NY Seeks Bitcoin Exchange Regulations
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David F. Carr
David F. Carr,
User Rank: Author
7/22/2014 | 4:46:40 PM
How is this enforceable?
I'd think it would be very difficult for the state or even federal government to force a Bitcoin exchange based offshore to comply with a registration requirement or much else. Maybe they can entice some that want to legitimize themselves with a certification / registration badge issued by the government. But isn't part of the point of these exchanges to operate outside of government scrutiny? The people who make that choice ought to know they're taking their chances and can't rely on government protection.
User Rank: Ninja
7/22/2014 | 7:53:37 PM
Avoid .... or Evade?
I'll be the first to admit that I don't know much about Bitcoin, but everything I read about it tends to revolve around not trusting Uncle Sam, or wishing to evade taxes. The first question is if these folk don't trust a solid old-timer like Uncle Sam, why trust some upstart corporation? For those whose purpose is to evade taxes, a few nice federal prosecutions involving prison time would seem to be most in order.
User Rank: Ninja
7/22/2014 | 11:38:19 PM
Re: How is this enforceable?
It is indeed very complicated. It is not issued by a government, it is not accpeted everywhere. It is not where people would pu their pension money. It requires regulation -but what is the benefit for the enforcer? If US Govt. takes charge of Bitcoin and maintains the system, what would they gain in return?
IW Pick
User Rank: Ninja
7/23/2014 | 10:59:02 AM
Making Bitcoin safe
I don't think it's the job of governments to make Bitcoin safe to use and I think that doing so would strengthen its position as an alternative currency.  If the hard money theories that are the basis of Bitcoin are correct, then it will survive and prosper on its own; if they're wrong (and I think they are), then it should be allowed to fail; either way, we won't know if governments undertake to regulate it.

I see this as another case of socializing risk while leaving potential gains private; which is, in my humble opinion, the worst of both worlds.

User Rank: Ninja
7/23/2014 | 11:15:51 AM
Re: Making Bitcoin safe
I agree 100%. Government needs to *not* get involved in trying to stabilize Bitcoin or make it safe. Bitcoin must stand or fall on its own.
User Rank: Apprentice
7/23/2014 | 11:41:05 PM
Re: How is this enforceable?
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User Rank: Apprentice
7/24/2014 | 2:24:38 AM
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