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Government will regulate Mt. Gox Bitcoin transactions

From Business Insider:

We reached out to ConvergEx Group Chief Market Strategist Nick Colas, who wrote about the Bitcoin market recently in a note to clients, for his thoughts on why the virtual currency has gone so wild this week.

Colas says it looks like Bitcoins may finally be about to go mainstream:

My thought was that [the move this week] was a result of the CoinLab announcement of becoming Mt Gox’s partner in the US and Canada. Along with that comes the involvement of Silicon Valley Bank.

That’s a big thing potentially, because now we’re talking about a real US bank with all the AML and KYC regulations that will make Bitcoin much more relevant for legitimate transactions.

(AML refers to anti-money laundering and KYC refers to "know-your-customer.")

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The government can't regulate

The government can't regulate bit coins they can't print them and they do not need to go through any central bank that is the beauty of them.

-----
End The Fat
70 pounds lost and counting! Get in shape for the revolution!

Get Prepared!

GoodSamaritan's picture

You're right

That's why I said, "Bitcoin transactions". Such transactions passing through the Mt. Gox exchange will be subject to federal Anti-Money Laundering (AML) and Know-Your-Customer (KYC) rules.

Ron Paul - Honorary Founding Father

I really think Mt Gox is Over.

They must of come under coercion or something. But as far as the bitcoin community goes... Its pretty much made up of Smart Libertarians throughout the world.

http://spacedruid.com/2013/02/26/the-demographics-of-bitcoin...

bye bye mtgox... (they sucked anyway... i hated the idea of buying bits through them since they used your bank account- which then your bank knew you had bought bitcoins.)

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

Could everyone be so lucky?

Is it the new PROMIS?

Ha.

Plug these terms into duckduckgo.com:

LSD
Silicon Valley
Julian Huxley
Stanford Research Institute
Steve Wozniak
Esalen
Patty Hearst
Gold Window
Heaven's Gate
2012

GoodSamaritan's picture

I think you're too late

The Magical Mystery Tour bus left the station in 1967.

Ron Paul - Honorary Founding Father

I've come to the conclusion

It just trades on top of a bunch of fiat currencies. It's backed by fiat, but, it's upside is the diversity. Since it sits on top of sooo many currencies, if one starts to fall, people could theoretically move their money to and fro via bitcoin.

I wander what this will do to the damn foreign currency exchange windows at the airport... BYE BYE 10%...

I used to regurgitate the talking point

that bitcoins have no intrinsic value but the fundamental truth is that all value is arbitrary. What has inherent value in nature? Nothing! Value is a concept that only exists in the minds of men. So its all a pissing contest about who has a bigger dick because their definition of value is better ...

GoodSamaritan's picture

Good point

Some tribe on an island somewhere might never have seen gold or silver, but considers a few sea shells and a basket of coconuts just the right price for a new thatched roof.

Ron Paul - Honorary Founding Father

This is Awesome!

Bitcoins is going Mainstream!

The title of this post is Misleading. It should read "Bitcoin banks to be regulated by Governemnt" but ordinary citizens and everyday transactions aren't.

So just dont use Mt.Gox... Awesome! I think this is another leap forward though. Once people realize they dont need Government or the stinking dollar... Bitcoins will just function all on its own!

End the Fed !!! Use Bitcoins..

No thank you. Bitcoins are

No thank you. Bitcoins are fiat money. They have no intrinsic value and what's worse, no physical manifestation making them a massive liability IMO. However, it is good they can't be manipulated. They are at least better in that regard.

not fiat (by decree)

and they have physical manifestation of bitcoins.

Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
Rand Paul 2016

;)

We should all make city council proposals for cities to start taking bit-coins in parking meters!

LOL!!!

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

I wrote emails to my clients

I only accept Bitcoins as payment now...

Lets make this happen! End The FED

END THE FED HOARD BIT COINS!!!

Right on man!!!

This dude in my reading group wrote on this topic; check it out:

http://themisescircle.org/blog/2013/02/19/end-the-fed-hoard-...

