As my post noted yesterday, NYC is primed to be the epicenter of Blockchain and Crypto. The ground is fertile and the idea of Bitlicense is supposed to legitimize and facilitate the industry's growth. However, the inefficiency in the government's bureaucratic process is blocking the progress and resulting in a huge backlog of applications.
The development in the blockchain and crypto space moves in the speed of light. The mass wants to see the adoption and wants it now. If New York can't keep pace with the demand, the market will leave it on the sideline and flows to places with less hurdle for operation. Like the premise of my writing yesterday, being at the place at the right time is the key to success in today's business. This is especially true for the tech industry.
Frustrated, many exchanges decided to exit the New York market and withdrew their license applications resulting in the term "Great Bitcoin Exodus". Further, Coinbase, one of the only three companies that was awarded Bitlicense, became a monopoly. It has been plagued with problems since bitcoin became mainstream. The company does not have adequate infrastructure and support system to meet the market demand. In fact, Coinbase has been illegally withholding my wired fund since December 2017. Numerous support ticket, phone calls and complaint produced no resolution.
If like me, you live in New York and would like to be involved in Blockchain/Crypto either as an investor, adoptor or just to know what you are missing out, please join the rally on the steps of NY City Hall at 10:45am today before the Committee Hears of the NY State Assembly. You would also help to raise the awareness on the issue by resteem, upvote or comment on this post. Follow me so I can follow you!