Bitcoins to be regulated by Feds; Nerds and drug dealers disconsolate - GoFuckYourself.com

Marcus Aurelius · 04-09-2013, 02:51 PM

http://www.newscientist.com/article/...mg21729103.300

Quote:

...

LOOKS like Bitcoin has got too big to ignore. Virtual currencies are to be regulated by the US Treasury after the Financial Crimes Enforcement Network (FinCEN) moved to clarify their status under anti-money-laundering laws.

Bitcoin is run on a decentralised network controlled by its users, making it difficult to regulate transactions within the currency. However, exchanges that swap Bitcoins for real-world currencies, such as MtGox, are another matter.

...

woj · 04-09-2013, 02:53 PM

[ timeline pic ] ?

Marcus Aurelius · 04-09-2013, 02:54 PM

Quote:

Originally Posted by woj

[ timeline pic ] ?

go fuck yourself, dork

Serge Litehead · 04-09-2013, 03:00 PM

bitcoin isn't going to be regulated. all feds can do is regulate fiat. any company doing transfers or exchanges of fiat (fiat in, fiat out) for 3rd parties needs to be properly licensed to do so and keep in tact AML/KYC procedures.

not surprised even one bit with their pretty adequate response.

dyna mo · 04-09-2013, 03:06 PM

pretty much legitimized btc instantly and also responsible, in part for the surge in value.

Marcus Aurelius · 04-09-2013, 03:09 PM

Quote:

Originally Posted by holograph

bitcoin isn't going to be regulated. all feds can do is regulate fiat. any company doing transfers or exchanges of fiat (fiat in, fiat out) for 3rd parties needs to be properly licensed to do so and keep in tact AML/KYC procedures.

not surprised even one bit with their pretty adequate response.

from the article

Quote:

FinCEN's new guidelines don't mention Bitcoin by name, but say that anyone involved in exchanges of decentralised virtual currency for real currency must register as a money services business and obey existing regulations.

But in a peer-to-peer currency it is not so obvious what counts as an exchange. Bitcoin "miners", who run software to create Bitcoins, might also have to register if they sell the newly minted currency for its real equivalent.

Serge Litehead · 04-09-2013, 03:40 PM

Quote:

Originally Posted by Marcus Aurelius

from the article

Quote:

FinCEN's new guidelines don't mention Bitcoin by name, but say that anyone involved in exchanges of decentralised virtual currency for real currency must register as a money services business and obey existing regulations.

But in a peer-to-peer currency it is not so obvious what counts as an exchange. Bitcoin "miners", who run software to create Bitcoins, might also have to register if they sell the newly minted currency for its real equivalent.

emphasis mine. without fiat involved there wouldn't be any need for regulation. it's all about 'real' money in/money out that's what actually is being regulated. have a look at proper exchanges - they already verify accounts and have fiat limits in place all due to ALM/KYC policies. so in reality that response is nothing new except legitimizes existence of virtual currencies for paranoid ones.

2013 · 04-09-2013, 03:41 PM

Can i hit it from the front?

adultmobile · 04-09-2013, 05:56 PM

This is no news, was discussed here before.

2012 · 04-09-2013, 06:04 PM

from my cold dead bitcoin hands !

Emil · 04-10-2013, 03:09 AM

Quote:

Originally Posted by 2012

from my cold dead bitcoin hands !

seeandsee · 04-10-2013, 03:36 AM

They will "attack" sites exchanging BC for cash, and they will hit on them, regulation is a must...

Google Expert · 04-10-2013, 04:18 AM

Quote:

Originally Posted by seeandsee

They will "attack" sites exchanging BC for cash, and they will hit on them, regulation is a must...

They will take away domains. They will shut down hostings. US has the power to do all this.

Look what they did to Wikileaks dude.

MikeRoth · 04-10-2013, 04:32 AM

Why does some crappy magazine no one's ever heard of have this story and no one else? is this magazine like theonion.com?

