WIRED: New York’s New Bitcoin Rules Are Going to Kill Its Startups - Galt's Gulch

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WIRED: New York’s New Bitcoin Rules Are Going to Kill Its Startups

Posted by Maphesdus 9 years, 9 months ago to News

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Bad news for BitCoin...

SOURCE URL: http://www.wired.com/2014/07/ny_bitcoin/

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Posted by salta 9 years, 9 months ago

While I'm against regulations as much as anyone here, the ones listed in the article don't seem very onerous.
Report changes in ownership. How often does that happen?
Financial forecasts. Thats easy. Its not against the law to never meet your forecasts.
Strategic business plans. Same thing. Its not like they are applying for a loan from these bureaucrats.
Keeping 10 years of customer complaints. Obviously no headache for startups, but even after 10 years if you have so many complaints you cannot store them you are unlikely to still be in business.

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  Posted by khalling 9 years, 9 months ago
  
  To what purpose is it to provide them? Why does the govt need your business forecasts or strategic plans? Are they a shareholder? Securities laws are highly convoluted and designed to trip you up. That a state designs special regulations for one industry with a reach that seems federal in scope is an attempt to chill investment in that industry.
  
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    Posted by salta 9 years, 9 months ago
    
    I agree, the demands have no valid purpose.
    If the media reaction had been to call them "purposeless" they would deflate the DFS status and credibility. But instead they call them "onerous" which plays into their game and gives them the appearance of power.
    
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Posted by khalling 9 years, 9 months ago

The lawyer quoted in the beginning of the article sounded a weak protest. Lick the hand of your master. The bitcoin investor at the end of the article was spot on. What makes you so presumptuous to make these demands under threat of jail? You are why bitcoin came about in the first place. That was excellent.

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