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CRYPTOCURRENCY BITCOIN

CRYPTOCURRENCY BITCOIN
Bitcoin Table of contents expand: 1. What is Bitcoin? 2. Understanding Bitcoin 3. How Bitcoin Works 4. What's a Bitcoin Worth? 5. How Bitcoin Began 6. Who Invented Bitcoin? 7. Before Satoshi 8. Why Is Satoshi Anonymous? 9. The Suspects 10. Can Satoshi's Identity Be Proven? 11. Receiving Bitcoins As Payment 12. Working For Bitcoins 13. Bitcoin From Interest Payments 14. Bitcoins From Gambling 15. Investing in Bitcoins 16. Risks of Bitcoin Investing 17. Bitcoin Regulatory Risk 18. Security Risk of Bitcoins 19. Insurance Risk 20. Risk of Bitcoin Fraud 21. Market Risk 22. Bitcoin's Tax Risk What is Bitcoin?
Bitcoin is a digital currency created in January 2009. It follows the ideas set out in a white paper by the mysterious Satoshi Nakamoto, whose true identity is yet to be verified. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government-issued currencies.
There are no physical bitcoins, only balances kept on a public ledger in the cloud, that – along with all Bitcoin transactions – is verified by a massive amount of computing power. Bitcoins are not issued or backed by any banks or governments, nor are individual bitcoins valuable as a commodity. Despite it not being legal tender, Bitcoin charts high on popularity, and has triggered the launch of other virtual currencies collectively referred to as Altcoins.
Understanding Bitcoin Bitcoin is a type of cryptocurrency: Balances are kept using public and private "keys," which are long strings of numbers and letters linked through the mathematical encryption algorithm that was used to create them. The public key (comparable to a bank account number) serves as the address which is published to the world and to which others may send bitcoins. The private key (comparable to an ATM PIN) is meant to be a guarded secret and only used to authorize Bitcoin transmissions. Style notes: According to the official Bitcoin Foundation, the word "Bitcoin" is capitalized in the context of referring to the entity or concept, whereas "bitcoin" is written in the lower case when referring to a quantity of the currency (e.g. "I traded 20 bitcoin") or the units themselves. The plural form can be either "bitcoin" or "bitcoins."
How Bitcoin Works Bitcoin is one of the first digital currencies to use peer-to-peer technology to facilitate instant payments. The independent individuals and companies who own the governing computing power and participate in the Bitcoin network, also known as "miners," are motivated by rewards (the release of new bitcoin) and transaction fees paid in bitcoin. These miners can be thought of as the decentralized authority enforcing the credibility of the Bitcoin network. New bitcoin is being released to the miners at a fixed, but periodically declining rate, such that the total supply of bitcoins approaches 21 million. One bitcoin is divisible to eight decimal places (100 millionths of one bitcoin), and this smallest unit is referred to as a Satoshi. If necessary, and if the participating miners accept the change, Bitcoin could eventually be made divisible to even more decimal places. Bitcoin mining is the process through which bitcoins are released to come into circulation. Basically, it involves solving a computationally difficult puzzle to discover a new block, which is added to the blockchain and receiving a reward in the form of a few bitcoins. The block reward was 50 new bitcoins in 2009; it decreases every four years. As more and more bitcoins are created, the difficulty of the mining process – that is, the amount of computing power involved – increases. The mining difficulty began at 1.0 with Bitcoin's debut back in 2009; at the end of the year, it was only 1.18. As of February 2019, the mining difficulty is over 6.06 billion. Once, an ordinary desktop computer sufficed for the mining process; now, to combat the difficulty level, miners must use faster hardware like Application-Specific Integrated Circuits (ASIC), more advanced processing units like Graphic Processing Units (GPUs), etc.
What's a Bitcoin Worth? In 2017 alone, the price of Bitcoin rose from a little under $1,000 at the beginning of the year to close to $19,000, ending the year more than 1,400% higher. Bitcoin's price is also quite dependent on the size of its mining network since the larger the network is, the more difficult – and thus more costly – it is to produce new bitcoins. As a result, the price of bitcoin has to increase as its cost of production also rises. The Bitcoin mining network's aggregate power has more than tripled over the past twelve months.
How Bitcoin Began
Aug. 18, 2008: The domain name bitcoin.org is registered. Today, at least, this domain is "WhoisGuard Protected," meaning the identity of the person who registered it is not public information.
Oct. 31, 2008: Someone using the name Satoshi Nakamoto makes an announcement on The Cryptography Mailing list at metzdowd.com: "I've been working on a new electronic cash system that's fully peer-to-peer, with no trusted third party. The paper is available at http://www.bitcoin.org/bitcoin.pdf." This link leads to the now-famous white paper published on bitcoin.org entitled "Bitcoin: A Peer-to-Peer Electronic Cash System." This paper would become the Magna Carta for how Bitcoin operates today.
Jan. 3, 2009: The first Bitcoin block is mined, Block 0. This is also known as the "genesis block" and contains the text: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks," perhaps as proof that the block was mined on or after that date, and perhaps also as relevant political commentary.
Jan. 8, 2009: The first version of the Bitcoin software is announced on The Cryptography Mailing list.
Jan. 9, 2009: Block 1 is mined, and Bitcoin mining commences in earnest.
Who Invented Bitcoin?
No one knows. Not conclusively, at any rate. Satoshi Nakamoto is the name associated with the person or group of people who released the original Bitcoin white paper in 2008 and worked on the original Bitcoin software that was released in 2009. The Bitcoin protocol requires users to enter a birthday upon signup, and we know that an individual named Satoshi Nakamoto registered and put down April 5 as a birth date. And that's about it.
Before Satoshi
Though it is tempting to believe the media's spin that Satoshi Nakamoto is a solitary, quixotic genius who created Bitcoin out of thin air, such innovations do not happen in a vacuum. All major scientific discoveries, no matter how original-seeming, were built on previously existing research. There are precursors to Bitcoin: Adam Back’s Hashcash, invented in 1997, and subsequently Wei Dai’s b-money, Nick Szabo’s bit gold and Hal Finney’s Reusable Proof of Work. The Bitcoin white paper itself cites Hashcash and b-money, as well as various other works spanning several research fields.
