New York Regulator Plans 'Regulated' Bitcoin Exchanges

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I'm sure attempts to regulate bitcoin will go over well. :rolleyes:

New York's financial regulator has called on firms to submit proposals to set up "regulated" exchanges for digital currencies like Bitcoin. The state's Department of Financial Services (NYDFS) said it wanted to better protect consumers, and prevent money-laundering.
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I think they plan to regulate the exchange as a business, not the currency. Given the relative mainstreaming of cryptocurrencies at this point, I suspect there are a number of people jsut looking to make money off of it who would welcome a business that some 3rd party has some insight too and might be able to be held accountable for how they conduct business.

Also, the bankers want their 99% slice of the pie, so screw the collective you.
 
Just means there won't be any bitcoin exchanges based in NY... oh wait...
 
"Consumers should understand and receive appropriate disclosures about the potential risks associated with using virtual currencies or any other financial product."
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Thank god, this information just can't be found on the internet.
 
yeah... cuz it's not like the mexican drug cartels launder their money through the regulated mega banks, or anything...

what a farce.
 
Yakk said:
Yeah, after the US government not making btc illegal, this is the next logical step for them to take.
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I've always wondered how Overstock and Newegg handle it. Do they take report the sale, or wait til if the bitcoin is converted to USD? If the latter, it's a no brainer to funnel that to an offshore exchange for conversion and then put the USD in an offshore bank account.
 
They use coinbase to convert it immediately to USD. Based in San Francisco.

Sorry, no boogeymen here.
 
No...San Francisco is an awful place. You've clearly never been there before. It and Oakland are just filled with drugs and nasty people.
 
EndlessRed said:
Exactly. When those greedy cats say "regulate," they really mean "extort." Give big bro his cut in taxes or they will shut you down.
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Yeah because fuck the public schools, infrastructure, government programs, military protection . Who needs any of that shit anyway, I don't use any of it.
 
Are we offered alternatives for all of those?

Take this product you didnt ask for, give us money and LIKE IT.
 
if market options are denied the right to exist, a product or service the government "provides" is compulsory. no private contract would be honored under those conditions.
the social contract is a sham.
 
aardvark sandwich said:
The entire country is filled with drugs.
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Whatever! There are a lot of places in North Dakota, Montana, and Wyoming that don't even have people living in them which means there aren't guns, drugs, or human trafficking that uses bitcoins. Like between Glassgow, MT and Williston, ND along highway 2 there's like big stretches where no one lives.
 
Bernie Madoff survived for a long time under regulation. Bitcoin should do fine.
 
TwiceOver said:
Yeah because fuck the public schools, infrastructure, government programs, military protection . Who needs any of that shit anyway, I don't use any of it.
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It would be nice if the government stuck to only those types of things.

Too bad it spends hundreds of billions on just about everything else, including sending "aid" to countries that are hostile toward us.
 
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