Re: And now they're saying a hard fork could entail legal repercussions.
What a good laugh! This article is hilarious... Legal what?!? Seriously...
Why? Is Bitcoin registered on FinCEN? Seriously...
MSB's are exchanges. Bitcoin is a currency... It has no laws beyond the laws defined on the code that runs the system.
Once again, if this has to be enforced in case of a Bitcoin fork, why wasn't this enforced straght away by authorities since the genesis block?
I could go on... This is seriously one of the wierdest articles I've ever seen. Legal problems are what exchanges face when they "lose track" of customers funds. People show know better about these things already. Attemps to control or regulate Bitcoin at the core level will fail.
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They would need to register with the Financial Crimes Enforcement Network (FinCEN) once they are being transacted like a new convertible virtual currency
Why? Is Bitcoin registered on FinCEN? Seriously...
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if they do not in a timely manner report their forked currency as a Money Service Business (MSB) to the FinCEN
MSB's are exchanges. Bitcoin is a currency... It has no laws beyond the laws defined on the code that runs the system.
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Due to Anti Money-Laundering rules, Bitcoin Classic and Bitcoin XT would likely need to be able to identify their users.
Once again, if this has to be enforced in case of a Bitcoin fork, why wasn't this enforced straght away by authorities since the genesis block?
I could go on... This is seriously one of the wierdest articles I've ever seen. Legal problems are what exchanges face when they "lose track" of customers funds. People show know better about these things already. Attemps to control or regulate Bitcoin at the core level will fail.