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New York Regulation - What Does it Mean for LTBcoin?

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• sky

  

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  LTBcoin is marketing, not currency,This sentence is very impressive.

  Posted on July 18, 2014 at 1:20 AM
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• furezasan

  

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  What would happen if the perceived value of LTBcoins was greater than that of Bitcoin (if at all possible)?

  Posted on July 18, 2014 at 2:53 AM
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• angrycanuck

  

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  Everyone was like "YAY Regulation!!!" Then everyone was like "ugh....really...regulation..." Now everyones like "NOOOOOOOO REGULATION!!!"

  What bitcoin will be after "regulation"

  https://www.youtube.com/watch?v=YQscE3Xed64

  Posted on July 18, 2014 at 5:27 AM
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• edd

  

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  @furezasan What would happen if the perceived value of LTBcoins was greater than that of Bitcoin (if at all possible)?

  This is a very reactionary type of regulation. If someone eventually launches a website or app allowing one to trade LTBcoins for fiat or cryptocurrencies, it would likely cause the powers-that-be to consider this applicable. Conversely, if this licensing requirement was in effect before Satoshi released Bitcoin, one could probably successfully argue that it didn't apply since bitcoins were essentially worthless at the time.

  Posted on July 18, 2014 at 5:33 AM
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• ggerrein

  

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  @angrycanuck Everyone was like "YAY Regulation!!!" Then everyone was like "ugh....really...regulation..." Now everyones like "NOOOOOOOO REGULATION!!!"

  What bitcoin will be after "regulation"

  https://www.youtube.com/watch?v=YQscE3Xed64

  Wait, who was like "Yay regulation"?

  Posted on July 18, 2014 at 5:55 AM
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• CrimsonRoze

  

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  @matt Definition of a virtual currency as defined by NY regulations is pretty broad.

  "Virtual Currency means any type of digital unit that is used as a medium of exchange ..."

  It should be very clear that LTBCOIN is a "digital unit" used as a "medium of exchange". It is used very frequently in these forums in various auctions and job posting.

  That said all other loyalty programs which has a digital management interface also fall under this and I assume this just means that peoples respect for the regulators and laws will keep dropping further, and once a couple big businesses withdraw their loyalty programs for NY citizens only the economical backlash should be evident and the regulators will be back on square one. Hopefully.

  Posted on July 18, 2014 at 6:22 AM
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• furezasan

  

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  @edd

  @furezasan What would happen if the perceived value of LTBcoins was greater than that of Bitcoin (if at all possible)?

  This is a very reactionary type of regulation. If someone eventually launches a website or app allowing one to trade LTBcoins for fiat or cryptocurrencies, it would likely cause the powers-that-be to consider this applicable. Conversely, if this licensing requirement was in effect before Satoshi released Bitcoin, one could probably successfully argue that it didn't apply since bitcoins were essentially worthless at the time.

  Huh, so we're screwed either way

  Posted on July 18, 2014 at 7:11 AM
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• popinjay

  

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  I'm pretty sure they put that out there as kind of a worst case scenario. Like negotiating a deal and asking more than you want in your favor while eventually compromising and softening up a little to make it seem like you are reasonable while getting what you actually want. I cannot see how the current form of the bitlicense is feasible at all.

  Posted on July 18, 2014 at 8:07 AM
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• therealtwig

  

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  Location: Bloomington, IN

  Message from NY Regulators....MISSION ACCOMPLISHED!

  

  Seriously though, I know from the Reddit AMA's that Lawsky and company did their best due diligence. This is a new economy though, and these proposals are a tough pill to swallow. Hoping for some more common sense in the future so that people in our country will not be so far behind the rest and can innovate without unrealistic limitations.

  Posted on July 18, 2014 at 9:22 AM
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• lainfinity

  

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  New York != Planet Earth and the fact is New York does not have global jurisdiction.

  New York does not decide the destiny of Planet Earth, on the other hand Planet Earth will decide the fate of New York.

  Posted on July 18, 2014 at 9:47 AM
  Last Edited: July 18, 2014 at 9:55 AM
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