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Topic: Bitcoin at the US Senate - page 6. (Read 67159 times)

legendary
Activity: 4270
Merit: 4534
November 19, 2013, 02:52:08 AM
Seems most are breathing a sigh of relief thinking that the hearing added no push for new regulations or laws. What they said was the existing AML and KYC is sufficient for now.

Hello? KYC means what? Know Your Customer.
That means merchants required to know who you are. That means reporting to the government.
Electronic currency on a public ledger means they can ramp up these existing laws to require e-file reporting on smaller and smaller transactions.
The NSA is mopping everything. Soon the FinCEN or DHS or... will be mopping up all transaction identities.
If you aren't whitelisted, the merchant can't accept you.
666 anyone?
Don't be so naive. These transformations move slowly enough that you boil like a frog.

take your tinfoil hat off and listen to the c-span again

the hearing said it will only affect the exchange level businesses.. meaning MTGOX,BITStamp BTC-E etc... not starbucks requesting 0.0001btc, not alpaca socks, and not your great aunt trudy who wants to convert the bitcoin you send her into fiat so she can buy some knitting needles and a cup of tea.

again only exchanges involved with converting bitcoin to fiat as part of their business.

secondly regulated businesses do not send reports daily of every transaction. they only send "suspicious" transactions to the serious crimes division of fincen, and only when there it is an absolute and categorically obvious link to serious crime.

AMLKYC is about the business doing most of the leg work of finding suspicious trades and people. leaving FINCEN to only deal with reports from businesses that are truly high risk.

EG bitstamp:
they ask for your ID, they check that your name given matches that of the bank you wish funds to go to. they then check if your on FBI most wanted list.
if all cleared they allow you to trade, classing you as low risk. bitstamp keep logs of your trades and as soon as you reach certain fiat value thresholds they may increase the risk level, EG bitstamp may look to see if any of your deposits are just 1 hop transaction from a known blackmarket. in which case they class you as high risk.

now if you dont do anything to class yourself as high risk. fincen will never know what transactions you have done, only bitstamp will.
sr. member
Activity: 560
Merit: 250
November 19, 2013, 02:41:37 AM
Seems most are breathing a sigh of relief thinking that the hearing added no push for new regulations or laws. What they said was the existing AML and KYC is sufficient for now.

Hello? KYC means what? Know Your Customer.

That means merchants required to know who you are. That means reporting to the government.

Electronic currency on a public ledger means they can ramp up these existing laws to require e-file reporting on smaller and smaller transactions.

The NSA is mopping everything. Soon the FinCEN or DHS or... will be mopping up all transaction identities.

If you aren't whitelisted, the merchant can't accept you.

666 anyone?

Don't be so naive. These transformations move slowly enough that you boil like a frog.

Crypto Currency QR codes, Mark of the beast anyone? Tattooed perfectly on your hand to send/accept payments.
legendary
Activity: 1806
Merit: 1090
Learning the troll avoidance button :)
hero member
Activity: 756
Merit: 1000
November 19, 2013, 01:39:42 AM
Apologies if its been asked already but is there anywhere to download the meeting to watch offline?
hero member
Activity: 518
Merit: 521
November 19, 2013, 01:30:11 AM
Seems most are breathing a sigh of relief thinking that the hearing added no push for new regulations or laws. What they said was the existing AML and KYC is sufficient for now.

Hello? KYC means what? Know Your Customer.

That means merchants required to know who you are. That means reporting to the government.

Electronic currency on a public ledger means they can ramp up these existing laws to require e-file reporting on smaller and smaller transactions.

The NSA is mopping everything. Soon the FinCEN or DHS or... will be mopping up all transaction identities.

If you aren't whitelisted, the merchant can't accept you.

666 anyone?

Don't be so naive. These transformations move slowly enough that you boil like a frog.
hero member
Activity: 518
Merit: 521
November 19, 2013, 12:33:16 AM
Quote
I quickly looked for her twitter account's main page. It says "happily married". Translation: "OK people? Back off I am taken already!" Grin
Was thinking the same thing. Never seen this before in a Twitter description. There must be a lost of Bitcoin guys hiting on her.

