It renders him a serf upon a farm usd information usd — used for purposes both benevolent and vile, without york say in the matter. Not afraid to tell anyone that he york the state's digital currency regulation is unethical, Voorhees' main point is that complying with it needlessly dfs personal user information, making his customers far more vulnerable to monetary or identity theft than they would be without it. Note that I am not against bitcoin but this new as dfs said it: The department has denied new from Snapcard Inc. A regulatory proposal does not expire until days after being published or after the bitcoin scheduled public hearing. Not my concern at all if Bitpay has offices in NY, offices and people can and should be moved as appropriate to the business climate. It shall comply with the same mandates, be governed in the same way, by the same people.
Vullo further noted the state encourages long-term growth of new industries while enforcing safeguards to protect markets and consumers. Today, as human society progresses onward, Coinmap broke 5, global business listings, South African payment processor Payfast enabled their 30, merchants to accept Bitcoin, and the NY Dept. Finally, a case must be made for how large the businesses' surety bond must be, with documented justification for a business of that size and type. Now's the time for those so able to fork away and dig in! His justification is that he may be able to freeze some criminal funds, so endangering million Americans is justified, because he is protecting Americans. The reviews had to be thorough, though, because of the risks involved, she said.
Read this sentence again! The bitcoin USD balance will be available in customer accounts for customers to access at any time. Dfs, we shall see how the people associated with the BF respond to these issues. Do they deserve to be forced to reveal who they are, where they usd, what they look like, how to get in contact with them, and in what manner they choose to make financial decisions? Is that your idea of monetary progress for new world so york in need of it?
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Voorhees, the creator of the innovative Shapeshift exchange, was the first to pull out of New York due to the BitLicense. Not afraid to tell anyone that he believes the state's digital currency regulation is unethical, Voorhees' main point is that complying with it needlessly exposes personal user information, making his customers far more vulnerable to monetary or identity theft than they would be without it.
It is generally believed that they will not be complying with the Bitlicense because they don't deal in US Dollars and their user base in New York would likely be a very small number of people. The August 10 deadline marks the end of a day grace period following the publication of the BitLicense in June. We simply want to make sure that we put in place guardrails that protect consumers and root out illicit activity — without stifling beneficial innovation.
The price of obtaining a BitLicense is commonly criticized for unfairly stopping small businesses competing in New York. Part of the paperwork is to include audited financial statements prepared by an independent certified public accountant.
These documents can be potentially costly. If approved, another set of paperwork comes after that, one that some sources have is reportedly over pages in length. Finally, a case must be made for how large the businesses' surety bond must be, with documented justification for a business of that size and type. Once NYDFS accepts that the size of the bond is sufficient, they must pay the bond in order to start doing business with New York customers.
This is the impetus by which evil groups come to dominate and subvert, regardless of whether they were evil to begin with. This is not consumer protection. This is explicit surveillance of private citizens who are not accused — nor even under suspicion — of committing a crime.
Or, perhaps, suspicion is now assumed in all cases? Is this not exactly the financial censorship for which Bitcoin was intended as the antidote? We look forward to New York State becoming the hub of this exciting new technology. Cameron and Tyler, this is shameful. Dozens of diktats which mandate State surveillance and censorship is the very antithesis of Bitcoin. But then what does that say about our great nation? That industry leaders cower before the Superintendent and lend their reputational support, so as not to draw ire?
Does this sound American to you? What does the American ideal and the Bitcoin ideal , stand for if not stalwart resistance to this very encroachment of the state into private industry?
To all Bitcoin industry entrepreneurs and advocates — this new regulation makes private ewallets illegal. Read this sentence again!
If you spend your time, money, and creative energies building a platform in which users may securely deposit and store their digital assets, you must now require them to send you personally identifying information. You must take their name. You must take their address. You must get a photo ID of this person verified against government checklists. You must watch their transactions and decide whether they are suspicious. You must package all this information into a database to which State agencies are permitted unlimited oversight and privilege.
But even before initiating your Orwellian spy list, you must submit yourself to a process of applying for a State-sponsored license. You must bribe the government with money or they will shut you down called a bond or licensing fee. You must invite State-approved IT security forces to review your system.
Please, how can anyone involved in Bitcoin morally support this? You are being forced to spy on your users, and report private information to Government agents, with neither accusation nor even suspicion of a crime.
How can you advocate the innovation that Bitcoin brings and simultaneously support such a decree? Do you have no line in the sand? At what point do you stand up like someone who knows right from wrong and assert your opposition to one of the most corrupt organizations on the planet? Not today, you say? Are you listening Jeremy Allaire? Are you listening Armstrong and Ersham? Are you listening Winklevii and Andreessen? You are leaders of the industry — well, where are you leading it?
Fine, I understand that. But why are you going out of your way to publicly endorse this anachronistic legislation? Doing so means your explicit approval of all Bitcoin users being under perpetual surveillance. By what moral perversion do you justify such advocacy?
Further, it will now be mandated that any bright engineer obtain a State License before releasing his new digital currency, and may only then innovate in a State approved manner. Industry leaders, do you really support this? This would mean Satoshi Nakamoto himself would have committed a crime if his genius released Bitcoin today unless he explicitly barred New Yorkers from using it.
You approve of a background check on Satoshi Nakamoto? Bitcoin would not have been released if this legislation existed in Why do you support it being released in ? Cryptocurrency innovation aka business must first be approved and anointed by the State of New York.
Is that your idea of monetary progress for a world so desperately in need of it? How can you support this? Bitcoin shall be tossed into the same unethical regulatory mess that currently governs the legacy banking system. It shall comply with the same mandates, be governed in the same way, by the same people. It shall be censored with the same prejudices, and serve as an Orwellian tool of law enforcement in the same corrupt and deleterious manner.
Its protection of privacy, illegal. Its advocacy of neutrality, ignored. Its decentralized, market-based governance forced to revert to centralized, State-based coercion. Is it befitting of Bitcoin? But I do hope that respectable people, good citizens, men of character, honest Bitcoin innovators and businessmen, take it to heart in both their words and actions.
Fortunately, a technology like Bitcoin will lead humanity in its own direction, despite the most eloquent proclamations from kings of any country, or the cowed grovelling of their entranced subjects. To those of you out there speaking and struggling for freedom, thank you. Otherwise, you are on record as submitting to, if not embracing, the perversion of the Satoshi protocol. I don't know about you Mike, but in our country saying NO to the duly elected government can get you "detained" and I am sure the Board of the Bitcoin Foundation will not want to be subject to that type of pressure.
I suggest they just keep saying YES to everything. I hear it might be the only thing left in Most companies that were operating in New York when the regulations took effect can still do business there while waiting for a license.
However, start-ups may face trouble raising money or expanding their business, Murck said. The virtual-currency industry is miniscule compared to traditional finance, but it has grown rapidly since bitcoin's launch in There are now other virtual currencies, and broader uses for underlying technologies that create and distribute them.
As the market has grown, financial centers around the world have competed aggressively to attract new business.
Regulators then drill deeper, asking for details of business models, organizational charts or ownership information. He has advised clients to focus on states like California, where, he believes, regulators are unlikely to take aim at digital currency companies any time soon.
State lawmakers there recently withdrew a second proposal to regulate digital currency companies. Washington State, for example, has issued seven licenses to virtual currency companies since under its longstanding law for money transfer businesses.