Here’s what you need to know about cryptocurrency, Eric Adams and New York City (Babylon: to buy, living in)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
1. If I had enough to live off the interest I would.
2. This thread was about attracting crypto business to the city, no? Saying to people and businesses who are in this space to move out is exactly the opposite. Especially if it has to do with laws that are already on the books in 48 other states. This is precisely why a lot of crypto-related businesses are not based in NY. Even California has a lot more relaxed regulatory environment for these businesses.
So do you think Adams will fight to allow...wait...no, that would be at the state level. I wonder how Adam plans on making NYC the capital. Like what would that even entail. From my understanding, there isn't anything backing these currencies. I guess I don't know what it means/understand how someone could make NYC the center.
Isn't the state requiring some sort of licensing to trade in crypto above a certain level? This is driving bitcoin business out of NYS. Adams can't do anything about this.
Also, there's no particular reason for bitcoin business to be in NYC, with it's high costs and taxes. It's so virtual that it can be done literally anywhere, but...
The governments are cracking down. The IRS is already getting pushy about it in the US. India and China are close to outlawing it. As soon as the governments independent, not government cryptocurrencies as a threat to their issued currencies, they will be squashed. As I said, this is happening in some countries already.
Isn't the state requiring some sort of licensing to trade in crypto above a certain level? This is driving bitcoin business out of NYS. Adams can't do anything about this.
Also, there's no particular reason for bitcoin business to be in NYC, with it's high costs and taxes. It's so virtual that it can be done literally anywhere, but...
The governments are cracking down. The IRS is already getting pushy about it in the US. India and China are close to outlawing it. As soon as the governments independent, not government cryptocurrencies as a threat to their issued currencies, they will be squashed. As I said, this is happening in some countries already.
You can trade any amount as an individual.
But if you're an exchange or broker that's where things get annoying. I have an S-Corp that I use to trade and they send a Money Services Business Form that requires you to attest you're not using other people's money. For that you just need a standard broker's license (if you ever wanted to legally invest family/friends funds by the book). But I believe that's mostly Fed and not necessarily a State requirement...
NY brokers such as Coinbase used to be restricted in coin offerings but that's since been loosened. However, due to scrutiny from the SEC they're erring on the side of caution in NY. But funny again this is Fed not State pressure.
The original NY Financial Regulator that put all these standards in place is long gone. However, due to the average citizens low intelligence he may have done more good than harm. Gensler claims he is a disclosure guy but has been heavy handed on actual enforcement. Letitia James used Tether to 'cut her teeth' as she's likely vying for a 2024 Cabinet position.
The IRS as well as NYS Dept of Finance will love crypto if they know what's good for them. And they need to start accepting Crypto as payment.
A significant portion of the federal budget is funded through debt. One of the largest purchasers of this debt is the federal reserve, which can purchase bonds with newly-created money. The establishment will not allow a competing money system to take root. It would destroy much of their power. This isn't a municipal NYC issue so much as it is a federal issue.
Ill be honest, I made some money on some crypto. A friend of mine made a cool 1 mill, after sitting on a .18c coin and it popped.
IM still convinced its an absolute pyramid scheme, worth absolutely nothing. Big whales make it swing and make billions of small fish. On top of that, at any given day, government can come shut it down, or someone might hack it. No thanks.
If it was a real threat to a dollar, don't you think US would be all over it? I mean look what's happening with Ukraine and Russia. WE bomb countries for a petrodollar.
Adams needs to use the unused office space for Bitcoin mining. Transport hydroelectric power from the Hudson River. Two birds one stone. Then use any other leftover office space for Marijuana hydroponic gardens.
Adams needs to use the unused office space for Bitcoin mining. Transport hydroelectric power from the Hudson River. Two birds one stone. Then use any other leftover office space for Marijuana hydroponic gardens.
Nobody would mine in NYC, our energy cost is too high.
What you really need to "know" about cryptocurdism is that it's a scam.
Any money token that is NOT created by the folks who actually make or do the goods and services, is a scam to CHEAT AND ROB THEM.
That includes governments and banks... both of which generate nothing of real value to exchange for your valuable goods and services.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
