#4 does not mean New York State owns it forever. It is intended to prevent companies from having an incentive to create business practices based on the hope that people will forget about or abandon funds etc. A customer can claim those funds by going here:
Your comment is kind of what I'm talking about. You do not know nearly enough about this stuff to start a Bitcoin startup judging by the fact that you don't even know what unclaimed property is. Therefore I hope regulations like this prevent you and other obviously unqualified people from handling other peoples money.
EDIT: I came out a bit harsh on this and I apologize. I intended to use it as an example of you likely having the technical ability for such a project but not the financial knowledge, which in my opinion is the dangerous situation these regulations will hopefully prevent.
xorcist choosing to question a comment on a website does not necessarily put him in the same category as people wishing to start a bitcoin startup handling others money
That's a valid point. It came out wrong and unnecessarily harsh.
I should have also added that although the person I was replying to(xorcist) was unqualified in the financial knowledge, I assume by way of being around HN, that they likely have more than enough technical aptitude for such an endeavor.
These regulations, in my opinion work to protect the larger markets from exactly that type of dangerous situation.
Comments
#4 does not mean New York State owns it forever. It is intended to prevent companies from having an incentive to create business practices based on the hope that people will forget about or abandon funds etc. A customer can claim those funds by going here:
https://www.osc.state.ny.us/ouf/
Your comment is kind of what I'm talking about. You do not know nearly enough about this stuff to start a Bitcoin startup judging by the fact that you don't even know what unclaimed property is. Therefore I hope regulations like this prevent you and other obviously unqualified people from handling other peoples money.
EDIT: I came out a bit harsh on this and I apologize. I intended to use it as an example of you likely having the technical ability for such a project but not the financial knowledge, which in my opinion is the dangerous situation these regulations will hopefully prevent.
xorcist choosing to question a comment on a website does not necessarily put him in the same category as people wishing to start a bitcoin startup handling others money
That's a valid point. It came out wrong and unnecessarily harsh.
I should have also added that although the person I was replying to(xorcist) was unqualified in the financial knowledge, I assume by way of being around HN, that they likely have more than enough technical aptitude for such an endeavor.
These regulations, in my opinion work to protect the larger markets from exactly that type of dangerous situation.