Re:New York to Bitcoin Startups: Get Permission
by starkness on Monday July 21, 2014 @05:43PM
(#8066185)
And one of the key questions is, does this make sense for, say 1000 abandoned dogecoin (current value $0.24) on tipdoge.info? This is why we proposed de minimis exceptions.
Re:New York to Bitcoin Startups: Get Permission
by fred_durst on Monday July 21, 2014 @06:26PM
(#8066381)
Absolutely, 100% it does. Because it helps to prevent a business from building its profit model around 100,000 people abandoning $1 each.
Re:New York to Bitcoin Startups: Get Permission
by starkness on Monday July 21, 2014 @08:26PM
(#8066841)
Policy is always about tradeoffs. Is it your stance that the creator of Reddit tip bots should have to register fingerprints with the FBI, hand over personal financial info, send quarterly reports with to the Superintendent with audited financial statements, collect the real identities and physical addresses of all senders and recipients, assign a compliance officer, hire an outside firm to do pentesting, get permission before releasing a new product, service, or features, and have an undisclosed amount of USD funds bonded to NY State along with an undisclosed amount on hand just to operate a simple app? What about open source projects that are not corporations?
Re:New York to Bitcoin Startups: Get Permission
by fred_durst on Tuesday July 22, 2014 @03:56PM
(#8071233)
Yes, that is exactly my stance. Find another hobby outside of playing with people's money.
That's how bank accounts in NY State currently work. However, if your account has been idle for a while, your bank tries to contact you to tell you about it. If you have on-line banking, logging in to your account usually makes it active again.
Also, in the event that your money does get turned over to the state, you can ask the state to return it to you.
I think this law is primarily designed to ensure that if people die without leaving a will, the funds will go to the state rather than to the bank. If heirs (e.g., next of kin) turn up eventually, it's easier to go to the state's web site and look for unclaimed property under someone's name than to try to figure out which of hundreds of banks the deceased had his account at.