Every Important Person In Bitcoin Just Got Subpoenaed By New York's Financial Regulator

Wow cool! No Agenda post this into my timeline on ****book so i read it and, awsome!

Forbes

Things are getting serious for Bitcoin this month: a federal judge declared it real money, Bloomberg gave it an experimental ticker (XBT), and New York’s financial regulator announced an interest in regulating it. Declaring Bitcoin “a virtual Wild West for narcotraffickers and other criminals,” the New York State Department of Financial Services is stepping into the sheriff’s boots.

“We believe that – for a number of reasons – putting in place appropriate regulatory safeguards for virtual currencies will be beneficial to the long-term strength of the virtual currency industry,” said NYSDFS superintendent Benjamin Lawsky in a statement.

The department is starting out by subpoenaing 22 digital-currency companies and investors to get a lay of the Bitcoin land. They sent letters to the major Bitcoin players asking them to hand over information regarding their money laundering controls, consumer protection practices, source of funding, pitch books (for Bitcoin start-ups) and investment strategies (for Bitcoin investors). The recipients of the subpoenas are nationwide and include everyone on the “people making real money on Bitcoin” list, such as Bitcoin exchanges and processors, “ mining equipment” maker Butterfly Labs, and major investors, such as the Winklevosses, Marc Andreessen & Ben Horowitz, and Google’s venture fund. (Full list below.)

Is this good or bad? Are they trying to shut it down or what? I think the idea behind bitcoin is just the start. What else can see from this idea? Are they trying to shut down its use with the dark webz? I think this has to do with how its used on the deeeeep webz.

P.S. - Didn't see this on search engine thanks.

I don't think it's so much that they are trying to shut it down; they are trying to get their piece of the pie.

This is an interesting find, I remember when I first heard about the bitcoin and wondered even then, how the hell are these guys doing this with it staying relatively quiet? I guess it was just a buffer period to gather evidence and probe how quickly it would catch on. It doesn't surprise me people are getting hit with legal troubles over this. Thank you for posting.

It sounds like a responsible approach is being employed to the reality of a complex situation. Bitcoin is just one of many digital currencies that are emerging. It has been battle tested over many years and continues to grow. It is good to see the financial regulator doing its home work and understanding the situation.

The public demand for bitcoin and other digital currencies is quite clear. As with alcohol prohibition, a heavy handed approach can be used by government that will only push these technologies further underground. Or a more responsible and socially acceptable approach can be used in which a greater benefit is provided to all users.

reply to post by onequestion



It is bad. Now that they are willing to admit it legitimacy, they want to control it.

i.e.: they want to use it against us.

That is the definition of fascism: exerting socioeconomic pressures upon the populace. Bitcoin is too similar to an "out" of the fascist controls of "Western Civilization".

I don't know if it is good or bad. I looked into getting a Bitcoin mining rig, but they are around $2,500. I suppose it could replace the dollar. It is backed by a resource, which is electricity production and processing power used for mining, and also, it was released into the wild with built-in currency controls that are not modifiable upon release -

In other words, it is kind of more legitimate of a currency than the U.S. dollar. If the world economy collapses, it might play a role maybe?

reply to post by onequestion

“We believe that – for a number of reasons – putting in place appropriate regulatory safeguards for virtual currencies will be beneficial to the long-term strength of the virtual currency industry,” said NYSDFS superintendent Benjamin Lawsky in a statement.

Well the only possible good thing which might come of this is that PayPal stops hating on Bitcoin, but I doubt it.

reply to post by bigfatfurrytexan


TPTB are attempting to collapse the economies of the world, and want a cashless monetary system completely beholden to them (Federal Reserve, IMF)

Bitcoin scares them silly - they think they have the PM markets figured out and can get people to surrender their gold and silver when they say to.

In the end, they will loose. It may take time, but they will loose (TPTB).

reply to post by bigfatfurrytexan


Good point. I can see that for sure, definitely a control move. They must have really # their pants after cypress.

reply to post by Happy1


They will not lose. They will merely adapt and live on for another day/attempt.

Every movement is usurped by them. They are nebulous, they know humans, and they have humans hidden amongst all of us. Humans that are hidden from even themselves (the mind control drones).

The TEA Party started as protest that was quickly ransacked by the nutjobs. Same happened with OWS (different set of nutjobs, same result: marginalized movement).

If you want to 'win" you have to break the media mind control game. That is where all the support is gained for the status quo.

Bitcoin will become just another tool of "them" for "their" purpose.

I am interested in bitcoin but my question is:

Who cares if someone was, for example, using it for money laundering? Bear with me here: since when is US-specific criminal activity the required issue of every other group on planet earth to babysit?

And come to that, what kind of big brother is it when every possible thing is controlled and monitored by government "for the sake of making sure nobody commits a crime or even uses it indirectly to reflect separate crimes which they may be committing"?

They don't want to protect the people, they want to control it and have better invasive oversight via it. They're irritated because it's not US-centric and it's not managed in such a way they can control it. IMO.

Originally posted by darkbake
I looked into getting a Bitcoin mining rig, but they are around $2,500.

Butterfly Labs (www.butterflylabs.com) are making the next gen mining rigs and they cost a fraction of a price of the older rigs. The one I have coming will have a 6.5ghz processor and it's based on the new chip architecture. I'm quite looking forward to being able to mine BTC on top of the BTC trading I do.

I'm such a nerd. lol

Rev