Quote from: jubalix on March 05, 2013, 03:09:40 AM

Quote from: MagicalTux on March 04, 2013, 11:47:57 PM

Quote from: jubalix on March 04, 2013, 11:19:04 PM

Let be realistic CNY is a different social os, fraught with issues,

however, they are less likely to kill an enterprise that makes them money and gives the potential openings in emerging areas and outs they want.

Bitcoin is fully illegal in China, and our negotiations with the local government so far have been without success.

Either way let's be realistic here. Most of our customers are located in countries such as US, Europe and others. Running away to Vietnam or China would make it basically impossible for us to receive or send funds to anyone in those countries.

Quote from: jubalix on March 04, 2013, 11:19:04 PM

back to JPY....a nightmare for the US to try and enforce anything at all or at least quickly and not always on the friendliest terms with regional neighbors

Japanese government is friendly to US, and also implements things such as FACTA. Also the US government can pressure any bank worldwide by threatening of cutting them off USD. A bank in any country that can not transfer USD anymore is of no use to anyone. US government has been doing this so far to get accounts held by "terrorists" (people linked to North Korea, mafia, actual terrorists, etc) and while Bitcoin is still too small to get this kind of response, it's a good idea to stay friendly with the US govt. at this point and let Bitcoin grow and gain in legitimacy.

Anyway none of this advice is actually applicable as it would shut us from our customers, makes us unable to hold any USD and potentially limit our transfer solutions to non-conventional methods (liberty reserve, webmoney, etc...).

We are doing our best to see Bitcoin grow as an actual alternative to the existing system, but until Bitcoin is large enough to stand on its own, we need the current system to accept and support us.

Its "fully illegal" because there is a very specific way to approach things in china, and its not by asking if it legal from some CNY govt dept in the first instance, you are almost always going to get a "no" because some relatively low level functionary (who got there by being conservative)...that first official rebuke acts like a red light to every other fiefdom in cny

You have to really know who to get your proposal seen by and it does not start by getting rulling's from govts

it starts in a much more sideaways manner by finding the right local quasi govt "company" to partner with, perhaps changing later...and then going from there, you would not even start out as $btc exchange but IT transaction consultancy.

and you wouldn't be doing it in manner to shut out anyone, if you set it up right....

anyhow...the scope of what your doing if you believe in what you are doing will come to fruition requires a lot more seeding and thought about where you backups and bases are...and the implications of what you are doing....you may force the hand of the people who can quickly shut you down.

sure it all "look" great going into the know USA/CAD western environment but that the genius of the system

Now, lets take a look a month or so on. I recommended Don't Go to the US, Tux shot me down.

Just touch the US and get sued for $75M (not even Gov, by your "partner"), if that is a legit law suit (pacer has it but I expected to see an Official Court Stamp Somewhere)

BitCoin trades in CNY and CNC now comes out based in CNC, so much for "illegal" in CNY. The whole concept of Illegal in CNY is very different in CNY to West. I mean even Civil law and Common law are quite different.

If anything my position was way too conservative....stay clear of the US....until you are in a really really strong position, and have iron clad indemnity clauses from any US "partner" before you get in bed with them in anyway!!!

~~I hope I am wrong and some how this law suit is fake~~, or gets dismissed, but I humbly suggest you need to get some long term strategic planners in there at Gx, if your serious about seeing this all through....