Why Is Satoshi Anonymous?
There are two primary motivations for keeping Bitcoin's inventor keeping his or her or their identity secret. One is privacy. As Bitcoin has gained in popularity – becoming something of a worldwide phenomenon – Satoshi Nakamoto would likely garner a lot of attention from the media and from governments.
The other reason is safety. Looking at 2009 alone, 32,489 blocks were mined; at the then-reward rate of 50 BTC per block, the total payout in 2009 was 1,624,500 BTC, which at today’s prices is over $900 million. One may conclude that only Satoshi and perhaps a few other people were mining through 2009 and that they possess a majority of that $900 million worth of BTC. Someone in possession of that much BTC could become a target of criminals, especially since bitcoins are less like stocks and more like cash, where the private keys needed to authorize spending could be printed out and literally kept under a mattress. While it's likely the inventor of Bitcoin would take precautions to make any extortion-induced transfers traceable, remaining anonymous is a good way for Satoshi to limit exposure.
The Suspects
Numerous people have been suggested as possible Satoshi Nakamoto by major media outlets. Oct. 10, 2011, The New Yorker published an article speculating that Nakamoto might be Irish cryptography student Michael Clear or economic sociologist Vili Lehdonvirta. A day later, Fast Company suggested that Nakamoto could be a group of three people – Neal King, Vladimir Oksman and Charles Bry – who together appear on a patent related to secure communications that were filed two months before bitcoin.org was registered. A Vice article published in May 2013 added more suspects to the list, including Gavin Andresen, the Bitcoin project’s lead developer; Jed McCaleb, co-founder of now-defunct Bitcoin exchange Mt. Gox; and famed Japanese mathematician Shinichi Mochizuki.
In December 2013, Techcrunch published an interview with researcher Skye Grey who claimed textual analysis of published writings shows a link between Satoshi and bit-gold creator Nick Szabo. And perhaps most famously, in March 2014, Newsweek ran a cover article claiming that Satoshi is actually an individual named Satoshi Nakamoto – a 64-year-old Japanese-American engineer living in California. The list of suspects is long, and all the individuals deny being Satoshi.
Can Satoshi's Identity Be Proven?
It would seem even early collaborators on the project don’t have verifiable proof of Satoshi’s identity. To reveal conclusively who Satoshi Nakamoto is, a definitive link would need to be made between his/her activity with Bitcoin and his/her identity. That could come in the form of linking the party behind the domain registration of bitcoin.org, email and forum accounts used by Satoshi Nakamoto, or ownership of some portion of the earliest mined bitcoins. Even though the bitcoins Satoshi likely possesses are traceable on the blockchain, it seems he/she has yet to cash them out in a way that reveals his/her identity. If Satoshi were to move his/her bitcoins to an exchange today, this might attract attention, but it seems unlikely that a well-funded and successful exchange would betray a customer's privacy.
Receiving Bitcoins As Payment
Bitcoins can be accepted as a means of payment for products sold or services provided. If you have a brick and mortar store, just display a sign saying “Bitcoin Accepted Here” and many of your customers may well take you up on it; the transactions can be handled with the requisite hardware terminal or wallet address through QR codes and touch screen apps. An online business can easily accept bitcoins by just adding this payment option to the others it offers, like credit cards, PayPal, etc. Online payments will require a Bitcoin merchant tool (an external processor like Coinbase or BitPay).
Working For Bitcoins
Those who are self-employed can get paid for a job in bitcoins. There are several websites/job boards which are dedicated to the digital currency:
Work For Bitcoin brings together work seekers and prospective employers through its websiteCoinality features jobs – freelance, part-time and full-time – that offer payment in bitcoins, as well as Dogecoin and LitecoinJobs4Bitcoins, part of reddit.comBitGigs
Bitcoin From Interest Payments
Another interesting way (literally) to earn bitcoins is by lending them out and being repaid in the currency. Lending can take three forms – direct lending to someone you know; through a website which facilitates peer-to-peer transactions, pairing borrowers and lenders; or depositing bitcoins in a virtual bank that offers a certain interest rate for Bitcoin accounts. Some such sites are Bitbond, BitLendingClub, and BTCjam. Obviously, you should do due diligence on any third-party site.
Bitcoins From Gambling
It’s possible to play at casinos that cater to Bitcoin aficionados, with options like online lotteries, jackpots, spread betting, and other games. Of course, the pros and cons and risks that apply to any sort of gambling and betting endeavors are in force here too.
Investing in Bitcoins
There are many Bitcoin supporters who believe that digital currency is the future. Those who endorse it are of the view that it facilitates a much faster, no-fee payment system for transactions across the globe. Although it is not itself any backed by any government or central bank, bitcoin can be exchanged for traditional currencies; in fact, its exchange rate against the dollar attracts potential investors and traders interested in currency plays. Indeed, one of the primary reasons for the growth of digital currencies like Bitcoin is that they can act as an alternative to national fiat money and traditional commodities like gold.
In March 2014, the IRS stated that all virtual currencies, including bitcoins, would be taxed as property rather than currency. Gains or losses from bitcoins held as capital will be realized as capital gains or losses, while bitcoins held as inventory will incur ordinary gains or losses.
Like any other asset, the principle of buying low and selling high applies to bitcoins. The most popular way of amassing the currency is through buying on a Bitcoin exchange, but there are many other ways to earn and own bitcoins. Here are a few options which Bitcoin enthusiasts can explore.
Risks of Bitcoin Investing
