4 ms·

Is a US-based exchange trustworthy? I have a feeling it'll exist at the mercy of the Feds.

by mkaziz 13y ago

chrisBob 13y ago
"The Fed" says they are outside their jurisdiction. http://www.theguardian.com/business/2014/feb/27/janet-yellen-federal-reserve-no-authority-regulate-bitcoin http://www.theguardian.com/business/2014/feb/27/janet-yellen...
- ck2 13y ago
  It's not the fed you have to worry about, it is prosecutors and senators trying to make a name for themselves with unnecessary law and regulations.
- berberous 13y ago
  "The Fed" =/= "The Feds" While it may be outside the Federal Reserve's jurisdiction, there are many other federal agencies.
  - contingencies 13y ago
    The Federal Reserve is not part of the US government. It is a private organization.
    - zecho 13y ago
      It's partly private. To say it is not part of government is also inaccurate. It is independent of several branches in many respects, but relies in the government in others, by design. For example, the chair and vice chair are appointed and confirmed. Congress has oversight of the system but does not appropriate funds to the system.
      - contingencies 13y ago
        My understanding is that legally, it's not part of the government. That makes it private, with any voluntary government relationships being just that. This doesn't make what you are saying untrue, but what you are saying isn't exactly clear either. (Thought experiment: Obviously, if one did wield influence on a central bank after winning the rights to run it from a nation, one would try to keep public perceptions as wishy-washy as possible in order to keep pockets safely lined and one's fiscal hegemony in place.)
        legalbeagle 13y ago
        This isn't correct. The Federal Reserve System is composed of the various Federal Reserve Banks (FRBs) and the Board of Governors of the Federal Reserve System (BOG). The FRBs are hybrid entities considered to be federal instrumentalities for some purposes but not for others. The BOG is a federal agency. The Chairman of the BOG (Janet Yellen at present) is a presidential appointee confirmed by the Senate.
        contingencies 13y ago
        One wonders what kind of appointee the president is.
  - mkaziz 13y ago
    I did mean the feds as in federal agencies - not the Federal Reserve.
deleted 13y ago
[deleted]
krapp 13y ago
It would be "at the mercy" of the laws and regulators in whatever country it operated.
dragontamer 13y ago
"Then the idiot who praises, with enthusiastic tone, All centuries but this, and every country but his own;" -- The Mikado 1885 US Federal Prosecutors are looking into the Mt. Gox failure. Regulation here will improve the confidence in Btc if anything.

Is a US-based exchange trustworthy? I have a feeling it'll exist at the mercy of the Feds.

by mkaziz 13y ago

Is a US-based exchange trustworthy? I have a feeling it'll exist at the mercy of the Feds.

"The Fed" says they are outside their jurisdiction. http://www.theguardian.com/business/2014/feb/27/janet-yellen-federal-reserve-no-authority-regulate-bitcoin http://www.theguardian.com/business/2014/feb/27/janet-yellen...

ck2 13y ago
It's not the fed you have to worry about, it is prosecutors and senators trying to make a name for themselves with unnecessary law and regulations.
berberous 13y ago
"The Fed" =/= "The Feds" While it may be outside the Federal Reserve's jurisdiction, there are many other federal agencies.
- contingencies 13y ago
  The Federal Reserve is not part of the US government. It is a private organization.
  - zecho 13y ago
    It's partly private. To say it is not part of government is also inaccurate. It is independent of several branches in many respects, but relies in the government in others, by design. For example, the chair and vice chair are appointed and confirmed. Congress has oversight of the system but does not appropriate funds to the system.
    - contingencies 13y ago
      My understanding is that legally, it's not part of the government. That makes it private, with any voluntary government relationships being just that. This doesn't make what you are saying untrue, but what you are saying isn't exactly clear either. (Thought experiment: Obviously, if one did wield influence on a central bank after winning the rights to run it from a nation, one would try to keep public perceptions as wishy-washy as possible in order to keep pockets safely lined and one's fiscal hegemony in place.)
      - legalbeagle 13y ago
        This isn't correct. The Federal Reserve System is composed of the various Federal Reserve Banks (FRBs) and the Board of Governors of the Federal Reserve System (BOG). The FRBs are hybrid entities considered to be federal instrumentalities for some purposes but not for others. The BOG is a federal agency. The Chairman of the BOG (Janet Yellen at present) is a presidential appointee confirmed by the Senate.
        contingencies 13y ago
        One wonders what kind of appointee the president is.
- mkaziz 13y ago
  I did mean the feds as in federal agencies - not the Federal Reserve.

deleted 13y ago

[deleted]

krapp 13y ago

It would be "at the mercy" of the laws and regulators in whatever country it operated.

dragontamer 13y ago

"Then the idiot who praises, with enthusiastic tone, All centuries but this, and every country but his own;" -- The Mikado 1885 US Federal Prosecutors are looking into the Mt. Gox failure. Regulation here will improve the confidence in Btc if anything.