Due to overwhelming demand the 3% bitcoin payment discount is back at eGifter! by eGifterJon in Bitcoin

[–]goldcakes -5 points-4 points  (0 children)

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I'd only use you if your 3% discount was only for Bitcoin, not other crap altcoins.

Vault of Satoshi's response to the anti-fraud selfie policy (it has been eliminated) by captaincrunchhn in Bitcoin

[–]goldcakes 1 point2 points  (0 children)

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No, VoS asked users to take a picture of themselves, holding out their email address on a piece of paper.

Hi, this is Ben Lawsky at NYDFS. Here are the proposed BitLicense regulations. by BenLawsky in Bitcoin

[–]goldcakes 9 points10 points  (0 children)

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If greenaddress uses US servers, the State of New York may get a court order to have their servers seized. Their executives may be arrested if they step foot into New York.

Hi, this is Ben Lawsky at NYDFS. Here are the proposed BitLicense regulations. by BenLawsky in Bitcoin

[–]goldcakes 2 points3 points  (0 children)

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Right. But do you think that will stop NYDFS sending QKOS Ltd a Cease and Desist?

We like to argue over technicalities, but the government only does when it benefits them.

Hi, this is Ben Lawsky at NYDFS. Here are the proposed BitLicense regulations. by BenLawsky in Bitcoin

[–]goldcakes 2 points3 points  (0 children)

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Each Licensee shall be permitted to invest its retained earnings and profits in only the following high quality, investment grade permissible investments with maturities of up to one year and denominated in United States dollars.

200.8b

No, it doesn't appear they must exchange profits/reveune to dollars, however they may not invest in anything but 'high quality permissible investments'

Hi, this is Ben Lawsky at NYDFS. Here are the proposed BitLicense regulations. by BenLawsky in Bitcoin

[–]goldcakes 2 points3 points  (0 children)

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Right, if you do coinjoin yourself you won't be impacted. However, if you offer a CoinJoin service (because you need to meet up with other users who want to CoinJoin with you), then you may be impacted.

Hi, this is Ben Lawsky at NYDFS. Here are the proposed BitLicense regulations. by BenLawsky in Bitcoin

[–]goldcakes 0 points1 point  (0 children)

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Thanks :)

Hi, this is Ben Lawsky at NYDFS. Here are the proposed BitLicense regulations. by BenLawsky in Bitcoin

[–]goldcakes 10 points11 points  (0 children)

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Mining pools fall under (200.2n1) and would be regulated too.

Hi, this is Ben Lawsky at NYDFS. Here are the proposed BitLicense regulations. by BenLawsky in Bitcoin

[–]goldcakes 13 points14 points  (0 children)

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No. The burden is not on you, but on people who make things like /u/changetip.

Hi, this is Ben Lawsky at NYDFS. Here are the proposed BitLicense regulations. by BenLawsky in Bitcoin

[–]goldcakes 3 points4 points  (0 children)

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This does not exist. If you engage in any of the regulated activity, no matter how small, you must get a license.

Hi, this is Ben Lawsky at NYDFS. Here are the proposed BitLicense regulations. by BenLawsky in Bitcoin

[–]goldcakes 5 points6 points  (0 children)

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Yes. See (200.2nl):

Transmission means the transfer, by or through a third party, of Virtual Currency from one Person to another Person, including the transfer from the account or storage repository of one Person to the account or storage repository of another Person

Hi, this is Ben Lawsky at NYDFS. Here are the proposed BitLicense regulations. by BenLawsky in Bitcoin

[–]goldcakes 57 points58 points  (0 children)

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/u/changetip would be 'engaging in virtual currency activities' under 200.2n1 and 200.2n2.

If this regulation was active today, /u/changetip must collect AML of /u/BenLawsky and /u/Capt_Roger_Murdock, and store collateral of the Bitcoins in the form of USD in a bond.

See this for more information

Hi, this is Ben Lawsky at NYDFS. Here are the proposed BitLicense regulations. by BenLawsky in Bitcoin

[–]goldcakes 8 points9 points  (0 children)

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Yes, but the regulation affects you worldwide if a NY resident can use it. This is the same case for FinCEN, SEC, online gambling, etc.

Hi, this is Ben Lawsky at NYDFS. Here are the proposed BitLicense regulations. by BenLawsky in Bitcoin

[–]goldcakes 1 point2 points  (0 children)

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The NYDFS should clarify these statements on if it applies to wallets where private keys belong to the user, but the server may enforce access mechanisms.

Blockchain.info also performs optional IP locking, 2FA, etc, and they definitely control if you have access to your wallet blobs in that case.

Hi, this is Ben Lawsky at NYDFS. Here are the proposed BitLicense regulations. by BenLawsky in Bitcoin

[–]goldcakes 4 points5 points  (0 children)

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I believe Dark Wallet is not dependent on fixed number of central servers, but it is dependent on central servers - just that you can launch your own central server, and get people to use that. So these regulations would apply if you host a mixing/transfer esrver.