Though Bitcoin was not designed as a normal equity investment (no shares have been issued), some speculative investors were drawn to the digital money after it appreciated rapidly in May 2011 and again in November 2013. Thus, many people purchase bitcoin for its investment value rather than as a medium of exchange.
However, their lack of guaranteed value and digital nature means the purchase and use of bitcoins carries several inherent risks. Many investor alerts have been issued by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), the Consumer Financial Protection Bureau (CFPB), and other agencies.
The concept of a virtual currency is still novel and, compared to traditional investments, Bitcoin doesn't have much of a long-term track record or history of credibility to back it. With their increasing use, bitcoins are becoming less experimental every day, of course; still, after eight years, they (like all digital currencies) remain in a development phase, still evolving. "It is pretty much the highest-risk, highest-return investment that you can possibly make,” says Barry Silbert, CEO of Digital Currency Group, which builds and invests in Bitcoin and blockchain companies.
Bitcoin Regulatory Risk
Investing money into Bitcoin in any of its many guises is not for the risk-averse. Bitcoins are a rival to government currency and may be used for black market transactions, money laundering, illegal activities or tax evasion. As a result, governments may seek to regulate, restrict or ban the use and sale of bitcoins, and some already have. Others are coming up with various rules. For example, in 2015, the New York State Department of Financial Services finalized regulations that would require companies dealing with the buy, sell, transfer or storage of bitcoins to record the identity of customers, have a compliance officer and maintain capital reserves. The transactions worth $10,000 or more will have to be recorded and reported.
Although more agencies will follow suit, issuing rules and guidelines, the lack of uniform regulations about bitcoins (and other virtual currency) raises questions over their longevity, liquidity, and universality.
Security Risk of Bitcoins
Bitcoin exchanges are entirely digital and, as with any virtual system, are at risk from hackers, malware and operational glitches. If a thief gains access to a Bitcoin owner's computer hard drive and steals his private encryption key, he could transfer the stolen Bitcoins to another account. (Users can prevent this only if bitcoins are stored on a computer which is not connected to the internet, or else by choosing to use a paper wallet – printing out the Bitcoin private keys and addresses, and not keeping them on a computer at all.) Hackers can also target Bitcoin exchanges, gaining access to thousands of accounts and digital wallets where bitcoins are stored. One especially notorious hacking incident took place in 2014, when Mt. Gox, a Bitcoin exchange in Japan, was forced to close down after millions of dollars worth of bitcoins were stolen.
This is particularly problematic once you remember that all Bitcoin transactions are permanent and irreversible. It's like dealing with cash: Any transaction carried out with bitcoins can only be reversed if the person who has received them refunds them. There is no third party or a payment processor, as in the case of a debit or credit card – hence, no source of protection or appeal if there is a problem.
Insurance Risk
Some investments are insured through the Securities Investor Protection Corporation. Normal bank accounts are insured through the Federal Deposit Insurance Corporation (FDIC) up to a certain amount depending on the jurisdiction. Bitcoin exchanges and Bitcoin accounts are not insured by any type of federal or government program.
Risk of Bitcoin Fraud
While Bitcoin uses private key encryption to verify owners and register transactions, fraudsters and scammers may attempt to sell false bitcoins. For instance, in July 2013, the SEC brought legal action against an operator of a Bitcoin-related Ponzi scheme.
Market Risk
Like with any investment, Bitcoin values can fluctuate. Indeed, the value of the currency has seen wild swings in price over its short existence. Subject to high volume buying and selling on exchanges, it has a high sensitivity to “news." According to the CFPB, the price of bitcoins fell by 61% in a single day in 2013, while the one-day price drop in 2014 has been as big as 80%.
If fewer people begin to accept Bitcoin as a currency, these digital units may lose value and could become worthless. There is already plenty of competition, and though Bitcoin has a huge lead over the other 100-odd digital currencies that have sprung up, thanks to its brand recognition and venture capital money, a technological break-through in the form of a better virtual coin is always a threat.
Bitcoin's Tax Risk
As bitcoin is ineligible to be included in any tax-advantaged retirement accounts, there are no good, legal options to shield investments from taxation.
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Related Terms
Satoshi
The satoshi is the smallest unit of the bitcoin cryptocurrency. It is named after Satoshi Nakamoto, the creator of the protocol used in block chains and the bitcoin cryptocurrency.
Chartalism Chartalism is a non-mainstream theory of money that emphasizes the impact of government policies and activities on the value of money.
Satoshi Nakamoto The name used by the unknown creator of the protocol used in the bitcoin cryptocurrency. Satoshi Nakamoto is closely-associated with blockchain technology.
Bitcoin Mining, Explained Breaking down everything you need to know about Bitcoin Mining, from Blockchain and Block Rewards to Proof-of-Work and Mining Pools.
Understanding Bitcoin Unlimited Bitcoin Unlimited is a proposed upgrade to Bitcoin Core that allows larger block sizes. The upgrade is designed to improve transaction speed through scale.
Blockchain Explained
A guide to help you understand what blockchain is and how it can be used by industries. You've probably encountered a definition like this: “blockchain is a distributed, decentralized, public ledger." But blockchain is easier to understand than it sounds.
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By Satoshi Nakamoto
Read it once, go read other crypto stuff, read it again… keep doing this until the whole document makes sense. It’ll take a while, but you’ll get there. This is the original whitepaper introducing and explaining Bitcoin, and there’s really nothing better out there to understand on the subject.
“What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party

