Now, it's my turn, wiseass. Current board members are divided into one of three categories: This may not be the case in all jurisdictions. If you have a fairly powerful computer that is almost always online, you can help the network by running Bitcoin Core. It's probably just a feeler. So, why send it? Excuse me, we're a nonprofit trade organization.
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The Bitcoin Foundation is an American nonprofit corporation. I'm just speculating here. Mixing reinvented for your privacy Chip Mixer. I suspect this is more of a shakedown than an attack on Bitcoin. Putts Law in Action james 2 This man has no dick It's not about doing a bad or a good thing, it all boils down to the law of licensing since the Bitcoin Foundation seems to "facilitate" money transfers, which in fact, it doesn't. It should be easy for them to cease transmitting money, since they were never transmitting it in the first place.
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They can't have it both ways. When the tables are turned they will formulary prosecuted for crimes against humanity. New bitcoin are welcome to desist their services for Bitcoin, but after and have been announced they are no longer foundation and should not be re-posted. He feels the most vulnerable businesses are the ones holding pooled customer money both local fiat bitcoin and bitcoin because these "are and highest risk desist consumers". And even that is not accurate as they only pay Gavin, who cease just 1 but major developer of Bitcoin-qt. Furthermore, insofar as BTC is a digital currency, wouldn't this have broad implications for any sort of platform that foundation digital currencies, 2017 when the developers 2017 the formulary don't actively promote conversions between Cease and the given currency?
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Three surveys conducted earlier by the Bitcoin Foundation suggest that many community members, both inside and outside of the organization, want to see it adopt a stronger focus on bitcoin's open-source technology development. Professor and author Mark T. Williams criticized the Bitcoin Foundation's priorities, writing in a Business Insider editorial that "A Foundation of 'B' players has no business claiming it is a protector of a system that remains vulnerable and untrustworthy.
As a result of this and a lack of cash flow, various staff were terminated. From Wikipedia, the free encyclopedia. Retrieved 30 December Bitcoin Foundation Press release. Archived from the original PDF on 7 April Retrieved 31 December Retrieved 24 November Archived from the original on May 10, Now we all have to hope that my constitutional challenge http: And it might, but that day may be pretty far off in the future at the current rate.
Meanwhile, everyone should really be freaking out over AB http: I've been successful in removing the clause that created a new thought crime, but the rest is still pretty bad--unless you're a payroll company. Amazing what lobbying can do. If you want to help, click on the "Comments to Author" tab at the link above, register with the State of California, and tell Assemblyman Dickinson that the MTA should be repealed for all of the reasons I outline at https: Money transmission takes place over the internet, which is in the domain of the federal government, not the states.
Aaron Greenspan aarong thinkcomputer. If you live in California make sure to say where. That sounds vague enough to where any ISP who knows about bitcoin could fall under that clause. Am I reading that section wrong, or do you think that could potentially be the case? I think it's funny how Vessenes swooped in on HN for a couple quick ad hominem jabs, then left without addressing the main issues. All you government cock suckers who idiotically celebrated the "FinCEN regulations" -- you know who you are -- be prepared to tell what you told us, to the face of everyone who might be dragged to jail over this.
You supported this shit, you do not get to wash your hands. It would appear the cease and desist order contains copyrighted material owned by Cornell University Law School's Legal Information Institute. Although the USC is in the public domain. Has anyone seen any official respond from the Bitcoin Foundation? It has been over 20 days since this notice was issued. The letter wad issued May 30th and provided only 20 Days to respond. The words "engaging in the business" can be very dangerous I think.
Hopefully it is an old-school misunderstanding of bitcoin. I'm afraid it could be a pretty clever legal approach.
Or in this case "Never attribute to fiendish cleverness to what can be explained by incompetence. Nothing in this letter strikes me as "clever", so I'm not sure I buy this line of reasoning but what do I know- not much.
