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comment by cyborgcommando0
cyborgcommando0  ·  2137 days ago  ·  link  ·    ·  parent  ·  post: Bitcoin Regulation Bill Approved by California State Assembly

I'm not sure where $5000 lands on the scale of bank application fees but I am always super wary when legislators try to restrict Bitcoin. It really won't do much except hamper innovation and restrict startups.

thenewgreen  ·  2137 days ago  ·  link  ·  

Yeah, but the thing is, BTC startups need to have some clear regulation or NO regulation. Right now it exists somewhere in the middle and the problem is no banks will do business with BTC companies. No credit card processors will touch them either. It's impossible to have a BTC company without a bank. Right now they're regulated like money transmitters which means you need to be a registered money transmitter in all 50 states to run a successful business. It's WAY expensive to do. HUGE barrier to entry.

cyborgcommando0  ·  2137 days ago  ·  link  ·  

I agree. Another problem (which seems to be a running theme in politics nowadays) is politicians have little understanding of these technologies they are trying to legislate and are causing bigger headaches because of this.

thenewgreen  ·  2137 days ago  ·  link  ·  

Truer words have not been spoken, my friend. That said, check out how open to the concept the Canadian government was:

A fascinating video, if you get a chance. If only the US would hold such a hearing and ask such good questions.