submitted by adrian_morrison to BlockchainNews [link] [comments]

Here, List of Merchants Avantages To Accept NYC. Ideas are Welcome

(Please don’t forget that is a transcription about an mp3 made in my car, during my work time. I’m sorry i haven’t got to much time but i want participate to the proliferation of NYC, i will go to discord as soon as i can. If someone could structure or add ideas of avantages for merchants to accept NYC in the spirit of this share or others, it will be great. I imagine a pdf, webpages translate in the most languages possible, to share to every merchants all the community knows in their own country and to share to every e-merchants too. I imagine a simple concept that everyone could duplicate and share as a child could do. With this, everyone without technical knowledges but with a desire to help the community and NYC could built NYC with us. I’m sorry to didn’t structure this better…I’ve not finished yet and i have a lot of others ideas to give merchants but I think this kind of sharing can stimulate the community and some ideas is not definitive, just ideas and not list(please be cool with me), and maybe a wonderful professional template can be made by one of you(lol) and start structure listing where everyone could propose)
Benefits for the first 10 000 or more (?) merchants who will accept the cryptocurrency NYC since now to the next 1 or 2 years(?)
These are the first merchants who will enjoy the greatest benefits of accepting NYC while taking the minimum risk.
Free decentralized money transfer in 30 seconds
saving on bank transaction fees
saving on bank fraud charges (anti-fraud system, irreversible transaction, no more cancellation of payments by credit card, the customer has no money the transaction is denied)
No limit amount for customers, unlimited ceiling, easy to sell expensive products
New customers around the world, savings and margin
New wealthy customers around the world who will love buying your products(because new crypto rich and because convictions)
New single customers who prefer to buy from you rather than from your neighbor. You get cool for them, fans of cryptocurrency and NYC, and the new rich will thank you as it should. Modern and political values ​​that you do not suspect the magnitude .. Potential invaluable, see Cryptocurrency MarketCap, customers will call you to send your products to the other side of the world even with shipping rates higher than average. A fundamental revolution is underway and it is not $ 5 more on shipping costs that will stop it. Human and political values ​​have always been stronger than personal enrichment in the history of humanity. An invaluable potential of customers around the world (depends on your product but NYC will list all merchants and businesses from around the world on the same list to spread it around the world) US Community, Russian, Japan, China, Korea, Portugal, France, Belgium, Spain, Germany, Brazil, Argentina, Ukraine, Vietnam, Thailand etc etc etc
Thanks to savings on banking fees, it is possible to lower the selling price and to be more competitive than the competitors. New customers will appear by converting to cryptocurrency to benefit from your new rates. It's inevitable, be part of the first. Possibility of incredible gain for the 1st who will accumulate the most NYC with almost NO RISK.
If you motivate your partners and suppliers to accept NYC, you save even more on transaction costs and save on both levels (upstream and downstream). Savings which serves you to lower the selling price and increase your margin at the same time
Easy to put in place :
Unlike conventional currency, NYC is yours and no one can seize them, not even governments. Indeed, only you know your private address and you have an unlimited number of public addresses (anonymous and no one knows how much NYC you have). Your private key can be compared to a bank account number. You regain control over your money with only a few easy starting arrangements to put in place once. Either you exchange your NYC in bitcoin / ether then in $ with transfer to bank account and declare your income to your government, or transfer in bitcoin on « credit card system online » usable in store and ATM (wirex etc).
Install Wallet QT, + paperwallet for those who likes security, install coinomi, yobit and coinbase account (and others after) and businesses of credit card online. Stikers on your shop, give photos and videos to NYC community and wait new customers to accumulate NYC with no risk
Volatility: If volatility can be considered a real problem in the world of crypto, know that the volatility will be reduced as the use of NYC increases. The price of NYC can only increase and if the world crypto collapses, you will have almost no risk. It's not a fad but a global infatuation. Even if some NYC price drops will happen sometimes, all cryptocurrencies will have to increase in value. And especially NYC with its unique specifics, free and fast bitcoin for Newyorkers, americans and the all world. For proof, despite the incredible increase of the crypto-currencies market cap, we are only at 0.5% of global money flows and bitcoin is only $ 10,000. We are only at the beginning, the beginnings of cryptos. Imagine when crypto accounts for only 1% 2% or 3% of global cash flows. That would mean 1000 billion market cap for 1% of global money flows, 2000 billion market cap for 2% ... 3000 billion Marketcap for 3% of international money flows and so on. Inquire, do you really believe that crypto currencies will stop there? We are not even at the top of the first step of the stairs that leads to the future place of crypto currencies in the space of international monetary flows. This will only happen once in the history of humanity and for a minimum of risk for merchantss who will accept crypto currencies and especially NYC. Simply accept NYC on a small percentage of your cash flow. Do these French, Chinese, Americans who made a fortune by accepting and accumulating bitcoin up to just 5% of its money. Simple hairdresser, restaurateurs, grocers, small merchants…
With expensive product, make small reduction if customers just paid 1,2 or 3% in NYC. No risk and great deal
Opportunity to make a fortune with only 1 customer, like this French hairdresser who knew nothing in 2010 and made a fortune with a single customer to whom she made a small reduction if she paid in bitcoin, just to laugh, just for fun. In 2014, she traded some bitcoin to live as a senior executive and made a real fortune in 2017. Of course, she still has bitcoins well warm and 2 million € on his bank account. All this, without ever buying a single bitcoin, with never take a single risk, just to try and just for fun. Today, with NYC « the Bitcoin for New Yorkers » has fast and free transaction: It is possible to achieve the same feat without the NYC reaches $ 17,000 but only 0.01 or $ 0.10 or 1 $
Example of no risk for merchant: (You do what you want about the risk you want take and you touch people who wants buy cheap and you touch the crypto fan in your city, region and the all world please to the community(growing and growing) who make for you publicity everywhere in every supports that exist in this world !!! Articles, vidéos, photos, prices, websites, stickers, conversations, shares…)
Product A = 100$ in Fiat Same product = 90$ if paid 80% in fiat and 20% in NYC = 72$ + 64 285 NYC Same Product = 80$(or 85$ as you want, you choose) if paid 50% in fiat and 50% in Nyc = 40$ + 142 857 Nyc Minimum risk = Same product at 95$ if paid 90% in fiat and 10% NYC
Objectif owners in the next years: Accumulate : 100 millions NYC = 20 à 25000$ of sell to be millionnaire At NYC price= 0.01$. At one penny = millionnaire Marketcap NYC = 1 320 000 000$
Accumulate 10 millions NYC = 2800$ of sell to be millionnaire at NYC price = 0.10$ At 10 cents = millionnaire at 13 200 000 000 $ Marketcap
Accumulate 1 millions NYC = 280$ of sell to be millionnaire with NYC at 1$ etc…
The best advertisement of all time. The human advertising of a worldwide community that will prompt ordering in your shop. With articles, videos, reports on your store or service that you offer and you win returns in notoriety in your own neighborhood, city, region, country. We send you all these media as soon as you ask if you want to use it on your website, sign or other advertising medium. Or Here on Reddit : post « Merchants news, what we found about you all around the word »
Try to find small vidéos and small articles of owners who made a lot of money with bitcoin with minimum of risk without spend one $ in an exchange ;)
With stimulate merchants with ideas and With this « strategy with no risk » to give to the merchants we can proliferate NYC acceptance really easily. "A small reduction for customers who pay a small part of the price in NYC and we could touch a lot of owners : Target have to be « not just » merchants but
« in all strata of society. It could be the real power of NYC »
Owners of services : Marketing, e-merchants, every coach, independent of anything, human services(big potential here, people who haven’t not much money and there is a real hope for them and can give us examples to give the all word of people accept NYC in all strata of society and show our growing
maid, housekeeper, mason, housework, pet grooming, wellness, used car salesman, seller of anything...Every business man in every domain can see avantages to used NYC, not just pizza sellers or other..
Bars, discothèques, restaurants :
Tourist Shops : Cloths, apparel,
Services
Mp3 finished ;)
submitted by NewyorkCoinFrance to NewYorkCoin [link] [comments]