I love catching the state between a rock and a hard place like this. They can't have it both ways. Either Bitcoin is money and so are a lot of other things that presently are not considered money , or it's not. If it's not, then none of these financial regulations apply. If it is, then they got some 'splainin' to do. Unfortunately, there is high potential for some people to be murdered, and others are issued paid vacations, while the state sorts all this stuff out.
Actually, it's Bitcoin that's between a rock and a hard place. Either it's not money, or it's not legal. Am I wrong to think this is a total larf? It sounds like they're trying to sue Tim Berners-Lee for something Pets. Reality doesn't matter to these people. If they want you in jail, then you're going to jail. So for example when a website operating in the US gets a cease and desist order the best action is not to do any action?
It has come to the attention of the Commissioner that BitCoin Foundation may be engaged in the business of money transmission without having obtained the license or proper authorization required by the California Financial Code.
Code, it is a felony violation of federal law to own, control, or conduct the business of money transmission which is operated without the appropriate State license, or which fails to register with the U. Treasury department, or which transmits funds known to have been derived from criminal activity or intended to be used to promote or support unlawful activity. Additionally, this activity conducted without a license is a felony under California law, pursuant to financial Code 9 b.
It's for your own good, you know. Don't forget to follow all the regulations that are required to function as a money transmitter or they may revoke your license. Is this the government saying "Shut down the servers that you run this bitcoin thing on? If you read the whole document it seems like they might have had to report as a "money transmitting business" as per what the definition is.
Well, the foundation does have a 1st gen 4 module Avalon… but mining itself does not require that you register as money service business. If you sell mined coins you do. Because otherwise this is definitely nonsensical, or at least a definite misunderstanding of what Bitcoin is and the Bitcoin Foundation's role in this new environment. For our purposes the part of Dr. Picture, if you will, the basement of the ghostbusters firehouse as EPA civil servent Walter Peck storms in with his court order and police escort demanding Dr.
Peter Venkman shut down the ghost containment unit. Turning this off is completely impossible. No, I'm telling "you" what's hazardous, you have about a half dozen archaic, irrelevant, poorly interpreted banking and money transmission violations here.
Try to imagine, this a high voltage, distributed, trustless, deflationary currency system. Trying to turn it off will be like dropping a bomb on the archaic monetary system you are trying to protect. Don't patronize me, I'm not protestly stupid, like the people you've helped. Forget it, Venkman Vessenes.
You had your chance to co-opperate, but you though it would be more fun to insult me. Now, it's my turn, wiseass. Panning up of the Seattle skyline as a massive explosion arises from the Bitcoin Foundation Headquarters. Thanks to Youtube, Wikipedia, and SeansOutpost! Seriously, this thread makes me happy. I really want a giant stay puff marshmallow man with a big Bitcoin in the middle of his uniform. This is clearly a panic response..
The criminals is the Government are trying to stifle the dissent that Bitcoin is allowing all of us to partake in. It's not a useless threat. See below , where consequences are outlined, along with actions you can take to affect the outcome.
Maybe California could send them a nasty letter, too. Then they could destroy Bitcoin and the Internet at the same time. It basically is a letter from a California government bureaucrat with a fancy title saying that the bitcoin foundation is a money transmitter and asking them to either register as such or write back and explained how they ceased their money transmitting.
Overall, it just looks like an embarrassing form letter by someone who has no idea how to do his job. It should be easy for them to cease transmitting money, since they were never transmitting it in the first place.
Proving it might be difficult, though. If it goes to court, the state can claim that they are transmitting money and present a possibly bogus argument to "prove" this. Then the foundation will have to prove that the argument is invalid, in effect proving that they are not transmitting money. It's interesting this came right after the conference and I have not seen much word in the last three weeks.
This would be actionable if Bitcoin Foundation actually controlled Bitcoin. I don't see any way for Bitcoin Foundation to comply. This is like court-ordering a single guy to furnish his marriage license. I honestly can't see this being upheld. Insofar as Bitcoin is a protocol and the Bitcoin foundation merely curates it without actually having an active hand in what's done with it, this is like going after the developers of torrenting for piracy. It just doesn't work.
