opinion of the day: bitcoin is real money, and the government will regulate it and control it as such. In my opinion, the end-game is this: bitcoin addresses are taxable, with occasional tax agents spot-checking large accumulations of bitcoin to determine if said addresses fall within their jurisdiction. Bitcoin has the unusual ability to have a very tight trace on where a given virtual coin goes: that just…
I doubt they'd bother trying to tax transactions from one Bitcoin address to another. It'd be incredibly infeasible.
They will probably start requiring that all vendors who exchange real world currency or commodities for Bitcoin pay taxes on all such trades, however. Which isn't all that unreasonable.
Re: Every important person in BitCoin just got subpoenaed by NY financial regulators
#47Unpopular opinion of the day: bitcoin is real money, and the government will regulate it and control it as such. In my opinion, the end-game is this: bitcoin addresses are taxable, with occasional tax agents spot-checking large accumulations of bitcoin to determine if said addresses fall within their jurisdiction. Bitcoin has the unusual ability to have a very tight trace on where a given virtual coin goes: that just…
This is why I don't believe in BTC for the long term. It's not anywhere near anonymous. Those saying BTC has no inherent value (as opposed to gold, for example) are completely overlooking the fact that BTC is the only kind of exchange that can be used for illicit activities in a relatively untraceable manner (good luck buying stuff on SR using gold). Unfortunately, BTC is traceable if governments decide to spend the…
If the government steps in to "de-anonymize" bitcoin, then people will simply begin using tumbling services. People don't use those services right now because there's no impetus to. But as soon as the trust inherent to the public ledger is violated by creating a large-scale effort to track the flow of bitcoin, then people will counter that action with tumblers.
Re: Every important person in BitCoin just got subpoenaed by NY financial regulators
#48Earlier quoted context omitted.
In a way, bitcoin itself is not really a currency, or money, it's more like an idea for exchanging messages. Bitcoin is really a decentralized messaging system which relies on cryptography and proof-of-work to maintain integrity. Should exchanging messages in the form of "I owe you x amount" over a p2p network be regulated or be made illegal? However, The fact that it's used as a form of currency is just an interpret…
They are also disastrous for the planet - bitcoin's carbon footprint is growing, trading our planet for ... imaginary points. This has got to stop.
Either Bitcoin is just a bubble, and it'll stop, or it's actually useful, and not just "imaginary points". Either way, it'll probably be decided way before it has any real impact on the global energy consumption.
Re: Every important person in BitCoin just got subpoenaed by NY financial regulators
#49Unpopular opinion of the day: bitcoin is real money, and the government will regulate it and control it as such. In my opinion, the end-game is this: bitcoin addresses are taxable, with occasional tax agents spot-checking large accumulations of bitcoin to determine if said addresses fall within their jurisdiction. Bitcoin has the unusual ability to have a very tight trace on where a given virtual coin goes: that just…
I don't know why this should be unpopular, except among people who see the Internet as a new Wild West. The basic advantage of Bitcoin, that its controlled by an algorithm rather than a central bank, exists whether or not financial regulations apply to Bitcoin. Does it destroy the utility of a crypto currency for exchanges and processors to be required to detect e.g. money laundering?
It's the wild west, except not a single person ever died from it. It's a communications network. I'm all for treating it as the wild-west, self regulating thing it is.
Applying this logic, mail is the old Wild West.
Re: Every important person in BitCoin just got subpoenaed by NY financial regulators
#50Unpopular opinion of the day: bitcoin is real money, and the government will regulate it and control it as such. In my opinion, the end-game is this: bitcoin addresses are taxable, with occasional tax agents spot-checking large accumulations of bitcoin to determine if said addresses fall within their jurisdiction. Bitcoin has the unusual ability to have a very tight trace on where a given virtual coin goes: that just…
> Unpopular opinion of the day: bitcoin is real money, and the government will regulate it and control it as such.
Which government?