I was wondering why no one mentioned Zerocoin or Coinjoin. Which would be a huge deal for all government agencies. Don't they know about that or what is the deal here?

What about Zerocoin or Coinjoin?

Doesn't help at all for several reasons. For one thing, you are only as anonymous as the others who use it with you, because once they reveal their identities, then you can be isolated. The probability of you being found increases over time, as more and more downstream trail on the public ledger reveals more and more identities.

BitCON just can't be made anonymous. The only way is to build in the anonymity into the protocol of the coin.


The Senate Committee conversation today definitely was interesting this seems almost like a moot topic as the government itself is still working on Guidelines

How can they enforce blacklists?

Now you know why I am working on a more anonymous altcoin.

We will need an escape hatch very soon.

Will they whitelist? Which means if they don't know your identity they block you. But where is the block placed? At the exchanges I presume where they have AML and KYC authority?

Perhaps they declare it is illegal to receive coins which are not whitelisted. So then anonymous coins won't be accepted by anyone who is not anonymous.

Anonymity is an all or nothing unless some countries will resist USA edicts.

We are heading into cyberwarfare. You must go anonymous or be harvested by the "confiscate all wealth" coming when the global economy implodes.

You will have no choice but to go anonymous, or you lose nearly everything. This is what most people don't realize yet.

The law isn't going to help you. Again read my thread:

https://bitcointalksearch.org/topic/rpietila-public-diary-episode-ii-323988
https://bitcointalksearch.org/topic/rpietila-public-diary-episode-ii-323988

The elite have a definitive plan to confiscate everything.

One of the plans floated by Larry Summers and Paul Krugman is to force everyone into electronic currency, then deduct from your account automatically by forcing negative interest rates. They say this is the only way to keep funding socialism forever.

You all don't understand. We are really headed into a global nightmare of unfathomable wickedness.

They don't plan to end this. This is forever in their mind. Which means we will go into war and wickedness.
legendary
Activity: 1806
Merit: 1090
Learning the troll avoidance button :)
November 19, 2013, 12:09:16 AM
looks like it all went well!

Seriously!!!

I honestly can't believe how well that went either, the whole panel managing to keep their objectivity even when presenting issues that usually send the media types into a frenzy.

There's a good chance (imho) that this entire presentation will become historically significant. Or maybe I'm just getting caught up in the moment Wink


Nope this will be history and we will all remember that the Bitcoin Foundation member needed more lividness Cheesy
Mean energy lol

Also MY favorite Pic of the Day


full member
Activity: 206
Merit: 100
November 18, 2013, 08:51:39 PM
The Asian lady behind Murck is pretty hot.
And she likes Bitcoin.  Grin
Quote
"You don't think it was Al Gore do you?"
My favorite moment was when this asian girl (aka Satoshi) exchanged a handshake with the chairman.  Grin

YES! I believe the Chairman noticed her.

Seriously I am a caveman and I offer zero excuses for being one. But I would love more women to be involved in bitcoin to the highest representation levels. All women of ages and origin. When women embrace bitcoin, $1000 bitcoin will look like a bargain in the future.... It will really become mainstream.

Just now it was $1300 in China market. Now it is $1000. really crazy.
legendary
Activity: 1176
Merit: 1001
minds.com/Wilikon
November 18, 2013, 08:16:09 PM
The Asian lady behind Murck is pretty hot.
And she likes Bitcoin.  Grin
Quote
"You don't think it was Al Gore do you?"
My favorite moment was when this asian girl (aka Satoshi) exchanged a handshake with the chairman.  Grin

YES! I believe the Chairman noticed her.

Seriously I am a caveman and I offer zero excuses for being one. But I would love more women to be involved in bitcoin to the highest representation levels. All women of ages and origin. When women embrace bitcoin, $1000 bitcoin will look like a bargain in the future.... It will really become mainstream.
member
Activity: 84
Merit: 10
November 18, 2013, 08:09:19 PM
looks like it all went well!

