Quote from: radiumsoup on August 27, 2013, 02:10:03 PM

Wow, this just went from splitting hairs to outright accusations of willful lying and an oblique reference to it possibly being fraud (and then something else by someone who is ignored... I can't be bothered to read that self-fellating dribble)

Get over it, we all know what it is, we all know the risks. All he's really doing is making sure people don't just stumble in without getting an eyeful of what the risks actually are. So it's not in perfect legalese in fine print on the back of the monthly paper account statement - so what?

He's said before that he can't afford to go through the KYC hoops of the US regulatory system, which is why it's registered in Belize... knowing that, folks still expect SEC-audit-proof systems and contractual terms that will hold up in US courts? Huh

And as for the part about Bitcoin growing up without Burnside, he's already said that he's speaking to a "legal team" (whatever that means, to be fair) for advice and future revisions of the ToS in the upcoming months. So it appears he has anticipated your attitudes and has already made plans to revisit the whole thing before the conversation even came up.

Take a breath, everyone. I have a feeling people are getting too used to the idea of things happening at Warp 9 in Bitcoinland, and forget that sometimes people have a day job, too.

Your perspective is short-sighted, in my opinion.

Yes, it is easier to think and behave how you recommend, but that does not make it healthy or right or smart or necessary.

This is not a question of shoddy legalese, it is calling a duck a spade for the preservation of the duck trade.

He can afford KYC hoops, and there are services that can help with that. Why assume he has made any effort at all in that regard?

No one expects a bitcoin financial service effort to be totally SEC-proof at this point, but the SEC does indeed value good faith efforts to operate within the law. They do not, however, respect deception and the contrary.

Yes, I can acknowledge that legal developments take time, I know this first hand. But I do not see how asserting a false position is wise, nor how a legal team could recommend such.