Quote from: adoni on July 26, 2014, 02:13:33 PM

Quote from: LostDutchman on July 23, 2014, 02:57:59 AM

Quote from: Inotanewbie on July 23, 2014, 01:13:59 AM

The regulations are actually only affecting the exchanges that are based in New York, and will not directly affect users of bitcoin except that they need to go through KYC process when dealing with exchanges (however this is nothing new)

Wrongo, Boyo!

The regs apply to ANY exchange which does any kind of business in New York even if the exchange is located outside of the USA.

WRONG it's a state level law, it can only be used to enforce trade inside NY State.

So you IP block anyone from that IP range

Oh you're in NY, bye.

Now if a business is outside the USA say in the cayman islands

who cares what NY STATE does, they have no authority over state lines NONE

as the law stands they can't even prosecute the people in NY state that buy it, they can only regulate the exchanges actually with a physical presence inside NY state

now if you are in another state in the USA, then you're shutting down your doors since you know the US Fed Police system aka FBI will harass you.

If you deal with btc as an exchange you do not locate inside the USA period

Switerland
Cayman Islands
Uruguay
A few other nations maybe

USA is not where you would base a modern crypto currency exchange

Now you may soon see money transmitters operating in NY state or FL or TX or CA in the USA, huge population centers, so with only 4 money transmitter licenses a brave new bitcoin western union type service could service most of the USA for bitcoin

People would start lining up at your 'service' and all you do is transmit money, you hang a shingle we sell btc, people come in all day with worthless USD you legally put in your US BANK, then as a money transmitter you LEGALLY WIRE IT refresh your btc supply at whatever exchange outside the USA will sell you btc for your worthless USD

So western union style service points in the 4 top states in the USA could do 80% of the business in the USA

with not one 'exchange' inside the USA

the money transmitter service holds 4 state money transmitter licenses, every operator in its network is an agent of that state license operator

as a MONEY TRANSMITTER business that business can legally conduct business with any exchange in the world, US state licensed money transmitters do not have to deal with US based btc exchanges. So US citizens line up all day to get rare btc so they can save 20% off at internet retailers to try to stretch their worthless paychecks some, that worthless cash goes into a worthless US bank and then an exchange outside the USA takes your worthless USD for btc, money transmitters keep geting btc, btc keeps going up in value and the velocity of the inflation on the USD spirals up.

The exchanges don't care what any currency is worth, it's a number, if you can trade a bitcoin for 500 USD today, that's the number 500, if it's 50 or 50K tomorrow that's the number, the exchange is a service, what crosses the exchange in trade is what people want at that moment in time

It might be btc exchanges soon outlaw all fiat currencies and you must have GOLD ON DEPOSIT to deal with them soon

Fiat is after all worthless and all you need is one money transmitter in say Miami with a line out the door of poor US citizens waiting in line to get btc so they can go to a merchant selling a chinese made TV for a few bucks cheaper than the other retailer.

haha

You are so wrong on so many of your baseless assumptions that I'm not even going to bother.