Topic: Bankers Ask Fed to Regulate Bitcoin (Read 1891 times)
Bankers getting reallly scared.
The article you've quoted is idiotic
Here's the idiotic video version: https://www.youtube.com/watch?v=Ldv3GFxCMsE
You looked drunk.
fosters is a great beer for that
I've had my credit card number jacked 3 times in two years and they're concerned about BTC security?
i like the drunk video actually original style!
original style! Laws are generally written in a way so that federal agencies need to implement rules for people to comply with. They are also not written in a way so that there is only a very narrow interpretation of how the law is to be carried out.
I don't know if you mean to imply that I would disagree with this statement? Because I agree with it. I don't think I've implied otherwise.I'll say it again: The U.S. Federal Reserve is not that agency. Also the FED isn't technically a federal agency, at least according to a 1982 court ruling. Furthermore Know-Your-Consumer is also the responsibility of FinCEN, a federal agency created by the Treasury Department.
It was recommended that Bitcoin be subject to the same anti-money-laundering laws, including Know-Your-Consumer, that banks are subjected to. Moreover, the bankers recommended that Bitcoin be subjected to the suspicious activities reports (SARs) in which banks must currently comply.
The story here is that these bankers have no bloody idea what the FED does. FinCEN (U.S. Treasury Department) is responsible for SARs. Anti-money-laundering laws are enacted by congress.Christ, these people just point at a random government institution and say "Regulate this#!@"
EDIT: I've read the FAC report that this article has completely misrepresented. The bankers report that Bitcoin does not pose a systematic risk to the banking system and state that they expect future regulation to mitigate any future risk it may pose. I liked their language, they view Bitcoin as a burgeoning threat.
The article you've quoted is idiotic and its title is inaccurate.
they should help BTC and not regulate it. 
In other news, banks are scared
The article you've quoted is idiotic
Here's the idiotic video version: https://www.youtube.com/watch?v=Ldv3GFxCMsE
The FED can't exert any control over Bitcoin whatsoever, unless congress passes a law expanding their power or Bitcoin becomes a staple of the balance sheets of major banks. The FED's toolkit is very limited and can only be used to macroeconomic ends. For instance the FED could tighten credit credit by selling off bonds, thereby restoring yields to lower risk assets and theoretically drive down the price of riskier assets like Bitcoin. But that would violate the FED's tenants of price stability and maximum sustainable employment by screwing with the entire economy in an attempt to exert control over a specific asset.
The notes from the FAC states that the FED expects other government agencies to deal with Bitcoin. The FED cannot directly exert influence on any of these other agencies, so they essentially washed their hands of the cryptocurrency discussion in D.C. back in May when this report was published.
This is very old news.
Here is a link to the actual document: http://www.federalreserve.gov/aboutthefed/fac-20140513.pdf
Note the date: Friday, May 9, 2014
Here is a link to the actual document: http://www.federalreserve.gov/aboutthefed/fac-20140513.pdf
Note the date: Friday, May 9, 2014
The Fed said that Bitcoin is the free market, no one can Regulate it 
Yes, good luck trying to regulate it
Current exchanges are a different story...waiting for P2P exchange.that already exists.. :/
well.. nearly.. a friggin major improvement on traditional crypto exchanges anyway.
http://multigateway.org/
Microguy is hilarious lol
The Fed said that Bitcoin is the free market, no one can Regulate it
Yes, good luck trying to regulate it
Current exchanges are a different story...waiting for P2P exchange.
Quote
Nakamoto disappeared in early 2010 with over 1 million bitcoins that he had mined while maintaining the lion’s share of the network hashrate.
Oy, i'm right here!!! stop spreading FUD!!!
The Fed said that Bitcoin is the free market, no one can Regulate it
absolutely! The individuals or companies dealing with bitcoin can be regulated. But the blockchain is impossible to be controlled. 
The Fed said that Bitcoin is the free market, no one can Regulate it
Yes, good luck trying to regulate it
Current exchanges are a different story...waiting for P2P exchange. 
How much alcohol did you drink before making the video? 
The Fed said that Bitcoin is the free market, no one can Regulate it
The article you've quoted is idiotic
Here's the idiotic video version: https://www.youtube.com/watch?v=Ldv3GFxCMsE
You looked drunk.
The article you've quoted is idiotic
Here's the idiotic video version: https://www.youtube.com/watch?v=Ldv3GFxCMsE
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