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Offline luckybit

Re: Apparently NY has released their BitLicense Regulations
« Reply #1 on: July 17, 2014, 07:05:51 PM »
How will it effect a DAC?
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Offline bytemaster

Re: Apparently NY has released their BitLicense Regulations
« Reply #2 on: July 17, 2014, 07:11:08 PM »
It doesn't, only exchanges.
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Offline JakeThePanda

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Re: Apparently NY has released their BitLicense Regulations
« Reply #3 on: July 17, 2014, 07:40:01 PM »
It doesn't, only exchanges.

(n) Virtual Currency Business Activity means the conduct of any one of the following types of activities
involving New York or a New York Resident:
(1) receiving Virtual Currency for transmission or transmitting the same;
(2) securing, storing, holding, or maintaining custody or control of Virtual Currency on behalf of others;
(3) buying and selling Virtual Currency as a customer business;
(4) performing retail conversion services, including the conversion or exchange of Fiat Currency or
other value into Virtual Currency, the conversion or exchange of Virtual Currency into Fiat Currency or other
value, or the conversion or exchange of one form of Virtual Currency into another form of Virtual Currency; or
(5) controlling, administering, or issuing a Virtual Currency.

But you aren't a NY resident and these are only proposed regulations at this point.  Plenty of time to release Bitshares and other DACs.
« Last Edit: July 17, 2014, 07:47:35 PM by JakeThePanda »

Offline toast

Re: Apparently NY has released their BitLicense Regulations
« Reply #4 on: July 17, 2014, 07:57:30 PM »
^^^  we can build a "POW killswitch" in... if delegates run out of places to operate from then the network can live on, hopefully after this happens once or twice they get the message that delegates do not "control or administer" the DAC
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Offline biophil

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Re: Apparently NY has released their BitLicense Regulations
« Reply #5 on: July 17, 2014, 08:08:55 PM »
^^^  we can build a "POW killswitch" in... if delegates run out of places to operate from then the network can live on, hopefully after this happens once or twice they get the message that delegates do not "control or administer" the DAC

For this reason, I think a good semantic line-in-the-sand would be to demand that delegates are categorically not "leaders" or "administrators" of any kind; a delegate has one function: to author blocks when it is his responsibility to do so. Absolutely nothing more.

It would be similar to demanding that AGS is "donations," rather than investment. You guys live and die by the idea that saying something loudly and often enough makes it true, regardless of evidence to the contrary. :)

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Re: Apparently NY has released their BitLicense Regulations
« Reply #6 on: July 17, 2014, 08:23:06 PM »
No kill switch please


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Offline CLains

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Re: Apparently NY has released their BitLicense Regulations
« Reply #7 on: July 18, 2014, 05:10:50 PM »
How do delegates secure themselves against attack? With voting the idea would be that the best ones will figure something out. If people vote for the delegates who decentralize their operations, then that is how they will operate, etc. So long as people vote intelligently, many issues will be solved organically.

Offline luckybit

Re: Apparently NY has released their BitLicense Regulations
« Reply #8 on: July 18, 2014, 07:01:43 PM »
How do delegates secure themselves against attack? With voting the idea would be that the best ones will figure something out. If people vote for the delegates who decentralize their operations, then that is how they will operate, etc. So long as people vote intelligently, many issues will be solved organically.

Automation and decentralization. A cooperative for example can have members all around the world yet function as a delegate. Over time the tasks of a delegate can become increasingly automated as well so that less time and effort is required.

But as of right now a delegate can also just be licensed if it came to that but I really don't like that idea because it would risk stifling innovation. I don't think someone should need a license to issue a virtual currency.
« Last Edit: July 18, 2014, 07:03:26 PM by luckybit »
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Offline fuzzy

Re: Apparently NY has released their BitLicense Regulations
« Reply #9 on: July 20, 2014, 04:14:07 AM »
How do delegates secure themselves against attack? With voting the idea would be that the best ones will figure something out. If people vote for the delegates who decentralize their operations, then that is how they will operate, etc. So long as people vote intelligently, many issues will be solved organically.

Automation and decentralization. A cooperative for example can have members all around the world yet function as a delegate. Over time the tasks of a delegate can become increasingly automated as well so that less time and effort is required.

But as of right now a delegate can also just be licensed if it came to that but I really don't like that idea because it
 would risk stifling innovation. I don't think someone should need a license to issue a virtual currency.

new york is one of the agenda 21 hubs...so it makes perfect sense that they would want to force these "licenses"

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« Last Edit: July 20, 2014, 04:16:44 AM by fuznuts »
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Offline santaclause102

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Re: Apparently NY has released their BitLicense Regulations
« Reply #10 on: July 30, 2014, 07:28:16 AM »
https://www.youtube.com/watch?v=K0eojG4ayeU
there is a good summary at the beginning. It also say "the license applies to ... altcoin delevopers...".
Did Invictus research this?
I can not think how that should apply. Does anybody have a better insight?

Offline eagleeye

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Re: Apparently NY has released their BitLicense Regulations
« Reply #11 on: September 02, 2014, 11:19:45 PM »
^^^  we can build a "POW killswitch" in... if delegates run out of places to operate from then the network can live on, hopefully after this happens once or twice they get the message that delegates do not "control or administer" the DAC

What would a delegate be doing illegally in terms of being a delegate?  The rules arent there this is technology.  But where are the past precedents for when banking regulations were set up back in the 1800s?

Offline xeroc

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Re: Apparently NY has released their BitLicense Regulations
« Reply #12 on: September 03, 2014, 06:21:54 AM »
https://www.youtube.com/watch?v=K0eojG4ayeU
there is a good summary at the beginning. It also say "the license applies to ... altcoin delevopers...".
Did Invictus research this?
I can not think how that should apply. Does anybody have a better insight?
Invictus is not an altcoin developer .. they develop a toolkit .. a set of tools that CAN be used to run a cryptocurrency (but also DNS) ... DACSunlimited is running the currency and thus need some laywers for this issue ..
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Offline santaclause102

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Re: Apparently NY has released their BitLicense Regulations
« Reply #13 on: September 03, 2014, 07:24:18 AM »
https://www.youtube.com/watch?v=K0eojG4ayeU
there is a good summary at the beginning. It also say "the license applies to ... altcoin delevopers...".
Did Invictus research this?
I can not think how that should apply. Does anybody have a better insight?
Invictus is not an altcoin developer .. they develop a toolkit .. a set of tools that CAN be used to run a cryptocurrency (but also DNS) ... DACSunlimited is running the currency and thus need some laywers for this issue ..
Know the strategy. I'm not a lawyer but I would be interested in what a lawyer thinks of this reasoning.

Offline xeroc

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Re: Apparently NY has released their BitLicense Regulations
« Reply #14 on: September 03, 2014, 08:53:10 AM »
https://www.youtube.com/watch?v=K0eojG4ayeU
there is a good summary at the beginning. It also say "the license applies to ... altcoin delevopers...".
Did Invictus research this?
I can not think how that should apply. Does anybody have a better insight?
Invictus is not an altcoin developer .. they develop a toolkit .. a set of tools that CAN be used to run a cryptocurrency (but also DNS) ... DACSunlimited is running the currency and thus need some laywers for this issue ..
Know the strategy. I'm not a lawyer but I would be interested in what a lawyer thinks of this reasoning.
I am almost sure that the lawyers are the only reason for invictus to do it that way in the first place :)
Give BitShares a try! Use the http://testnet.bitshares.eu provided by http://bitshares.eu powered by ChainSquad GmbH

 

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