Post
Topic
Board Bitcoin Discussion
Re: Major Project set to test bitcoins true strengths on Sovereign Tribal Nation
by
kellrobinson
on 25/12/2013, 04:13:16 UTC
tribal Sovereignty can be used to safeguard bitcoin technology and foster it's future growth. look at start ups like Bitinstant, Bitfloor and other exchanges and services that had good services, good aspirations, and good people behind the wheel...but were stopped due to federal regulations and state interference because of misinformation and pressure from the Fiat based banking community. Had a start up like Bitfloor partnered with a Native american tribe, the tribe could have hosted their servers or even helped run a brick and mortar exchange under Tribal Unified Commercial Codes and insulated them from crippling federal regulations...kinda like how places like costa rica host Online Poker sites due to it's international Sovereignty...only in this case you can drive to South Dakota.
The problem isn't federal regulators.  It's State regulators.  All but two or three of the fifty States have money-transmission regulations, and then there's DC, plus maybe a territory or two.  It adds up to about fifty different regulatory agencies, not counting the feds, just to do business in the U.S.  

Coinapult moved to Panama.  Bitinstant had to close down.  Now, many millions of dollars later, bitinstant's just getting underway again.
I would rejoice if the Indian Nations could provide a way for American companies to stay on American soil (the American Continent, not the United States).  There might be a bitcoin startup out there which could find shelter under the umbrella of Lakota sovereignty.