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"It's In The Mania Phase":"Mortgages Are Being Taken Out To Buy Bitcoin Yes...with possible profits going up...persons are getting
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[quote:Anonymous Coward 75757304:MV8zNzE1NzcyXzY2NDcxMjc2XzQwRjNEQjYy] U.S. GOVERNMENT NASTYGRAM SHUTS DOWN ONE-MAN BITCOIN MINT Just before Thanksgiving, he says, he received a letter from the Financial Crimes Enforcement Network, or FINCEN, the arm of the Treasury Department that dictates how the nation's anti-money-laundering and financial crime regulations are interpreted. According to FINCEN, Caldwell needs to rethink his business. "They considered my activity to be money transmitting," Caldwell says. And if you want to transmit money, you must first jump through a lot of state and federal regulatory hoops Caldwell hasn't jumped through. https://www.wired.com/2013/12/casascius/ [/quote]
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"We've seen mortgages being taken out to buy bitcoin. … People do credit cards, equity lines," said Borg, president of the North American Securities Administrators Association, a voluntary organization devoted to investor protection. Borg is also director of the Alabama Securities Commission.
"This is not something a guy who's making $100,000 a year, who's got a mortgage and two kids in college ought to be invested in."
"You're on this mania curve. At some point in time there's got to be a leveling off. Cryptocurrency is here to stay. Blockchain is here to stay. Whether it is bitcoin or not, I don't know,"
Innovation in technology always outruns regulations: Joseph Borg
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