Thursday, June 11, 2015

Major Bitcoin Player: New Bitcoin Rules Are Like a North Korean Communist Crackdown on the Sector

New York's new Bitcoin license, BitLicense, is finally being recognized for the horrific piece of regulation it is.

 Erik Voorhees, ShapeShift’s founder and chief executive, and early stage pioneer in the Bitcoin sphere says the new New York state regulations, which went into effect last month, require the collection of an “Orwellian” amount of information on its users..

According to.NyPo, Voorhees likens the regulations crackdown to communist rule in North Korea.

The problem, according to Voorhees, is that the regulations “re-connect” personal information to transactions that would otherwise be anonymous.

As I reported earlier, Voorhees' firm. ShapeShift, is starting a protest of the regulations by stopping all the firms operations in New York. But that won't do much good and Voorhees seems to get that.

“I’m hoping for it to be a conversation,” he told NyPo,. “I don’t think the Department of Financial Services will listen to our arguments at all.”

There is zero chance that regulators are going to move away from requiring information be obtained on all Bitcoin users. Zero. Bitcoin users should understand this now. Zero.

Bitcoin is not a libertarian answer to government intrusiveness.  It is the opposite. It makes tracking by government easier.


1 comment:

  1. "Bitcoin is not a libertarian answer to government intrusiveness. It is the opposite. It makes tracking by government easier."

    RW's response to the 1928 release of the Ford Model A: "This new fangled horseless carriage is not the ease-seeking person's answer to daily feedings, veterinarian bills, kicks to the face, streets filled with manure, and endless buggy whip purchases. It is the opposite! The constant breakdowns, lack of sufficient fueling stations, hand cranking, and insufferable racket makes the Ford Model A a step backward for those seeking ease in their lives. Abandon, shun, and disparage this hopeless newfangled contraption for the sham it is. Double down on horses, the proven, true solution to your transportation needs!"