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How to make quick money with Bitcoin for fun
- patio11 13y agoIf you execute on this plan, you are probably an unlicensed MSB. If you don't know what that means, don't execute on this plan until you do.
- nobodysfool 13y agoIANAL but... "the term “unlicensed money transmitting business” means a money transmitting business which affects interstate or foreign commerce in any manner or degree". If you keep your trades to people within your state, I don't see how you'd be breaking the law here.
- TonyCoffman 13y agoHave a look at Wickard v. Filburn
- patio11 13y agoI believe you to have a much narrower interpretation of interstate commerce than Uncle Sam does, but be that as it may, there are (at least) four parties to the transaction: you, your counterparty, your bank, and Coinbase. Do you think it is likely that all of them are in California and only California? You're also picking at one thread of a regulatory tapestry. Even if you are successful, there are a lot more threads.
- gremlinsinc 13y agoWhat's the process to becoming a licensed MSB? Is it possible to test this method out, w/out becoming licensed to make sure that it can in effect bring in revenue?
- gremlinsinc 13y agoI'm planning on doing a proof of concept - less than $100 a day.