Why The US Government Have Likely Already Approved Bitcoin

Hey Reddit, throwaway account. I'm currently doing some research for an article I hope to have published later this month. I have a very, very rough draft at the moment and your feedback would be lovely.
The Elephant in the Room
Bitcoin is an enigma. It has renowned economists like Paul Krugman entirely perplexed whilst Silicon Valley CEO's are falling over one another to get a piece of the action. The headlines change on a daily basis: “It's A Ponzi Scheme!”, “It's Gold 2.0!” , “It's A Bubble!”, “It's The New Internet!”.
As a result of these, often conflicting articles, it's value shoots up and down like a yo-yo, swinging wildly to the slightest bit of news, good or bad.
Of course, these swings wouldn't be so exaggerated if there was a simple way to address the elephant in the room...is bitcoin legal?
Government officials have been oddly quiet in addressing this question. Aside from some rudimentary FINCEN guidelines and a vague ECB report, there's been no statement one way or another about its legal status.
Whilst I can't provide any definitive proof as to what decisions have and are being made behind closed government doors, I do think it's just possible we already have enough circumstantial evidence to suggest that the US government has already given Bitcoin the thumbs up.
Satoshi's Lament
Back in December 2010 Satoshi was involved in a heated discussion amongst Bitcoin developers on BitcoinTalk as to whether they should support Julian Assange by offering Bitcoin as a means to bypass the notorious banking blockade that had rendered Wikileaks' cash reserves impotent. Bitcoin's creator, Satoshi Nakamoto, was extremely wary that any association with Julian and Wikileaks would 'bring too much heat' to the project.
“No, don't 'bring it on'” he pleaded with his fellow developers. “The project needs to grow gradually so the software can be strengthened along the way.” He went on to clarify. “I make this appeal to WikiLeaks not to try to use Bitcoin. Bitcoin is a small beta community in its infancy. You would not stand to get more than pocket change, and the heat you would bring would likely destroy us at this stage.”
By 'destroy us', he was likely talking about a government or corporation pulling the trigger on this nascent project. Amongst other things, Satoshi was fearful that if a nefarious entity such as a commercial bank got wind of the project, at that point in time they could have easily compromised the project by purchasing enough computing power to overrun the network (known as a 51% attack).
Despite Satoshi's protestations, Wikileaks went along and adopted Bitcoin and, it seemed Satoshi's worst fears were confirmed when, just 4 months later in April 2011, Gavin Andresen (now lead developer at the Bitcoin Foundation) announced that the C.I.A. had contacted him.
“I'm going to give a presentation about Bitcoin at the C.I.A headquarters in June at an emerging technologies conference...I accepted the invitation to speak because the fact that I was invited means Bitcoin is already on their radar, and I think it might be a good chance to talk about why I think Bitcoin will make the world a better place. I think the goals of this project are to create a better currency...I don't think any of those goals are incompatible with the goals of government.”
Satoshi disappeared shortly after.
Gavin recently spoke to the New Yorker about the event. "...I think people realized once I got invited to speak at the C.I.A. that there was no kind of hiding. They, whoever “they” are, already knew about this project." [Source: http://www.newyorker.com/online/blogs/elements/2013/04/the-future-of-Bitcoin.html]
The Silk Road Goes Live
2011 also saw the release of the notorious 'Ebay for Drugs' website, Silk Road. It received much press attention, first breaking in June via Gawker where a developer described his experience of buying LSD through the site as "Kind of like being in the future". It was clear that the Silk Road was where Bitcoin would find its first major real-world trading niche and it's not a coincidence that the BTC price, client downloads and trading volume began to skyrocket after its inception. [Source: http://gizmodo.com/5805928/the-underground-website-where-you-can-buy-any-drug-imaginable]
A week after the Gawker article, Senator Chuck Schumer called a press conference where he went on record demanding that the Silk Road be shut down “Something must be done about Silk Road...Literally, it allows buyers and users to sell illegal drugs online, including heroin, cocaine, and meth, and users sell by hiding their identities through a program that makes them virtually untraceable...[it's] the most brazen attempt to peddle drugs online that we have ever seen. It's more brazen than anything else by lightyears." he told the assembled press.
As an aside, it is worth noting that the program that “hides user identities” is TOR, developed by the US Naval Research laboratory and endorsed by Senator Hilary Clinton (Schuman's former co-Senator from the state of New York) as “an important tool for freedom of expression around the world”. Indeed, the TOR Project claims that over 80% of its funding in 2012 came directly from the U.S Government [Source: Tor Project Annual Report 2012]
The Radar Screen Lights Up
Suddenly, thanks to the Silk Road and Wikileaks, Bitcoin was now on the radar of those in public office. The question on everyones lips must have been “How do we kill Bitcoin (and by extension Wikileaks and Silkroad)?”
The C.I.A, thanks to Gavin, were now fully aware of the threat Bitcoin posed to the the current monetary system, and the illegal activities it was funding via Silk Road and other places would have done nothing but confound their concerns (or so you would think). They must have also known (just as Satoshi did) that if there was ever an opportunity to kill Bitcoin (either with regulation, criminal proceedings and/or a 51% attack) then it was back then, in 2011, with the network still in its infancy, that they should strike.
We should have expected the kind of domain seizures that we saw with the likes of Megaupload; Bitcointalk, Bitcoin.org and the Bitcoin Foundation should have been wiped off the map. They could have also moved with the banks to shutdown any accounts seen to be associated with Bitcoin trading (as we saw happen with Online Gambling websites during the Bush Regime). They could have then disrupted what remained of the Bitcoin network by performing a relatively cheap and simple 51% attack.
And yet, none of that happened... Bitcoin.org and the Bitcoin Foundation have been left to prosper and go from strength to strength. VC's, Wall Street traders and the average Joe were all left free to pump money into this burgeoning experiment without any government intervention whatsoever.
Eric, Julian and the Bilderberg Group
Back in 2010 Google dipped their toes into the world of virtual currencies, acquiring a little known company called Jambool for $70m. For awhile they ran a platform called Social Gold which was later usurped in 2011 by Facebook Credits (Facebook's attempt at a virtual currency). This was phased out in mid-2012. Techcrunch cites that this was likely due to the problems Facebook had encountered in educating the public about using another form of currency, and goes on to speculate that by offering a centralised means of exchange, Facebook may have also faced increasing legal and regulatory scrutiny.
In June 2011, Julian Assange met Eric Schmidt online in a secret 5 hour chat in which they discussed - amongst other things - Bitcoin. The full transcript - which was leaked last month - is available here: http://wikileaks.org/Transcript-Meeting-Assange-Schmidt
Also in attendance at the meeting was Jared Cohen, a former Secretary of State advisor to Hillary Clinton, Scott Malcomson, Director of Speechwriting for Ambassador Susan Rice at the US State Department and current Communications Director of the International Crisis Group, and Lisa Shields, Vice President of the Council on Foreign Relations.
Here's an excerpt:
JA: ...there’s also a very nice little paper that I’ve seen in relation to Bitcoin, that… you know about Bitcoin?
ES: No.
JA: Okay, Bitcoin is something that evolved out of the cypherpunks a couple of years ago, and it is an alternative… it is a stateless currency.

JA: And very important, actually. It has a few problems. But its innovations exceed its problems. Now there has been innovations along these lines in many different paths of digital currencies, anonymous, untraceable etc. People have been experimenting with over the past 20 years. The Bitcoin actually has the balance and incentives right, and that is why it is starting to take off. The different combination of these things. No central nodes. It is all point to point. One does not need to trust any central mint….
...
ES: That's very interesting
So, now we know Bitcoin was on the radar of the C.I.A, various politicians and, thanks to Julian, the CEO of Google was now beginning to get an inkling as to its disruptive potential.
Just 13 days prior to the Assange meet, Eric had attended the annual meeting of the notoriously secretive Bilderberg Group in St. Moritz, Switzerland and went on to attend the meet again in June 2012.
Topics of discussion included:
Some of the 2011/12 attendees included:
Heads of Barclays Bank, AXXA, HSBC and the President of The World Bank Group were also in attendance.
[Source: http://www.bilderbergmeetings.org/index.php]
To see so many tech luminaries in attendance at Bilderberg is indicative of the kind of power and respect that geeks and hackers now command in shaping the world stage. Just how many high-level decisions are being influenced by this new technorati is hard to say, but in a rapidly changing world where technology is moving faster than the old rules remain relevant, we are seeing that people, united through technology on a global scale – not governments – are dictating the speed of change.
Joining The Dots
None of this means that bitcoins ride is going to be friction-free - just because Eric Schmidt is open to the idea of bitcoin displacing traditional currencies (as he and Jared Cohen alluded to in a recent CNBC interview), does not mean that Douglas Flint (Group Chairman, HSBC) is going to be equally enthused.
However, I do think that if we join up all the dots the general conclusion that we can draw looks overwhelmingly positive for the future of bitcoin. That so many powerful actors within the intelligence community, technology industry and government have let bitcoin survive this long is almost an endorsement itself.
It suggests to me that any nefarious corporations that attempt to shutdown bitcoin because of a perceived threat to their business model, will be met by those same powerful actors coming together to ensure they will have a very tough fight on their hands.
Indeed, in the years to come, we may well see Hilary Clinton coming out to trumpet bitcoin as “an important tool for freedom of expression around the world” in much the same way she praised the TOR project.
And perhaps, ultimately, we will discover that bitcoin, like TOR, was also developed by the US Naval Research Laboratory.
Though I prefer to think it was just some lone genius sitting in his attic who accidentally changed the world.
Whatever may be the case, it seems that - for now at least - our governments have handed their people a rare gift – the freedom to shape their own future.
It's up to us to try not to screw that up.
submitted by JuliusPragatan to Bitcoin [link] [comments]