Seriously!!!

I honestly can't believe how well that went either, the whole panel managing to keep their objectivity even when presenting issues that usually send the media types into a frenzy.

There's a good chance (imho) that this entire presentation will become historically significant. Or maybe I'm just getting caught up in the moment Wink


My brain is having a hard time keeping up haha.
newbie
Activity: 23
Merit: 0
November 18, 2013, 08:07:29 PM
looks like it all went well!

Seriously!!!

I honestly can't believe how well that went either, the whole panel managing to keep their objectivity even when presenting issues that usually send the media types into a frenzy.

There's a good chance (imho) that this entire presentation will become historically significant. Or maybe I'm just getting caught up in the moment Wink
member
Activity: 84
Merit: 10
November 18, 2013, 07:29:26 PM
looks like it all went well!

Seriously!!!
member
Activity: 112
Merit: 10
November 18, 2013, 07:16:12 PM
looks like it all went well!
sr. member
Activity: 420
Merit: 250
Bayern
November 18, 2013, 06:38:21 PM
Quote
I quickly looked for her twitter account's main page. It says "happily married". Translation: "OK people? Back off I am taken already!" Grin
Was thinking the same thing. Never seen this before in a Twitter description. There must be a lost of Bitcoin guys hiting on her.

I was wondering why no one mentioned Zerocoin or Coinjoin. Which would be a huge deal for all government agencies. Don't they know about that or what is the deal here?

What about Zerocoin or Coinjoin?
hero member
Activity: 968
Merit: 515
November 18, 2013, 06:14:23 PM
Quote
I quickly looked for her twitter account's main page. It says "happily married". Translation: "OK people? Back off I am taken already!" Grin
Was thinking the same thing. Never seen this before in a Twitter description. There must be a lost of Bitcoin guys hiting on her.

I was wondering why no one mentioned Zerocoin or Coinjoin. Which would be a huge deal for all government agencies. Don't they know about that or what is the deal here?
legendary
Activity: 1176
Merit: 1001
minds.com/Wilikon
November 18, 2013, 05:55:54 PM
I think it's Jinyoung Lee Englund... Director of Public Affairs BTCFoundation

I quickly looked for her twitter account's main page. It says "happily married". Translation: "OK people? Back off I am taken already!" Grin

I thought this hearing was VERY positive. For people not into child porn or buying drugs like myself I am not sure what exactly I should worry about beside stuff like CoinValidation schemes in the future.

I enjoyed the hearing and nothing I got from it was a surprise. I actually heard believers involved with the fundation and found them very eloquent defending bitcoin.
legendary
Activity: 2590
Merit: 2156
Welcome to the SaltySpitoon, how Tough are ya?
November 18, 2013, 05:50:11 PM
My sides after the senator asked if Al Gore was Satoshi  Grin
sr. member
Activity: 336
Merit: 250
Cuddling, censored, unicorn-shaped troll.
November 18, 2013, 05:49:09 PM
The Asian lady behind Murck is pretty hot.
And she likes Bitcoin.  Grin
Quote
"You don't think it was Al Gore do you?"
My favorite moment was when this asian girl (aka Satoshi) exchanged a handshake with the chairman.  Grin
hero member
Activity: 968
Merit: 515
November 18, 2013, 05:46:18 PM
The Asian lady behind Murck is pretty hot.
And she likes Bitcoin.  Grin

Quote
"You don't think it was Al Gore do you?"
My favourite moment. I think Carper has a positive attitude towards Bitcoin, despite his age. I respect him very much for that.
legendary
Activity: 1145
Merit: 1001
November 18, 2013, 05:37:55 PM
They are referring to the application of the FINcen guidelines as applying only to the exchanges, rather than to the miners and exchanges.... interesting.
There hasn't been any application of that guidance yet to enforce.  It seems that now that the US DOJ has been able to nab almost 1% of all bitcoin into their coffers, they want to keep it in the US.
A historical footnote Silk road saves the USA by getting caught within it.

I agree, now that the US has a vested interest in Bitcoin they might actually embrace it.
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