US regulator: Bitcoin exchanges must comply with money-laundering laws - GoFuckYourself.com

Wizzo · 03-19-2013, 12:35 PM

Bitcoin miners must also register if they trade in their earnings for dollars, full story here:

http://arstechnica.com/tech-policy/2...undering-laws/

sperbonzo · 03-19-2013, 12:38 PM

The government has to keep control of all money, or else people may be in danger of being..... FREE! (Noooooooo....!!!)

.

dyna mo · 03-19-2013, 12:50 PM

what do you think this means? i am not familiar enough with currency regulations to wrap my head around that.

as i understand it, bitcoins is not money, so how could a bitcoin exchange comply with money-laundering regs.

brassmonkey · 03-19-2013, 12:52 PM

Quote:

Originally Posted by sperbonzo

The government has to keep control of all money, or else people may be in danger of being..... FREE! (Noooooooo....!!!)

.

the new thing is to put your money in a different country to avoid taxes

_Richard_ · 03-19-2013, 12:54 PM

very cool article, thanks

halfpint · 03-19-2013, 12:59 PM

Just don't trade your bitcoins in for USD

Dont know how they will be able to trace the transactions as they are anonymous

dyna mo · 03-19-2013, 01:00 PM

Quote:

Originally Posted by halfpint

Just don't trade your bitcoins in for USD

eh? the regs say *users* are perfectly within their rights of doing so.

http://fincen.gov/statutes_regs/guid...2013-G001.html

CAHEK · 03-19-2013, 01:12 PM

pyramid is going strong

Wizzo · 03-19-2013, 01:26 PM

Quote:

Originally Posted by dyna mo

what do you think this means? i am not familiar enough with currency regulations to wrap my head around that.

as i understand it, bitcoins is not money, so how could a bitcoin exchange comply with money-laundering regs.

I think it means the US government doesn't like people making money without them getting their cut, and will drop the hammer on you if they don't... Just ask the poker sites..

mayabong · 03-19-2013, 01:28 PM

Quote:

Originally Posted by Wizzo

I think it means the US government doesn't like people making money without them getting their cut, and will drop the hammer on you if they don't... Just ask the poker sites..

They also say that buying stuff with bitcions is ok to do. As long as you use a payment processor like bitpay that is registered you should be ok from what I read. They will not be able to stop the gambling industry and bitcoins.

Wizzo · 03-19-2013, 01:32 PM

Quote:

Originally Posted by mayabong

They also say that buying stuff with bitcions is ok to do. As long as you use a payment processor like bitpay that is registered you should be ok from what I read. They will not be able to stop the gambling industry and bitcoins.

Of course they will allow legal registered exchanges because they then can track and tax where they want.

So few people use bitcoins for gaming at this point its not worth their time but if it grows big enough they will find a way, just like they did with the poker sites who claimed they were untouchable.

mayabong · 03-19-2013, 01:37 PM

Quote:

Originally Posted by Wizzo

Of course they will allow legal registered exchanges because they then can track and tax where they want.

So few people use bitcoins for gaming at this point its not worth their time but if it grows big enough they will find a way, just like they did with the poker sites who claimed they were untouchable.

The only way they can shut down gambling sites is cutting off their ties to banks. With bitcoins that isn't a problem. Instant cash in's and cash outs with Bitcoin anywhere in the world. Yes if they are based in the US there could be a problem, but with a currency without borders or a middle man, very hard to contain.

Wizzo · 03-19-2013, 01:45 PM

Quote:

Originally Posted by mayabong

The only way they can shut down gambling sites is cutting off their ties to banks. With bitcoins that isn't a problem. Instant cash in's and cash outs with Bitcoin anywhere in the world. Yes if they are based in the US there could be a problem, but with a currency without borders or a middle man, very hard to contain.

They just took the domains of the pokersites, makes it very tough for people to find your site. I'm not saying I agree or support this but is a reality.

mayabong · 03-19-2013, 01:53 PM

Quote:

Originally Posted by Wizzo

They just took the domains of the pokersites, makes it very tough for people to find your site. I'm not saying I agree or support this but is a reality.

I believe there are only a few domains that are in the US jurisdiction where they can seize them but I could be wrong. No that wouldnt' even be a big problem. The silk road changes their address pretty often and still manage to do a few millions dollars in sales per month. There is something called Namecoin that the nerds have invented based on bitcoin, that is a decentralized DNS. I don't really understand how it works, maybe in a few years it will be more clear.

Vapid - BANNED FOR LIFE · 03-19-2013, 01:56 PM

Quote:

Originally Posted by CAHEK

pyramid is going strong

Pyramids do not have ceilings, generally the sky is the limit.

halfpint · 03-19-2013, 02:04 PM

Quote:

Originally Posted by Wizzo

Of course they will allow legal registered exchanges because they then can track and tax where they want.

So few people use bitcoins for gaming at this point its not worth their time but if it grows big enough they will find a way, just like they did with the poker sites who claimed they were untouchable.

https://www.luckybitcoincasino.com/index.php

This site was for sale dont know if its been sold or not though

If bitcoins become more popular, the people who jump on making scripts or sites for the purpose of bitcoins will make bank

dyna mo · 03-19-2013, 02:18 PM

Quote:

Originally Posted by Wizzo

I think it means the US government doesn't like people making money without them getting their cut, and will drop the hammer on you if they don't... Just ask the poker sites..

we're gonna find out on this one eh!

halfpint · 03-19-2013, 02:34 PM

Quote:

Originally Posted by dyna mo

we're gonna find out on this one eh!