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

This is NOTHING.

People will simply stop using Mtgox and coinlab.

mtgox and coinlab are nothing without bitcoins and bitcoiners. bitcoins are bitcoins with or without these entities.

take your time to actually learn how bitcoins work. Seriously. some of you here are like "the blind leading the blind."

BTW THIS IS OLD NEWS: http://bitcoinmagazine.com/coinlab-bringing-bitcoin-to-wall-...

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

GoodSamaritan's picture

Yeah, except...it's not

The news I pointed to in my link is not the CoinLab announcement of becoming Mt. Gox’s partner. The news is that Mt. Gox has joined with a U.S. bank and therefore Bitcoin transactions through Mt. Gox will be subject to AML and KYC.

Take time to read before commenting. Seriously, take the blinders off.

Ron Paul - Honorary Founding Father

Get your self some Bitcoins

Didn't you read your post! Free Market demand is to strong! They can't stop Bitcoins! Viva la Revolucion! End the Fed! Use Bitcoins...

GoodSamaritan's picture

I find them useful

for business. The underground market will continue. I was simply pointing out that the aboveground market has now been sullied by government involvement.

Ron Paul - Honorary Founding Father

Good Samaritan...

There is no above ground or below ground market: there is only FREE-MARKET.

ALL BIT COINS ARE USED IN THE FREE-MARKET.

Here is a link to the Bitcoin Symposium at NH Liberty Forum:

Please watch it. And feel free to ask us any questions.

http://www.bitcoinmoney.com/

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

GoodSamaritan's picture

Really?

We have an entirely free market in the U.S.? There is no part of the market that tries to hide from the government? That would be news to a great many people.

Ron Paul - Honorary Founding Father

You have now changed the topic.

Now you want to get into a debate on the definition of Laissez-faire.

Learn Economics on your own. I'm not going to engage you in that topic.

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

GoodSamaritan's picture

There is no debate

You simply don't know the meaning of "free market" if you think it includes any kind of government interference.

Ron Paul - Honorary Founding Father

NO MAN IM WITH YOU!!!

H3LL NO I DON'T THINK THAT!

WE ARE ON THE SAME PAGE...

I like bitcoins because governments cannot interfere in voluntary exchange between private individuals.

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

GoodSamaritan's picture

Agreed!

Any medium of exchange that the government can't reach is a good thing.

Ron Paul - Honorary Founding Father

Cool Man!!

Man If you have any questions whatsoever about bit coins ask and Ill do my best to answer you the best way possible.

I am no genius. I just happen to be bless to be around so many Geniuses. I tell them hey dudes come on line and preach it, but they're like "the market will speak for itself."

As for me, I cannot keep this to myself: I want to pass on what I've learned from them and from all the great people that helped me out on Reddit, Bitcointalk, and elbitcoin.org.

I haven't been sooo hopeful in humanity since Dr. Paul.

(I actually help start a superpac for the good doc.) - i love that man! he thought us well!!!!

GO RAND!!!!

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

mtgox and coinlab are nothing w/out bitcoins

My answer Still stands. Yes I did read your post. Again, We will simply stop using mtgox and coinlab.

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

GoodSamaritan's picture

Several interested parties disagree with you

that people will simply stop using Mt. Gox and CoinLab. For example, ConvergEx Group Chief Market Strategist Nick Colas, and the leadership of Mt. Gox, CoinLab, and Silicon Valley Bank.

Then again, maybe you're smarter than they are about running a business.

Ron Paul - Honorary Founding Father

I stopped using them

The day they made that announcement, I moved all my funds out of mtgox.. I will not have my coins or dollars I used for coins, to be regulated and reported by a bank.

Exchanges aren't necessary, there a plenty of local traders to buy and sell from.

lol...

of course they're gonna say that. Why would they want to talk down their business???

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

;)

http://www.dailypaul.com/277366/abbey-martin-is-an-absolute-...

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees