Bitcoin at the US Senate - page 8. | Bitcointalksearch.org

deepceleron

legendary

Activity: 1512

Merit: 1036

Quote from: NewLiberty on November 18, 2013, 04:34:26 PM

Consider the "silk road takedown". DPR can do anything he wants so long as he is increasing his bitcoin hoard on USA ground, he even allegedly hires a hitman, the government doesn't stop it even though they are on the Silk Road server and can see everything happening.

When do they step in? When he orders forged travel documents that might jeopardize their ability to seize the 170K bitcoins by being outside their jurisdiction. Someone more cynical might have some questions about that.

When do they step in? When they can grab his laptop while he is logged in using a public wifi. After they have created some evidence of him "hiring a hitman" so they can say "look, a criminal" instead of "look, ebay without draconian rules".

NewLiberty

legendary

Activity: 1204

Merit: 1002

Gresham's Lawyer

Quote from: Anon136 on November 18, 2013, 04:17:24 PM

Quote from: NewLiberty on November 18, 2013, 04:10:53 PM

Quote from: chrsjrcj on November 18, 2013, 04:03:52 PM

99.9999% of Americans do not watch the channel this is being broadcasted on. However, the news will probably do soundbits focusing on child porn, money laundering, terrorists/

These are the branches of law enforcement talking to the law authors. All they will talk about are the criminals and their ability to catch them. This testimony will not be watched by anyone unless they are VERY interested in bitcoin.

So far it has been VERY good for bitcoin. All these folks are bragging about how great they are at getting the bad guys. The folks holding the hearing are the ones that author the laws. The main issue is whether they need to write new laws to help the law enforcers stop bad things from happening... so far the law enforcers are NOT asking for new laws or more power, with the exception of maybe more funding for their current programs (but those should be well funded already by the seizures made this year), the lawmakers also get to decide on spending.

This is 100% positive for bitcoin so far in that there is no new damaging output requested.
There may even be some positive effect if there is a more structured refinement of the FINcen pieces which are currently overreaching depending on how they get interpreted.

its funny, i learned a lot about government today. there is little to no organization, no cooperation, definitely no interest in "bringing down bitcoin" the only thing these department heads are interested in is panhandling. They seriously couldn't care less about digital currencies, they are just trying to use this as an opportunity to say "look we have done such a great job, look how many bad guys we caught, please either A) give us more money or B) increase the scope of our bailiwick.

This is pretty apt.

Consider the "silk road takedown". DPR can do anything he wants so long as he is increasing his bitcoin hoard on USA ground, he even allegedly hires a hitman, the government doesn't stop it even though they are on the Silk Road server and can see everything happening.

When do they step in? When he orders forged travel documents that might jeopardize their ability to seize the 170K bitcoins by being outside their jurisdiction. Someone more cynical might have some questions about that.

ijjed

newbie

Activity: 18

Merit: 0

This is very interesting to follow the development of this situation at the moment.

I hope and believe that this is only good for bitcoin.

davida

sr. member

Activity: 585

Merit: 250

$750 high on Mtgox... I guess over $1000 by the end of today.

porcupine87

hero member

Activity: 546

Merit: 500

hm

Quote from: rogue13 on November 18, 2013, 04:28:20 PM

anyone notice how the market reacted/is reacting to this? wow

First very nervous. Than the news "it is legal" and back to the formel level. Beginning with the end statements -> to the moon.

0x00ff

newbie

Activity: 56

Merit: 0

Thanks you all for the sum up of this show and your nice replies. Good news anyways.

rogue13

newbie

Activity: 46

Merit: 0

anyone notice how the market reacted/is reacting to this? wow

DeathAndTaxes

donator

Activity: 1218

Merit: 1079

Gerald Davis

Quote from: Mageant on November 18, 2013, 04:22:17 PM

The witnesses are saying they do not need any new laws and they want to "keep the burden as low as possible".

This means they will only continue to do as they have done so far, such as requiring the "providers" (exchanges) to register with FinCen and comply with KYC/AML laws.

To sum it up, Bitcoin is LEGAL and no new laws are needed.

So a relatively good result, I would say!

Except FinCEN has stated all miners who exchange virtual currency for real currency are exchangers.

Wilikon

legendary

Activity: 1176

Merit: 1001

minds.com/Wilikon

Quote from: 0x00ff on November 18, 2013, 03:30:29 PM

Could someone of you native English speakers sum up the speech for the ones not able to understand any word they say as he/she is not _that_ good at English at that level? Thank you sooo much!

They will try to regulate it for the good of the children. But their tools are fine tuned for centralized targets, so...

cr1776

legendary

Activity: 4228

Merit: 1313

Carper can be something of an idiot - I met him in Delaware in law school - but he isn't showing a lot of idiocy here and not as much as Biden showed at the same time. He seems somewhat positive, his last quote was something like: "it is possible to have the benefits of a virtual currency and facilitate the kind of criminal activity we've talked about today." Certainly a positive for Bitcoin (and all the alt-coins).

Perhaps he has become more informed and intelligent over the years, but so far I'm not seeing any huge red flags (although I did miss a little bit part way through).

Quote from: wtfvanity on November 18, 2013, 04:19:26 PM

The guy cop just said:
we all know digital currencies are not illegal.

haha nice.

Mageant

legendary

Activity: 1145

Merit: 1001

The witnesses are saying they do not need any new laws and they want to "keep the burden as low as possible".

This means they will only continue to do as they have done so far, such as requiring the "providers" (exchanges) to register with FinCen and comply with KYC/AML laws.

To sum it up, Bitcoin is LEGAL and no new laws are needed.

So a relatively good result, I would say!

crazy_rabbit

legendary

Activity: 1204

Merit: 1002

RUM AND CARROTS: A PIRATE LIFE FOR ME

Quote from: wtfvanity on November 18, 2013, 04:19:26 PM

The guy cop just said:
we all know digital currencies are not illegal.

haha nice.

NICE? It's AWESOME! It's LEGAL, they want to help protect it, and they want the US to keep Bitcoin innovation in the USA! AWESOME! AWESOME! AWESOME!

wtfvanity

hero member

Activity: 504

Merit: 500

WTF???

The guy cop just said:
we all know digital currencies are not illegal.

haha nice.

Anon136

legendary

Activity: 1722

Merit: 1217

Quote from: NewLiberty on November 18, 2013, 04:10:53 PM

Quote from: chrsjrcj on November 18, 2013, 04:03:52 PM

Quote from: 0x00ff on November 18, 2013, 03:55:58 PM

Do you wan't to know what I as a foreign 'hear' a lot?

"criminals"
"terorrists"
"money laundry"
"computer crime"

and once even

"child pornography"

To me it seems the undertone of that conversation is to associate 'bad things' with 'digital currencies'.

How far is this TV program spread accross the US? Do many people tend to watch this?

99.9999% of Americans do not watch the channel this is being broadcasted on. However, the news will probably do soundbits focusing on child porn, money laundering, terrorists/

These are the branches of law enforcement talking to the law authors. All they will talk about are the criminals and their ability to catch them. This testimony will not be watched by anyone unless they are VERY interested in bitcoin.

So far it has been VERY good for bitcoin. All these folks are bragging about how great they are at getting the bad guys. The folks holding the hearing are the ones that author the laws. The main issue is whether they need to write new laws to help the law enforcers stop bad things from happening... so far the law enforcers are NOT asking for new laws or more power, with the exception of maybe more funding for their current programs (but those should be well funded already by the seizures made this year), the lawmakers also get to decide on spending.

This is 100% positive for bitcoin so far in that there is no new damaging output requested.
There may even be some positive effect if there is a more structured refinement of the FINcen pieces which are currently overreaching depending on how they get interpreted.

its funny, i learned a lot about government today. there is little to no organization, no cooperation, definitely no interest in "bringing down bitcoin" the only thing these department heads are interested in is panhandling. They seriously couldn't care less about digital currencies, they are just trying to use this as an opportunity to say "look we have done such a great job, look how many bad guys we caught, please either A) give us more money or B) increase the scope of our bailiwick.

NewLiberty

legendary

Activity: 1204

Merit: 1002

Gresham's Lawyer

Quote from: chrsjrcj on November 18, 2013, 04:03:52 PM

Quote from: 0x00ff on November 18, 2013, 03:55:58 PM

Do you wan't to know what I as a foreign 'hear' a lot?

"criminals"
"terorrists"
"money laundry"
"computer crime"

and once even

"child pornography"

To me it seems the undertone of that conversation is to associate 'bad things' with 'digital currencies'.

How far is this TV program spread accross the US? Do many people tend to watch this?

99.9999% of Americans do not watch the channel this is being broadcasted on. However, the news will probably do soundbits focusing on child porn, money laundering, terrorists/

These are the branches of law enforcement talking to the law authors. All they will talk about are the criminals and their ability to catch them. This testimony will not be watched by anyone unless they are VERY interested in bitcoin.

So far it has been VERY good for bitcoin. All these folks are bragging about how great they are at getting the bad guys. The folks holding the hearing are the ones that author the laws. The main issue is whether they need to write new laws to help the law enforcers stop bad things from happening... so far the law enforcers are NOT asking for new laws or more power, with the exception of maybe more funding for their current programs (but those should be well funded already by the seizures made this year), the lawmakers also get to decide on spending.

This is 100% positive for bitcoin so far in that there is no new damaging output requested.
There may even be some positive effect if there is a more structured refinement of the FINcen pieces which are currently overreaching depending on how they get interpreted.

chrsjrcj

full member

Activity: 280

Merit: 102

Quote from: 0x00ff on November 18, 2013, 03:55:58 PM

Do you wan't to know what I as a foreign 'hear' a lot?

"criminals"
"terorrists"
"money laundry"
"computer crime"

and once even

"child pornography"

To me it seems the undertone of that conversation is to associate 'bad things' with 'digital currencies'.

How far is this TV program spread accross the US? Do many people tend to watch this?

99.9999% of Americans do not watch the channel this is being broadcasted on. However, the news will probably do soundbits focusing on child porn, money laundering, terrorists/

phelix

legendary

Activity: 1708

Merit: 1020

Quote from: gjgjg on November 18, 2013, 03:56:17 PM

Quote from: Mageant on November 18, 2013, 03:43:35 PM

Looking somewhat good so far IMHO.

They do talk a lot about the illegal uses of Bitcoin.

They also acknowledge though that there are legal uses and that an appropriate comparison is with the early Internet.

Namely that similar concerns were raised then but of course the benefits - as it has turned out - far outweigh those.

They want to keep the "burden" to the digital currencies as low as possible.

The witnesses say they can "deal" with the changing situation.

agree, the legit users and investers should be happy, this is as good as it gets from these departments

this

Each department wants to show off how good they are Cheesy

gjgjg

sr. member

Activity: 448

Merit: 250

Quote from: Mageant on November 18, 2013, 03:43:35 PM

Looking somewhat good so far IMHO.

They do talk a lot about the illegal uses of Bitcoin.

They also acknowledge though that there are legal uses and that an appropriate comparison is with the early Internet.

Namely that similar concerns were raised then but of course the benefits - as it has turned out - far outweigh those.

They want to keep the "burden" to the digital currencies as low as possible.

The witnesses say they can "deal" with the changing situation.

agree, the legit users and investers should be happy, this is as good as it gets from these departments

0x00ff

newbie

Activity: 56

Merit: 0

Do you wan't to know what I as a foreign 'hear' a lot?

"criminals"
"terorrists"
"money laundry"
"computer crime"

and once even

"child pornography"

To me it seems the undertone of that conversation is to associate 'bad things' with 'digital currencies'.

How far is this TV program spread accross the US? Do many people tend to watch this?

Mageant

legendary

Activity: 1145

Merit: 1001

Looking somewhat good so far IMHO.

They do talk a lot about the illegal uses of Bitcoin.

They also acknowledge though that there are legal uses and that an appropriate comparison is with the early Internet.

Namely that similar concerns were raised then but of course the benefits - as it has turned out - far outweigh those.

They want to keep the "burden" to the digital currencies as low as possible.

The witnesses say they can "deal" with the changing situation.

Topic: Bitcoin at the US Senate - page 8. (Read 67168 times)