Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

Quote from: gentlemand on May 20, 2015, 10:22:20 PM

An interesting detail from here

http://www.bloomberg.com/news/articles/2015-05-20/bank-regulator-lawsky-to-exit-with-new-york-6-billion-richer

Ben Lawsky stands down as New York's financial supernintendo

'The 45-year-old regulator plans to set up his own consulting firm in New York, advising financial institutions on matters related to technology, cybersecurity and virtual currency.'

Teensy conflict of interest there. He creates the problem and then charges for the solution.

Quote

He issued a letter to the management of the London-based bank demanding to know why he shouldnt revoke its license to operate in New York given all the improper transactions it had enabled. A week later, the bank reached a settlement with DFS.

This guy operates at the highest levels of corruption and coercion.

Here's how this conversation goes.

Ben Lawsky: "Give me one good reason why I don't shut you down."
Banker: "How about I give you 485 million good reasons?"
Ben Lawsky: "meh, it's a start, I guess."

Getting in bed with the regulators is just asking for trouble. I worry sometimes about the proposed changes that bitcoin "needs" in order to achieve "mainstream adoption".