the end of Bitgold the company? :) Impacts to bitshares?

[Empirical1.2]

Yeah seems like it would seriously effect BitGold and maybe even some business for BitReserve. (Which is possibly good for BTS)

Could also possibly effect the institutional support for projects like IDentabit?

[Ben Mason]

Read the article.  It is a little bit concerning.  From one person on reddit:

[–]danielravennest 5 points 5 hours ago
This ruling raises all kinds of questions:
So if I get a certificate from Starbucks for a free coffee, it that a commodity-backed (coffee) token (the certificate)? Whether the token is paper or electronic shouldn't matter.
I'm a woodworker, and formerly owned 100 acres of timber land, and occasionally saw up logs for their lumber. Say I get some friends to help cut up the wood. It's heavy work, and people have helped me in the past. I tell them they can have some of the lumber once it dries, and use a colored coin as a token to prove ownership. Then they can trade it around to other people who would get the lumber eventually.
Lumber is definitely a commodity, and the colored coin is a token. So do I need to register as a money transmitter? What if I have a commercial sawmill, and sell my future production to lumber users using colored coins? That might be a way to finance expansion without taking a big loan.

You do it on a decentralized platform that they cant take down.

Absolutely. Encoded, sovereign, constitutional (consensus derived) money on a decentralised exchange on a decentralized internet.

I'm always surprised that people seem surprised when the psychopaths come up with new rules with totally insane implications. They will never stop and they will never make any sense.  Corporations, even those that are the antithesis of life can now live forever, can feed forever. humans are just temporary custodians, perhaps soon to be replaced by AI.

Free people can value anything, can exchange anything, whenever and with whomever. Everything else is just a racket.

[Ander]

Read the article.  It is a little bit concerning.  From one person on reddit:

[–]danielravennest 5 points 5 hours ago
This ruling raises all kinds of questions:
So if I get a certificate from Starbucks for a free coffee, it that a commodity-backed (coffee) token (the certificate)? Whether the token is paper or electronic shouldn't matter.
I'm a woodworker, and formerly owned 100 acres of timber land, and occasionally saw up logs for their lumber. Say I get some friends to help cut up the wood. It's heavy work, and people have helped me in the past. I tell them they can have some of the lumber once it dries, and use a colored coin as a token to prove ownership. Then they can trade it around to other people who would get the lumber eventually.
Lumber is definitely a commodity, and the colored coin is a token. So do I need to register as a money transmitter? What if I have a commercial sawmill, and sell my future production to lumber users using colored coins? That might be a way to finance expansion without taking a big loan.

You do it on a decentralized platform that they cant take down.

[topcandle]

Read the article.  It is a little bit concerning.  From one person on reddit:

[–]danielravennest 5 points 5 hours ago
This ruling raises all kinds of questions:
So if I get a certificate from Starbucks for a free coffee, it that a commodity-backed (coffee) token (the certificate)? Whether the token is paper or electronic shouldn't matter.
I'm a woodworker, and formerly owned 100 acres of timber land, and occasionally saw up logs for their lumber. Say I get some friends to help cut up the wood. It's heavy work, and people have helped me in the past. I tell them they can have some of the lumber once it dries, and use a colored coin as a token to prove ownership. Then they can trade it around to other people who would get the lumber eventually.
Lumber is definitely a commodity, and the colored coin is a token. So do I need to register as a money transmitter? What if I have a commercial sawmill, and sell my future production to lumber users using colored coins? That might be a way to finance expansion without taking a big loan.

[Ander]

Bitgold is just a rehash of egold from a decade ago.

The fact that the government can just shut it down is literally why Bitcoin exists now and why decentralization is needed.

[topcandle]

http://www.coindesk.com/fincen-rules-commodity-backed-token-services-are-money-transmitters/