Of Wolves and Weasels - Day 191 - Barking Mad

Hey all! GoodShibe here!
I'm technically still on vacation, but in light of the news out of New York... I feel the need to comment.
If you're not aware of what's going on, the New York State Department of Financial Services is proposing a new regulatory framework for how all Cryptocurrencies work for the residents of New York State.
However, the way that it's worded, the way that it's been presented, it's incredibly vague in some areas while being incredibly strict in others.
They're designed to take 'untraceable digital cash' and, at pretty much every point along the chain, put someone's face and name to who had what and when.
This, of course, weakens Cryptos immediately in compared to, well, cold, hard cash -- which is largely untraceable. This bill, as it has been designed, seems to try and have a massive chilling effect on cryptocurrencies in general.
You can use cryptos, sure, but by the time they're done with them... why would you want to?
You can read the proposed Regulations here.
AmericanBitcoin has put together a TL;DR of the proposed reglations
goldcakes has put together a TL;DR of some of the ramifications
If you'd like to see a quick breakdown of exactly what's wrong with the proposal, I highly recommend you read this comment by MrMadden over in /Bitcoin, which is utterly fantastic.
dalovindj also has a great post on how this would effect our fellow Shibes.
Here's the thing: We always knew that this was going to be a problem. The idea that somehow the old, established system would just roll over and let the next generation step up to the plate without a fight is laughable.
And now we've seen the first volley. The warning shot off the port bow, so to speak.
The regulations that are coming out are, well, typical government overreach designed, specifically, to elicit the reaction that they are. They're big and scary and over-reaching.
But they're also designed so that, IF there's a public outcry, at a large enough scale, they can 'pull back' the more offensive over-steps and still come out of this with the regulation that they REALLY want.
If nobody stands up to complain or fight back about it... then bonus for them. The city of New York then gets global over-reach on a massive scale all under the guise of 'protecting it's citizens'.
Incidentally, if you hadn't noticed, Canada set the wheels in motion recently, with the first 'Bitcoin Law' which caused quite an uproar (remember when DogeDice closed down rather than meet the Canadian Government's new regulations?).
Here's the thing - and it's a truth that's as immutable as time itself:
Governments are going to Govern.
They will always move to exact as much power as we let them have over any new or emerging technology, especially where money is involved.
So... what can we do about it?
For those who don't live in the US, the best thing you can do is learn about this regulation - because, whether you like it or not, the Government of the State of New York is making it your business. Because anyone who does business with residents of the State of New York will have to submit to these regulations as well.
Meaning that if you do business with a business that does business with the state of New York, you will be subject to those same overreaches.
The long and short of the problem is this:
You have 45 days, starting on July 23rd, once the Regulations are formally published, to make a case to the people of New York that, whether they realize it or not, this bill is trampling their rights.
Because, that's how you defeat this issue.
We need to get NEW YORKERS to care about this issue.
If you're not in New York, your job is now to find a way to help make New Yorkers care about this issue.
I don't care which banner your coin flies - Bitcoin, Litecoin, Dogecoin, Reddcoin, Potcoin... this is effects us all and it's only just getting started.
How will this bill effect them? It might not, directly, lots of people aren't using cryptos yet. But it's the first step in something larger.
If this goes through unchallenged, then I foresee a whole new legal arms race to 'protect' ones citizens from, well, anything they like.
Because this is '... but think of the children!' for a whole new era.
This is classic government overreach.
If you're living in New York, you need to get in touch with your local representatives and let them know, unequivocally, that this is a voting issue for you.
That you will be watching to find out if they support this bill, and that if they do, you will be voting for the other guy.
The best way to deal with this problem is not to 'get angry'.
It's to 'get angry and get to work'.
Forget waiting for the Lobbyists and their big money to tell you how it's going to be.
If you want cryptos to survive - and this legislation, as stated, would make illegal having a QT wallet/node running on your computer - then -- every crypto-user on this planet -- is now a Lobbyist.
And, for my fellow Shibes, if there's one thing that /Dogecoin has proven good at, it's in getting the word out there.
We're smart, we're media savvy - we know how to get attention!
So, let's get organized.
Bring everyone on board - every coin, every crypto-user in every corner of the world.
Let's get active.
Because we've still got time to fight this.
Together!
It's 8:50AM EST and we've found 87.62% of our initial 100 Billion DOGEs -- only 12.38% remains until our period of Hyper-inflation ends! Our Global Hashrate is up from ~44 to ~46 Gigahashes per second and our Difficulty is up from ~641 to ~815.
As always, I appreciate your support!
GoodShibe
EDIT: I've created this brainstorming thread to try and help get ideas moving. Come join me!
EDIT 2: I've also started this post to ask for the community's permission/support to reach out to /bitcoin and other communities to try and organize a crypto-wide response to these regulations.
submitted by GoodShibe to dogecoin [link] [comments]

Question: Is the Coin Center protect the Small Business bitcoiners or not ?

I am a New York City small bitcoin business and used to have 150 stores processing Bitcoins until the Bitlicense came about. I decided to fight and I have been fighting for two years now.
I came about this entry about the a Coin Center having a Gala and I became upset and started this twitter Hashtag : #BoycottCoinCenterGala - https://coincenter.org/entry/blockchain-s-night-out-the-coin-center-annual-dinner-is-back
I feel that the Coin Center has not been advocating for the Small Business but for themselves. When Judges start dissecting bitcoin they clearly see that the law doesn't apply (Florida Case as an example.)
Jerry Brito, and other from the Coin Center were part of the Bitcoin Foundation and wrote compelling letters to NYDFS, but then were never heard from again once it was enacted.
http://www.dfs.ny.gov/legal/vcrf_0500/20140813%20-%20VC%20Proposed%20Reg%20Comment%2075%20-Mercatus%20Center%20-%20Brito-Dourado.pdf
Most of the people at the Coin Center are New Yorkers like me (and some are even lawyers) so reading trough a legal brief is not too hard, even badly written. They could have supported the action, etc ..... but nothing.
The bitcoin community need to hold them accountable if they don't protect Small Businesses and before I start rushing, I would like to hear from the Bitcoin community.
Regards, Theo Chino @TheoBitcoin http://www.article78againstNYDFS.com
submitted by theochino to Bitcoin [link] [comments]

