Regulation Dooms Bitcoin? | Plan B 17

Regulation Dooms Bitcoin? | Plan B 17

Compliance is the buzzword of the season for Bitcoin, but on further reflection we have to ask – could regulation compliance weaken Bitcoin?

Plus the story of Thailand banning Bitcoin might be exaggerated, how deflation can help the middle class, and the Kickstarter upset of the week!


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  • Xanny comments on Bitcoin Must Comply

  • \”Deflation is a death spiral\” is a statist mantra. The US economy experienced slow but steady deflation during the 19th century – during rapid growth, yet they will never teach you that in school. A little deflation rewards savers and doesn\’t hurt anyone. Inflation rewards central banksters.

From adkantor on YouTube

If you ordered an Erupter at 1 BTC, all is not lost yet. A coupon program is being initiated by ASICMINER and distributed by BTC Guild. 30% of the units sold at 1 BTC will be eligible to purchase a 2nd unit for 0.10 BTC (+0.05 Shipping/Handling). The exact method of coupon distribution will be announced when coupon units arrive, which should be around August 5th.
If you have a backordered 1.05 BTC unit, you are GUARANTEED to receive the coupon(s) for additional unit(s) at 0.15 BTC.

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— Discussion —

Did Thailand really ban Bitcoin?

A Thai Bitcoin exchange has suspended operations after failing to win a license from the country\’s central bank. However, the outfit\’s conclusion — that Bitcoin is illegal in Thailand — smells funny.

At the conclusion of the meeting senior members of the Foreign Exchange Administration and Policy Department advised that due to lack of existing applicable laws, capital controls and the fact that Bitcoin straddles multiple financial facets the following Bitcoin activities are illegal in Thailand:

  • Buying Bitcoins
  • Selling Bitcoins
  • Buying any goods or services in exchange for Bitcoins
  • Selling any goods or services for Bitcoins
  • Sending Bitcoins to anyone located outside of Thailand
  • Receiving Bitcoins from anyone located outside of Thailand

Based on such a broad and encompassing advisement, Bitcoin Co. Ltd. therefore has no choice but to suspend operations until such as time that the laws in Thailand are updated to account for the existance of Bitcoin.

Kickstarter pulls “Bitcoin: The Movie”

Andrew Wong, the entrepreneur behind the movie, launched the crowdfunding campaign on Kickstarter on July 16, and had scheduled the project to run until August 15, with a crowdfunding goal of $100,000. However, late last week, the crowdfunding site unexpectedly suspended the project. When Kickstarter pulled the plug, the movie had $15,896 pledged by 154 backers.

The Berlin district where virtual currency is as easy as cash

BERLIN — A sign above the counter of a popular bar in Berlin\’s hip Kreuzberg district warns customers of owner Joerg Platzer\’s somewhat peculiar payment preferences: \”I believe in honest money — gold, silver and Bitcoin.\”

Platzer\’s Room77 is among a cluster of more than two dozen local businesses to accept the virtual currency for everyday payments. Stickers with Bitcoin symbols on restaurant doors and shop windows guide the way.

Bitcoin activists propose hard fork to Bitcoin to keep it anonymous and regulation-free

Two anonymous activists have proposed an alternative to Bitcoin, which would fork the protocol to retain more anonymity for users. Labelled \”Bitcoin 2″, the currency would modify the existing bitcoin code to maintain what they call \”the original long-term vision\”, stripping out elements of the protocol that they feel are damaging, and building in support for anonymity protocol Zerocoin.

Bitcoin Pick

Currency — the bills and coins you carry in your wallet and in your bank account — is founded on marketing, on the belief that banks and governments are trustworthy. Now, Paul Kemp-Robertson walks us through a new generation of currency, supported by that same marketing … but on behalf of a private brand. From Nike Sweat Points to bottles of Tide (which are finding an unexpected use in illegal markets), meet the non-bank future of currencies.

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