NYDFS Department of Financial Services live meeting on the 28th (today?!) and 29th:
Skipping lots, but here's my highlights.

Talking about safe harbor laws for startups to
register but with a reasonable expectation of not being shutdown with a
reasonable effort to come up to speed on rules and regs. (ah la
bitfloor?) Safe harbor means business investment more likely to happen.

Counter argument that laundering comes before capital flight, and
brain drain from USA and NYC. Eeeeek. We are safe... and poor... and
alone.

Counter/counter let market adapt current compiance compancies.

CCC: No! That's where the money is wasted and that's what bitcoin
and bitcoin companies can solve with code.

CCC2: $9999 is OK $10,000 is not. Reasonable tangable limits
already have legal precident.

CCCC: 9/11 uuuggghhhh. (IMO: this will mean NY is non player in
future)

CCCCC: Once meatspace trust is established, like passports, should
be a non issue. Tech is your friend.

CCCCC2: Bitcoin ATM toughest standard around.
C6: How can regs prevent silk road anonymoziation?

C7: Silk road is gone. Job done.

C7#2: Non zero. But control is improving, weakest node.

C7: Bitcoin not anonymous. Bad guys love cash.

Q2: What needs to be regulated?

A: wallet security.

A: Miner exemption explanation.

Q: Can miners corner the market?

A: 49% profit. 51% crash.

Q: Hording anthetical to payment system

A: Not just payment system. Still in hard growth model, hense
hording.

A2: Number of holders more important than number of horders.

Q: When does voletillity end?

A: When liquidity happens. When exhange happens.

A2: Exchanges being shut down blocks raising capital to build
exchanges.

Q: Do banks see bitoin as a threat? (Bank transfer delays
rediculous.)

A: Banks are diverse. Depends.

A2: Banks want to play but are scared of regulations.

A3: Nobody is allowed to move money as a bank so no exchange. 5
stages of grief.

A4: Solutions come from outsiders. Qhandi quote. Bitcoin does
have some enemies. Diamon for one.

A5: Banks don't have solution. We do.

A6: Banks will make failures of cryptocurrencies.

Q: Huh?

A: Nobody owns bitcoin. 'Owned' bank bitcoins will fail. (AOL)

Q: Western Union killer?

A: Duh.

A2: Everybody who examines bitcoin gets it.

A3: WU fees are theft. Microtransactions will save retail.

Q: Copyright industry bitcoin allies via micropayments?

Q: Why not just start a bank and sell as commodity?

A: Some business plans. Some negotiations.

Q:...

A: Facebook, Google. If China bans it, invest. It's about
freedom.

Q: Example countries?

A: Finland, Norway.

A: No regs VS bitcoin is commodity or money! Calrity better, no
regs tons of risk.

A: NY finsec leader, don't lose it.

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