Proposed New York State Virtual Currency Regulations [pdf]

Post by tonyhb » Fri, Jul 18, 2014, 12:39 AM UTC

wdewind wrote: post #15

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…

> 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…

Post by wcummings » Fri, Jul 18, 2014, 1:31 AM UTC

vinalia wrote: post #21

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 see…

Post by wdewind » Fri, Jul 18, 2014, 2:14 AM UTC

murbard2 wrote: post #23

wdewind wrote: post #17

Earlier quoted context omitted.

> 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?

Post by wmf » Fri, Jul 18, 2014, 2:44 AM UTC

innguest wrote: post #29

wmf wrote: post #14

Earlier quoted context omitted.

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…

Post by tonyhb » Fri, Jul 18, 2014, 2:53 AM UTC

wdewind wrote: post #37

tonyhb wrote: post #32

Earlier quoted context omitted.

It's not that our current system functions well: - ACH/normal bank transfers take days - Files and money transfers are handled via SFTP - There's no checks in place to see if the account transferring the money actually has enough funds. The money is moved and rolled back once the bank finds out - It's legitimately difficult to move or accept non-cash payments through a bank (without Stripe/Braintree etc.) - Checks ar…

Yep, I think that's totally fair. European banking infrastructure is definitely superior. I work in payments, believe me I know about the short comings of the ACH system :) A lot of my main comment was more about how the Fed/Govt handled/handles the fiat currency of the US and the bailout. On those fronts I think we are doing significantly better than the Euro and Europe's response to the financial crisis.