I may be wrong - please correct me if I am.

Hi, this is Ben Lawsky at NYDFS. Here are the proposed BitLicense regulations. by BenLawsky in Bitcoin

[–]goldcakes 18 points19 points  (0 children)

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This depends on how NYDFS interprets it. If you use 2FA on blockchain.info, you can argue that Blockchain.info does in fact control your funds, as their servers control if you can access your wallet.

The NYDFS should clarify these statements on if it applies to wallets where private keys belong to the user, but the server may enforce access mechanisms.

This definitely applies to Greenaddress.it and other multisig implementations.

Hi, this is Ben Lawsky at NYDFS. Here are the proposed BitLicense regulations. by BenLawsky in Bitcoin

[–]goldcakes 397 points398 points x3 (0 children)

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Entities are considered dealing in virtual currencies if:

  • They transfer Bitcoins on behalf of one person. This includes Bitcoin tipping (/u/changetip), mixers, Blockchain.info Send Shared, CoinJoin, Dark Wallet (200.2n1)

  • They hold or have control over Bitcoins for their users. This includes Mining pools, Coinbase, Circle, Greenaddress.it, all exchanges. (200.2n2)

  • They buy or sell Bitcoins as a business activity. This includes Local Bitcoins sellers, #bitcoin-otc. FinCEN statements includes selling physical coinage (including casascius coins) also regulated. (200.2n3)

  • They create a virtual currency, even if it is decentralized. This includes creating altcoins. In fact, Satoshi would have commited a crime creating Bitcoin without registration. (200.2n5)

  • They trade any virtual currency, even for another virtual currency. This includes alt coin exchanges. Mintpal, Cryptsy, BTER, etc (200.2n4)

.. to any resident in New York. Web services, even those incorporated overseas, must either comply or block access for NY users. (200.2n)


Entities 'dealing in virtual currency' must:

  • Perform AML and collect identities, including verification of government issued Photo ID and proof of address, and retain these information for 10 years. (200.15a)

  • Retain all transaction logs for 10 years, including real name & physical addresses of ALL parties of a transaction - yes, including whoever you are sending to. (200.12a1)

  • Report all transactions over the USD value of $3000, and file Suspicious Activity Reports. (200.15g4)

  • Maintain collateral in the form of USD, including collateral for Bitcoin balances. The % as collateral is unspecified.

  • Retained earnings and profits of in invested in US dollars. They may not keep any profit in Bitcoin. (200.8b)

  • Forfeit Bitcoins that are inactive for over 5 years to the State of New York - (200.12c)

  • Not obfuscate any transactions - Bitcoin mixing would be illegal. (200.15f)


The (only?) good news: Merchants do not need a BitLicense to accept Bitcoin for a good or service. (200.3c2).


This post was created for general guidance, and does not constitute legal advice. You should not act upon the information contained in this publication without obtaining specific advice from a professional. No representation or warranty (expressed or implied) is given as to the accuracy or completeness of the information contained in this post.

Hi, this is Ben Lawsky at NYDFS. Here are the proposed BitLicense regulations. by BenLawsky in Bitcoin

[–]goldcakes 1 point2 points  (0 children)

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FinCEN only applied in the case you transfer fiat, or convert fiat/virtual currency.

Hi, this is Ben Lawsky at NYDFS. Here are the proposed BitLicense regulations. by BenLawsky in Bitcoin

[–]goldcakes 2 points3 points  (0 children)

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(1) receiving Virtual Currency for transmission

If you receive bitcoins and you intend to transfer it to someone..

This is far broader than FinCEN. You are exempt if you only deal in virtual currencies. But BitLicense regulates entities that deal purely with virtual currencies.

Hi, this is Ben Lawsky at NYDFS. Here are the proposed BitLicense regulations. by BenLawsky in Bitcoin

[–]goldcakes 5 points6 points  (0 children)

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Only if they use a third party, centralized service.

Self Destructing Image Hosting by KittyRow in privacy

[–]goldcakes 0 points1 point  (0 children)

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No. Do not use this. This is most likely a honeypot. They do not encrypt your images on their server, and you have to trust them. In addition, they are not open source.

https://img.bi is a open source one that encrypts the file in your browser.

Come back when:

1) your source is on GitHub, and preferably served from Github Pages

2) you encrypt the image in the user's browser before uploading, and do not send the encryption key to the server at all.

Some Lucidity On What Is Wrong With The World, From r/Conspiracy Of All Places. by mastigia in bestof

[–]goldcakes 0 points1 point  (0 children)

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Absolutely. The people in control deserves to be tortured for eternity. Well there's actually no need for all TPTB to be tortured, just a couple to make an example of.

Yes: This is something one person can have an influence on. Terrorism is wrong. But killing fascists is your obligation for humanity.

Some Lucidity On What Is Wrong With The World, From r/Conspiracy Of All Places. by mastigia in bestof

[–]goldcakes 2 points3 points  (0 children)

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All of these 'progresses' are social, not political issues.

why are you reporting this?

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