Furthermore, insofar as BTC is a digital currency, wouldn't this have broad implications for any sort of platform that uses digital currencies, even when the developers of the platform don't actively promote conversions between USD and the given currency?
Are pretty much any MMO games "money transmitting businesses" by this conception? How is the Bitcoin Foundation a money transmitter? An actual lawyer weighs in here. Hopefully this means Cali just lost the Bitcoin conference. Good job killing a money maker for the state. CA needs to get their act together. The country that see Bitcoin as a value add will win a huge windfall. I wonder which way this will affect the price of bitcoins if at all?
Some people will get scared and want to sell all their bitcoins, and others will take it as a sign that they should buy up bitcoins while they still can in case governments start to crack down on it.
I don't think this action in California is really an actual concern for bitcoins, but it may have an effect on the price anyway. Never heard of it. I think the "appropriate action" here is for state governments to learn more about Bitcoin before sending a letter like this, which clearly shows they know nothing about it. Wasting taxpayers money on lawsuits because you don't know what you are talking about should be a crime. Bitcoin isn't legally considered money despite the fact that it is so I fail to understand how this cease and desist will stand up in court.
Most of the discussion in the comments has focused on whether the foundation is technically a money transmitter without first questioning the premise of Bitcoin being legally considered as money to be transmitted.
With E-gold it was a target for this sort of thing because constitutionally gold is money. This is not true for Bitcoin. The Bitcoin foundation doesn't run an exchange, it only facilitates the creation of 1 version of the client And even that is not accurate as they only pay Gavin, who is just 1 but major developer of Bitcoin-qt.
Bitcoin isn't legally money, I predict that this order will fail in court on that basis. I'm just speculating here. I can say that the vast majority of internet comments on bitcoin are doing nothing to enhance it's credibility. Anyone who still takes these mafia tactics as legitimate are simply disillusion. This system is violent and abusive to anyone who doesn't follow their arbitrary guidelines.
The state will initiate violence against peaceful people, this is inherently psychopathic. As a modern civilized society we need to move away from centralized authorities who garner for more and more power for themselves. Anyone that persecutes bitcoin users is getting their name put in the blockchain so it will be recorded for perpetuity. When the tables are turned they will be prosecuted for crimes against humanity.
Can you place the watermelon Oreo fiasco in the blockchain, we want to make sure future generations will not repeat this atrocity. Einstein really wouldn't have gotten famous without the solar eclipse experiment that proved that light is bent by gravity. In the same way, Satoshi never really became famous until the letter from the State of California saying "OK dudes, you had your fun, now shut this thing down.
From the point of view of the status quo it fits perfectly, they should be afraid of what came out. Although even if his life's work had never been validated, owning a million bitcoins would probably be enough to keep him pretty happy. Bitcoin foundation, as far as i know, wanted to be friends with the governments. Well how is that working out?
Really all i can say is bitcoin needs time to mature, and govts will do anything it can to stop it, if it knows. And thanks to dicks trying to contact government, sending lobbyists and crap, its become very aware of the phenomenon. Now its just going to move against it, because bitcoin really circumvents the power structures they use to control and profit off of people.
Thanks for the news tip! I wrote an article about it. Here is a list of video links collected from comments that redditors have made in response to this submission:. Hey, they are talking about another currency, they said "Bit C oin", our currency is Bitcoin.
Why don't you do blockchain. May 24, at May 12, at Half of the proceeds from an apparently errant bitcoin transaction have been donated by the recipient mining pool. Dec 15, at Bitcoin Foundation board members Jim Harper and Olivier Janssens have exited the trade organization amid questions about its future. I would like to receive the following emails: Blockchain — What is bitcoin? Bitcoin What is Bitcoin?
How Can I Buy Bitcoin? How Does Bitcoin Mining Work? How Do Bitcoin Transactions Work? How Can I Sell Bitcoin? Blockchain What is Blockchain Technology? How Does Blockchain Technology Work?