Re: Australian is getting ready to regulate bitcoin

It seems that there is a forthcoming regulation on bitcoin in Australia to be released later this year or in 2015. The Financial inquiry commission headed by an ex-banker is due to give its recommendation to the government in November: http://www.smh.com.au/it-pro/business-it/tax-office-responds-to-rise-of-bitcoin-20140721-zuegm.html

Down Under has forgotten its roots.

Don't you think that some level if regulation would somewhat protect consumers?

Regulation only protects the stupid and srcews the average person.. HARD.
May I point you to the "clean water act" where compaines can now pump w/e they feel like into the ground and not tell a soul. Regulation is moronic.

There are a lot of regulations that do not do a good job, and some regulations are excessive, but the goals of regulations are to protect consumers.

Horseshit.

The goals of regulation are to generate taxes, control the individual and expand the power of government.

What part of the NY bitcoin regulation will do any of that?

All of it!

The NY regulations are going to force exchanges to follow AML rules and to hold enough bitcoin to cover the amount of bitcoin that customers hold at the exchange. It also subject exchanges to audits to make sure they hold enough bitcoin as per above. Have you even read the proposed regulations? Are you at all familiar with them?

Yes I am and if this is not expanding the power of government, please tell me exactly what the fuck it is!

AML rules are not anything new, they have been in effect for well over a decade now.