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Proposed New York State Virtual Currency Regulations [pdf]

dfs.ny.gov

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Re: Proposed New York State Virtual Currency Regulations [pdf]

#21

Post by vinalia »

I understand the state's fear after the Mt. Gox fallout but their effort seems too overreaching. How could they possibly enforce _all_ citizens and businesses involved in cryptocurrencies to have licenses, hold 10 years of records, etc.?

OTOH, would there be a way to hold currency exchanges legally accountable without breaking cryptocurrencies?

There are too many stupid exchanges that scam peoples' coins and this seems like a barrier to adoption for lots of people. It would be nice to just push $100 from a bank account into a bitcoin account (like paypal does).

Re: Proposed New York State Virtual Currency Regulations [pdf]

#22

Post by virtue3 »

jerf wrote: post #20
innguest wrote: post #13

This is absolutely ridiculous. That some part of "The Government" thinks they can regulate something that is not theirs is laughable. They've done (and continue to do) enough harm regulating their fiat currency. Who gives them the right, and more importantly, how can they be so delusional to think they can actually regulate something that is built in such a way as to be regulation-proof? Where's the torrent regulatio…

'That some part of "The Government" thinks they can regulate something that is not theirs is laughable.' Bwuh? I can not come up with a sensible interpretation of this sentence. And I've tried.

the government has effectively 0 control over bitcoin. They can control the population in the US (or in this case, NY state) that uses it. But outside of that they can get bent.

Re: Proposed New York State Virtual Currency Regulations [pdf]

#23

Post by murbard2 »

wdewind wrote: post #17
slg wrote: post #16

Earlier quoted context omitted.

>I find it difficult to understand how Bitcoin enthusiasts can so thoroughly discount how well our current system actually functions. There are no questions that there are deficiencies in the current system, but the Btc community hasn't seemed to even identify what they actually are, much less propose solutions in any reasonable way. A large percentage of the Bitcoin community's view on this front appears to be "past…

> It would be like your home being broken into and so you decide that you are better of leaving your door unlocked. Couldn't agree more. TLDR: bring back Glass Steagall.

Please, explain to me what difference the Glass Steagall act will make when commercial banks can issue paper that will be bought by deposit banks?

Oh, were you just repeating an Occupy Wall Street meme?

Re: Proposed New York State Virtual Currency Regulations [pdf]

#24

Post by GFK_of_xmaspast »

innguest wrote: post #13

This is absolutely ridiculous. That some part of "The Government" thinks they can regulate something that is not theirs is laughable. They've done (and continue to do) enough harm regulating their fiat currency. Who gives them the right, and more importantly, how can they be so delusional to think they can actually regulate something that is built in such a way as to be regulation-proof? Where's the torrent regulatio…

Since when does New York State have their own currency?

Re: Proposed New York State Virtual Currency Regulations [pdf]

#26

Post by blazespin »

innguest wrote: post #13

This is absolutely ridiculous. That some part of "The Government" thinks they can regulate something that is not theirs is laughable. They've done (and continue to do) enough harm regulating their fiat currency. Who gives them the right, and more importantly, how can they be so delusional to think they can actually regulate something that is built in such a way as to be regulation-proof? Where's the torrent regulatio…

US government can do anything if you live within their borders. I think they outlawed sodomy once.

Re: Proposed New York State Virtual Currency Regulations [pdf]

#27

Post by gregr401 »

virtue3 wrote: post #22
jerf wrote: post #20

Earlier quoted context omitted.

'That some part of "The Government" thinks they can regulate something that is not theirs is laughable.' Bwuh? I can not come up with a sensible interpretation of this sentence. And I've tried.

the government has effectively 0 control over bitcoin. They can control the population in the US (or in this case, NY state) that uses it. But outside of that they can get bent.

The entire premise is to regulate the financial companies leveraging bitcoin in NY, not the protocol.

Re: Proposed New York State Virtual Currency Regulations [pdf]

#28

Post by wdewind »

TylerE wrote: post #18
wdewind wrote: post #15

Earlier quoted context omitted.

> They've done (and continue to do) enough harm regulating their fiat currency. It is extraordinarily easy to point out how shitty a job the Fed has been doing from a society that completely depends on it. When you compare how the American financial system has been doing compared to the rest of the world the results are astoundingly in our favor. I find it difficult to understand how Bitcoin enthusiasts can so thorou…

Of course, "The Fed" actually isn't part of the government.

You're right, but I think they are, unfortunately, part of the capital T capital G, scare quotes "The Goverment" when talking about regulating fiat currency.

Re: Proposed New York State Virtual Currency Regulations [pdf]

#29

Post by innguest »

wmf wrote: post #14
innguest wrote: post #13

This is absolutely ridiculous. That some part of "The Government" thinks they can regulate something that is not theirs is laughable. They've done (and continue to do) enough harm regulating their fiat currency. Who gives them the right, and more importantly, how can they be so delusional to think they can actually regulate something that is built in such a way as to be regulation-proof? Where's the torrent regulatio…

It sounds like you're saying that if I create something I can simply declare it to be exempt from any laws I don't like. The whole point of laws is that they're not voluntary. As for torrents, there is that thing called copyright law.

Yes, and how has copyright law been faring on the face of torrents?

What I'm saying is that it's silly to try and regulate things that are mathematically designed to withstand any regulation. I do not believe unenforceable laws are the way to go. If the government prefers that we do things differently then it should lead by example, convince by arguments, etc, just like anyone else. Instead they're acting childishly by passing laws that regulate something they don't even understand, and that ultimately are not amenable to regulation.

Re: Proposed New York State Virtual Currency Regulations [pdf]

#30

Post by bobbygoodlatte »

mrfusion wrote: post #12
dmix wrote: post #7

Here is a Reddit comment breaking down the proposal: http://www.reddit.com/r/Bitcoin/comments/2aycxs/hi_this_is_b...

This line saddened me, "In fact, Satoshi would have commited a crime creating Bitcoin without registration. (200.2n5)"

Well, Orville Wright didn't have a pilot's license :)
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