There are sites where u can exchange bitcoins for other currencys other than USD and tbh how will they know where the money is comming from if the bitcoin transaction itself is anonymous.

Lets say I want to sell my bitcoin to somebody for $$$ I transfer that bitcoin into his bitcoin address he send me money via paypal or some other online payment.

How are they going to trace the transaction of the bitcoin ? The whole idea of bitcoins was to keep it out of government hands

dyna mo · 03-19-2013, 02:38 PM

Quote:

Originally Posted by halfpint

There are sites where u can exchange bitcoins for other currencys other than USD and tbh how will they know where the money is comming from if the bitcoin transaction itself is anonymous.

Lets say I want to sell my bitcoin to somebody for $$$ I transfer that bitcoin into his bitcoin address he send me money via paypal or some other online payment.

How are they going to trace the transaction of the bitcoin ? The whole idea of bitcoins was to keep it out of government hands

do you even need to do a transaction online? paper wallet for cash.

also,

i was reading about this earlier

Bitcoin-Central becomes first Bitcoin exchange licensed to operate like a bank
http://www.engadget.com/2012/12/09/b...licensed-bank/

halfpint · 03-19-2013, 02:50 PM

Quote:

Originally Posted by dyna mo

do you even need to do a transaction online? paper wallet for cash.

also,

i was reading about this earlier

Bitcoin-Central becomes first Bitcoin exchange licensed to operate like a bank
http://www.engadget.com/2012/12/09/b...licensed-bank/

Nope I remember something about people actually meeting to buy and sell bitcoins using paper wallets cant remember where they were doing it though.

I personally think that once they get "licensed" it will end up being something similar to Paypal where every transaction is traceable, Guess we will see what happens in the years ahead though

mayabong · 03-19-2013, 02:53 PM

Quote:

Originally Posted by halfpint

Nope I remember something about people actually meeting to buy and sell bitcoins using paper wallets cant remember where they were doing it though.

I personally think that once they get "licensed" it will end up being something similar to Paypal where every transaction is traceable, Guess we will see what happens in the years ahead though

once you are in bitcoins you can lose the trace pretty fast. there are "mixing" services ect. or you can go in and out of other cryptocurrencies. very hard to track once you are in bitcoins.

- Jesus Christ - · 03-19-2013, 03:03 PM

LOL... good luck statists.

03-19-2013, 12:35 PM	#1
Wizzo 2011 GFY Hall of Fame! Industry Role: Join Date: Nov 2000 Location: Back in Texas! Posts: 15,224	US regulator: Bitcoin exchanges must comply with money-laundering laws Bitcoin miners must also register if they trade in their earnings for dollars, full story here: http://arstechnica.com/tech-policy/2...undering-laws/ __________________ Looking for Opportunity!

03-19-2013, 12:38 PM	#2
sperbonzo I'd rather be on my boat. Industry Role: Join Date: May 2003 Location: Miami, FL Posts: 9,748	The government has to keep control of all money, or else people may be in danger of being..... FREE! (Noooooooo....!!!) . __________________ Michael Sperber / Acella Financial LLC/ Online Payment Processing [email protected] / http://Acellafinancial.com/ ICQ 177961090 / Tel +1 909 NET BILL / Skype msperber

03-19-2013, 12:59 PM	#6
halfpint GFY's Halfpint Industry Role: Join Date: Jun 2007 Location: UK Posts: 15,223	Just don't trade your bitcoins in for USD Dont know how they will be able to trace the transactions as they are anonymous __________________ Get FREE website listings on Cryptocoinshops.net Last edited by halfpint; 03-19-2013 at 01:06 PM..

03-19-2013, 01:12 PM	#8
CAHEK C.C.C.P. Industry Role: Join Date: Aug 2003 Location: Novorossiya Posts: 6,934	pyramid is going strong __________________ Pharma from True-Meds. High converting shop in Europe and USA, fast payouts via BTC !!!

03-19-2013, 03:03 PM	#22
- Jesus Christ - Confirmed User Industry Role: Join Date: Mar 2003 Location: ::::::::::::: :::::::::::\|\|::::::::::: :::::::::::\|\|::::::::::: :::::::::::\|\|::::::::::: :::::::::::\|\|::::::::::: :::::::::::\|\|::::::::::: ::::::\|\|\|\|\|\|\|\|\|\|\|\|:::::: :::::::::::\|\|::::::::::: :::::::::::\|\|::::::::::: :::::::::::::::::::::::: Posts: 7,197	LOL... good luck statists. __________________ Amen

03-19-2013, 12:50 PM	#3
dyna mo The People's Post Industry Role: Join Date: Dec 2008 Location: invisible 7-11 Posts: 64,899	what do you think this means? i am not familiar enough with currency regulations to wrap my head around that. as i understand it, bitcoins is not money, so how could a bitcoin exchange comply with money-laundering regs.

03-19-2013, 12:54 PM	#5
_Richard_ Too lazy to set a custom title Industry Role: Join Date: Oct 2006 Location: Earth Posts: 30,989	very cool article, thanks