there's alot of negativity running around about the NYDFS release yesterday. and rightly so, there is alot of overbearing, overreaching regs in there that could be abused and which set unrealistic expectations on startups as well as on transmitters. the big question is who is considered a transmitter? i've seen all sorts of extrapolations to Changetip and to blockchain.info. yes, it would be best if many of these regs weren't even in place to let innovation flourish and let the market figure it out. unfortunately, that's not what the regulators are going to allow.
the point i really want to make is that while many of you may be selling off from fear of these regulations permanently constricting Bitcoin, the big boys are doing the opposite. they are embracing the clarity and will be moving forward in the space no matter how the most ultra-Libertarian participants feel. and with that forward movement comes their money. to then be followed by waves of USD investors. actors like the Winklevii, Circle, SecondMarket are going to be unleashing their enterprise products very soon. the question is, do you want to be around when they hit the market? or would you rather get out now from fear that Bitcoin is being constricted? i, for one, will be sticking around to see what happens b/c it will be big. we're in a bull flag configuration, afaic, and the price is waiting to launch. the important thing to realize is that even in the most negative scenario where nothing gets modified in the NYDFS regs, Bitcoin will route around NY. you'd be blind to not see that given the uptake in Bitcoin all around the world in so many places not deemed possible in years past. yes, NY is important, but otoh who caused this whole mess in the first place? how fitting if they unintentionally quarantine themselves off from the greatest achievement in monetary science. i actually think Lawsky sees this but can't completely extricate himself conceptually from his role as Superintendent. he may in fact make a mistake, but don't you. hang in there b/c nothing has fundamentally changed and NY can't stop what is happening globally.
in the meantime, read that document carefully and submit your change proposals to try and make it right. that's what i'll be doing.
Yes. While at first I felt pretty negative about the whole thing, I came to realize that these regulations are not for us. They are for a group of financial dinosaurs who need them in order to operate in the space. Their existence will have a near zero effect on the way most of us use bitcoin, and will create a standard for the rest of the world to measure against, presumably in a favorable way.
Let these guys use bitcoin the way they want to, and remember why you are into bicoin in the first place; because they can't force you to use it the way they want you to. The net result is more people in bitcoin, and that's a good thing.