My Letter to /u/BenLawsky about draft NYSCRR title 23, Chapter 1, § 200

Dear Mr Lawsky,
When I write these words I can only think of the Charles Dickens book that our current mayor talked about, “A tale of Two Cities.”
Your sight as a Columbia student was surely looking toward the south and referring to the other side of the northern valley that separated us where Alexander Hamilton had his grange as the place where to buy drugs; but this is where I lived for 40 years.
I (as Law Professor Roomate, a defendant, a plaintiff and a Juror) learned over time that you, lawyers, are great actors full of incertitude and are in constant need of validation.
We recognize that not everyone in the virtual currency community will be pleased about the prospect of a new regulatory framework.
I must say Bravo to a great performance on redit !
All I can tell my fellow in the Crypto-/whatever you call it/ community is “do not fear”, we will defeat Mr. Lawsky overreach
I don’t know if it is faith but last month I found a copy of the “Civil Practice Law and Rules of the State of New York” in my apartment building dumpster.
That book is full of valuable information and there is a whole passage called Article 78 – Proceeding against body or officer. Taking a page from my Dominicanos, the Bodegeros, bunch of people against NYCDOH - index 653584/2012, I will use my new learned knowledge to stop your proposal. I am a quick learner and I have nothing to lose.
When I was 19, after writing several NSF checks, I learned that ignoring the law cost a lot of money; and briefly a millionaire (on paper) I could only get a used car loan at 22% under rule 78. I just recently took American Airlines - index 104867-2011 to court to keep my Credit History clean; one of their employee stole a credit card number and colluded with a travel agent to give me a ticket that I paid cash. So I do know something about fraud and being the recipient of it.
I do resent the industry you are obligated to protect.
I learned throughout my various endeavor to read the regulation; as a pilot who landed at JFK on a Cessna 172 in the year after 2001 to prove the point that I knew my FARs, as a Travel Agent Specialist the Montreal Convention; as a NYC cab driver, the TLC rules, as a candidate for Mayor of New York City, the public disclosure rules; as a Rent Regulated tenant leaving at 640 Riverside Drive, my rights.
Lawyers, Lawmakers and Computer Programmers work the same way. A reference section in the Law, is a Subroutine in Computer Language.
The State Legislature clearly defined your job as Superintendent in FIS §102 :
(a) To encourage, promote and assist banking, insurance and other financial services institutions to effectively and productively locate, operate, employ, grow, remain, and expand in New York state; (b) To establish a modern system of regulation, rule making and adjudication that is responsive to the needs of the banking and insurance industries and to the needs of the state's consumers and residents; (d) To expand the attractiveness and competitiveness of the state charter for banking institutions and to promote the conversion of banks to such status; 
There is no doubt where your allegiance is.
I agree with you that the other paragraphs might lead you to believe that the Virtual Currency is also under your purview. I will argue it is not.
Where does the NYS law allow you to define what Virtual Currency for your draft Section 202.2 ? I do not see it, and I will ask the various Crypto-/Watherever you want to call it/, verify that it isn't there.
I can only think that the rules you are applying are the same colloquial expression used by Justice Potter Stewart in Jacobellis v. Ohio 378 U.S. 184 (1964) but even that got replaced by the Miller test.
What test are you applying here ?
Many economic scholar, to the dismay of many in the Crypto-/whatever you call it/ community, seems to be in agreement that whatever this is, it is not currency because it fails some of its tests;
The Webster defines “Virtual” as:
 : Very close to being something without actually being it : Existing or occurring on computers or on the Internet. 
We are confronted with two opposing ideas
Do we need to have a judge try to figure this it out or should we draft something together? Something that we can present to the legislator or the electorate to vote on? Something that could be enshrined in law? Something that could be the showcase of how the democratic process of the 21st century should be?
Mr. Lawsky, the crypto-/whatever you want to call it/ community might be small in New York State, but it has the backing of the global village. And as a political activist, I will galvanize that community and I will bring this issue to the people of New York during the election cycle.
Please do forgive me if I do not trust you;
I still vividly remember Mike Bloomberg sitting on his throne listening for three days his fellow New Yorkers knowing perfectly that he was going to sign the Term Limit extension. In 90 days you will be in the same position and it will be more difficult then to reverse course.
I cannot blame you if you are fulfilling your job as defined in FIS §102 (a). At least it does gives me great hope because you are recognizing that our community could be a treat to the community you are legally bound to protect. You are doing your duty.
I did write many fighting words and I really do not want to go to court; but I hope that my tirade above give you the unequivocally impression that I will file the paperwork and those below the experience to draft a somewhat decent document.
I do believe we could work together but you will first need to remove it from New York State Register and make a true effort to start fresh again. Something this important cannot be done hastefully.
After 9/11, I do remember participating in a Online Consultation with many other fellow New Yorker about the future of the World Trade Center. You should look at that interesting experiment as a something to repeat.
On a philosophical level, your draft is simply a repeat of A&M Records, Inc. v. Napster, Inc., 239 F.3d 1004 (2001)
Fourteen years later, we're still at it. An old coworker of mine, Zoe Keating wrote about the whole royalty scheme on her blog Keep at it fellow weirdos & What I want from Internet Radio "Please do not model internet royalties after the broken terrestrial performance rights system"
The same way she ask her industry not to model Internet royalties after a known broken system, we ask you not to model the Internet Crypto-/Whatever You call it/ after the broken Banking system.
If you feel the urge to smile at the naïveté purposely displayed in this letter, please do so; but I do know enough of the process to cause damage. I hope to have proved it in the various attachments to this reddit document
My name is Theo Chino (If you live in Chicago, looking for me, I am not him.)
and the list goes on;
In short, I am a certifiable pain in the ass and I know that there are quite a few more in the New York State Bitcoin community; each with their own experience.
I beg you not to force me to follow Michael A. Newdow Elk Grove Unified School District v. Newdow, 542 U.S. 1 (2004.) suit. Why not try something novel in politics and in regulation crafting. Something that can renew the people's faith in their government.
You took the first step by asking reddit; why not continue ?
I ask you to solemnly shred this regulation draft and start fresh.
I am willing to tutor you on what Bitcoin is. With my extensive computer knowledge, I am still amazed about how much I have still have to learn; and I am not the only one.
Instead of clamping down on our community, you could join it, understand it, and then, after extensive understanding, soul searching, lead the group in drafting a real framework that will really protect the NYS consumer.
My heart goes to my next door neighbor who recently sank $15'000 in the Telexfree Scam. What about the interest he still has to pay to the banks for the money he borowed to give it to Telexfree ? or what about the non profits that are bankrolled by the same banks to exert shame on those wanting to declare bankruptcy ?
Day in and day out, I listen to those stories ... and each time, it break my heart; and each time, its the same story about their lack of education financial matters; and those are the people you are supposed to protect ! And you clearly don't !
Look at the work of fellow Bitcoiner https://github.com/onenameio/proposed-bitlicense-regulations ... Why not work with us ?
Create an hybrid special round table mimicking what then Borough President Scott Stringer did with the Immigration panel in Manhattan. Include folks from New York State as well as the online forums.
I do not want to be in the placed in the position to run an illegal business in the city I love and where I grew part of my life. I beg you to reconsider.
How many times does the chance to redo the world for the best come in a lifetime ?
With the utmost regards,
Theo Chino
Political Activist, founder of an Ad Hoc mounvement Article78AgainstNYFSD.com Founder of Chino, Ltd, a Delaware corporation
Isn't Empire State of Mind an exhilarating song, invigorating both us to go and fight with the mutual belief that will both win. The reality is that only one; it could be you, it could me .... but in the words of my grand father; you leave me no choice than to go for broke.
submitted by theochino to Bitcoin [link] [comments]

The New York State Attorney General lives in Alternate Reality !