AllAboutCams · 04-10-2013, 04:54 AM

America to the rescue aaaaaaaaaaaaa hahahahahahahahaha

MikeRoth · 04-10-2013, 05:55 AM

It can't be regulated completely. Not with me trading United States Federal Reserve Notes for bitcoins for a mere 25% fee. They can regulate me when I convert it back to United States Federal Reserve Notes but not the people that I trade with.

dyna mo · 04-10-2013, 06:21 AM

wall street will have its fun on btc prior to the fed shutting it down. there's a lot of ground between now and when the fed thinks btc is a threat to a multi-trillion dollar economy, that ground is for wall street bankers to rape and pillage.

d-null · 04-10-2013, 11:05 PM

I don't remember exactly but didn't the e-gold thing get shut down by the feds?

onwebcam · 04-10-2013, 11:20 PM

Quote:

Originally Posted by d-null

I don't remember exactly but didn't the e-gold thing get shut down by the feds?

Yes the central banking monopoly doesn't like competition and they will squash it. They can print up dollars and buy all bitcoins and eliminate it in one days printing. They could make the btc market so volatile that no one would get near them and don't think they won't. Just look at what they do with the stock market and the "working Group."

PornDiscounts-V · 04-11-2013, 01:49 AM

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04-09-2013, 02:53 PM	#2
woj <&(©¿©)&> Industry Role: Join Date: Jul 2002 Location: Chicago Posts: 47,882	[ timeline pic ] ? __________________ Custom Software Development, email: woj#at#wojfun#.#com to discuss details or skype: wojl2000 or gchat: wojfun or telegram: wojl2000 Affiliate program tools: Hosted Galleries Manager Banner Manager Video Manager Wordpress Affiliate Plugin Pic/Movie of the Day Fansign Generator Zip Manager

04-09-2013, 03:00 PM	#4
Serge Litehead Confirmed User Industry Role: Join Date: Dec 2002 Location: Behind the scenes Posts: 5,190	bitcoin isn't going to be regulated. all feds can do is regulate fiat. any company doing transfers or exchanges of fiat (fiat in, fiat out) for 3rd parties needs to be properly licensed to do so and keep in tact AML/KYC procedures. not surprised even one bit with their pretty adequate response. __________________ SilverCrocodile.com Adult web design since '05

04-09-2013, 05:56 PM	#9
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04-09-2013, 06:04 PM	#10
2012 So Fucking What Industry Role: Join Date: Jul 2006 Posts: 17,189	from my cold dead bitcoin hands ! __________________ best host: Webair \| best sponsor: Kink \| best coder: 688218966 \| Go Fuck Yourself Last edited by 2012; 04-09-2013 at 06:05 PM..

04-10-2013, 03:36 AM	#12
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04-09-2013, 03:06 PM	#5
dyna mo The People's Post Industry Role: Join Date: Dec 2008 Location: invisible 7-11 Posts: 65,911	pretty much legitimized btc instantly and also responsible, in part for the surge in value.

04-09-2013, 03:41 PM	#8
2013 So Fucking Banned Industry Role: Join Date: Jan 2013 Location: lollling Posts: 4,390	Can i hit it from the front?

04-10-2013, 04:32 AM	#14
MikeRoth Confirmed User Industry Role: Join Date: Jan 2011 Location: Washington DC Posts: 361	Why does some crappy magazine no one's ever heard of have this story and no one else? is this magazine like theonion.com? __________________ ICQ: 64995031

04-10-2013, 04:54 AM	#15
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04-10-2013, 05:55 AM	#16
MikeRoth Confirmed User Industry Role: Join Date: Jan 2011 Location: Washington DC Posts: 361	It can't be regulated completely. Not with me trading United States Federal Reserve Notes for bitcoins for a mere 25% fee. They can regulate me when I convert it back to United States Federal Reserve Notes but not the people that I trade with. __________________ ICQ: 64995031

04-10-2013, 06:21 AM	#17
dyna mo The People's Post Industry Role: Join Date: Dec 2008 Location: invisible 7-11 Posts: 65,911	wall street will have its fun on btc prior to the fed shutting it down. there's a lot of ground between now and when the fed thinks btc is a threat to a multi-trillion dollar economy, that ground is for wall street bankers to rape and pillage.

04-10-2013, 11:05 PM	#18
d-null . . . Industry Role: Join Date: Apr 2007 Location: NY Posts: 13,724	I don't remember exactly but didn't the e-gold thing get shut down by the feds?

04-11-2013, 01:49 AM	#20
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