Dear Friends,
Legal Parallel Universe is the first thing that came to my mind when I read this final legal reply.
Pierre says it in a different way:
According to Defendants-Respondents’ response to Plaintiffs-Petitioners’ Cross-Motion for Limited Discovery, they should be entitled to live in a legal world where virtually no one has standing to challenge a regulation involving new technology or new markets, and where no plaintiff ever has grounds to seek limited discovery.
Now that all the documents are filed there shouldn’t be any more delays and as you can read in the rest of Pierre’s brief (which is located: http://www.article78againstnydfs.com/docs/Index-101880-15/17-ReplyMemoLimitedDiscovery/01-ReplyMemoLimitedDiscovery.pdf) we are requesting experts.
Ben Lawsky is a Lawyer and a politician. He is a good one but he is not an economist. Nothing in Benjamin Lawsky background predispose him to lead the NYDFS. It was just the best illustration of cronyism within the New York and Wall Street democratic establishment. His testimony is to explain why he ignored Professor Williams’ comments.
During the hearings on the proposed regulation, Mark T. Williams’s written testimony establishes that Bitcoin should be treated as a commodity, and not as a currency, yet Defendants-Respondents did not address Mark T. Williams’ position. Additionally, supposedly, the Defendants-Respondents conducted “extensive research at analysis” when they proposed the Regulation, yet the research and analysis has never been produced so it is unclear how Defendants-Respondents came to the conclusion that Bitcoin could be regulated by them.
As New Yorkers, we might understand that it’s bad politics to listen to Bostonians professors. We know that our Public University professors might not be the most distinguished but we will settle for one that is been quoted by the Attorney General.
We need to have a professor in economy and the state of New York has so many on their payroll, we are simply asking the judge to make CUNY professor available to us since his conclusions are being quoted by the Attorney General.
The citation to Mr. Krugman’s article was taken from the following passage in DFS’s opening brief: These terms—“medium of exchange” and “form of digitally stored value”—are commonly used to describe financial products and services. See, e.g., United States v. Faiella (observing that “money” in ordinary parlance means “something generally accepted as a medium of exchange, a measure of value, or a means of payment”); Paul Krugman, The Int’l Role of the Dollar: Theory and Prospect in Exchange Rate Theory & Practice 8.2 (John F. Bilson & Richard C. Marston eds., 1984) (noting that money generally “serves three functions: it is a medium of exchange, a unit of account, and a store of value”); see also United States v. E-Gold, Ltd. (holding that “a ‘money transmitting service’ includes not only a transmission of actual currency, but also a transmission of the value of that currency through some other medium of exchange”).
Legal scholars might call the Attorney General logic a Legal Parallel Universe. I personally would simply ask what medicine those attorney representing the state of New York are on.
Defendants-Respondents cannot have it both ways -- have the Court believe that Plaintiffs-Petitioners discovery motion should be thrown out just because of the absence of any merit to Plaintiffs-Petitioners’ case and argue Plaintiffs-Petitioners’ petition should be dismissed on an unresolved threshold issue. Either Defendants-Respondents should not have filed their Cross-Motion to Dismiss or limited discovery is necessary on the threshold issue as to the economic nature of Bitcoin.
Please share the date of October 10, 2017 with everyone interested in attending. It’s going to be historic!
All the documents of the lawsuit are on the website here: http://www.article78againstnydfs.com/raw.php
See you on the 10 ! (and don't forget Morpheus waiting for his trial from his jail cell.)
Theo Chino http://AbolishTheBitlicense.com https://www.meetup.com/Article-78-Against-NYDFS
submitted by theochino to Bitcoin [link] [comments]

Let's start a Petition to repeal the Bitlicense.

I need some help writing a petition for an important topic that is taking place in New York State. It involves the newly adopted requirement for #BitLicence to trade currencies.
The way it is written, it is impossible to comply with and is a biased move toward established finance companies and systems. This is actually important and effects more than the state of New York. Please comment and share this with New Yorkers that you know.
What will you do when the dollar crashes and is worthless? Use Bitcoin. It's that simple. This is the first blow to you having that freedom should you ever need it. We need to make a page and write a petition for New York to slap the biased hand of greed Back before it takes more than we can afford to lose. This is the regulation document if you can understand it.: PDF Here
Also just one video talk on the subject if you need data. video link
submitted by streamingindie to Bitcoin [link] [comments]

This is a much better article on the founder of bitcoin [pdf]

The New Yorker - The Crypto-currency
submitted by ascetica to Bitcoin [link] [comments]

NEW YORK TO EASE BITCOIN REGULATION  Ethereum 2.0 Launch ... *BREAKING* NEW YORK STOCK EXCHANGE TO ADD BITCOIN MARKETS? STARBUCKS TO ACCEPT BTC? Crypto News Inside a Bitcoin mine that earns $70K a day - YouTube Ponzis, Stock Options, and Bitcoin Bitcoin Trading for Beginners (A Guide in Plain English ...

Bitcoin: A Peer-to-Peer Electronic Cash System Satoshi Nakamoto [email protected] www.bitcoin.org Abstract. A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main Pay By Bitcoin : 3NELwj4VrqHMHutg3VcT1uGS9VLN4Rjrcd Email with your username via contact page if you are sending Bitcoin payment. The New Yorker Book of Lawyer Cartoons PDF/EPUB î Yorker Book MOBI ñ Yorker Book of Lawyer Kindle - The New MOBI :´ New Yorker Book Epub Û The New Yorker Accueil Facebook The New Yorker M J’aime A weekly magazine with a signature mix of reporting on national and international politics and culture humor and cartoons fiction and Le New Yorker de la chane htelire Wyndha. The paper shows how a new form of currency – bitcoin – meets such functions of money as a common measure of value, a medium of exchange, a standard of deferred payment and a store of value. Roger Ver, a Bitcoin investor and evangelist famously nicknamed “Bitcoin Jesus,” tweeted, “If you run a full node, and support bigger blocks so more people around the world can use bitcoin ...

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NEW YORK TO EASE BITCOIN REGULATION Ethereum 2.0 Launch ...

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