Awesome, just awesome
Don't want to go overboard with optimism but sounds like the hearing went pretty well
Don't want to go overboard with optimism but sounds like the hearing went pretty well
Synopsis on Slashdot was very positive.
Topic: major Senate hearing on bitcoin, watch live! (Read 5138 times)
Synopsis on Slashdot was very positive.
Awesome, just awesome
Don't want to go overboard with optimism but sounds like the hearing went pretty well
Don't want to go overboard with optimism but sounds like the hearing went pretty well
Fantastic outcome IMO. Let's be honest, America and knee jerk reactions go hand in hand normally.
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.
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.
did anybody record this?
Ive been looking for a link for some time...
Edit: I found it!!!
http://c-spanvideo.org/program/DigitalCu
Ive been looking for a link for some time...
Edit: I found it!!!
http://c-spanvideo.org/program/DigitalCu
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.
Basic rundown:
Senator -
Is the analogy to the early days of the internet an apt one? It would have been a massive mistake to kill that. Even thought it allowed our enemies to communicate better and faster, look at all the innovation and commerce it has brought.
Do we have the right regulations in place for you to do your jobs?
Do we have the right people in place making these decisions?
Treasury -
The internet analogy is an apt one.
Having more types of payment processors compete in the marketplace is a very good thing.
We don't want to classify it as this or that, only stop people from money laundering.
The existing regulations are sufficient.
There are many great innovations to come that we don't want to kill.
DHS -
You are correct in comparing this to the internet.
Our task force between all these agencies has done a good job of taking down Liberty Reserve and Silk Road.
There are many legitimate uses of cryptocurrency.
The existing regulations are sufficient, but we'll let you know if that changes.
We could use additional experts.
Secret Service -
Cybercurrency is used for crime.
We've arrested lots of cybercriminals.
(Begrudgingly) Yes, there might be a legitimate use for something like bitcoin.
We could use additional experts.
Am I too optimist or that sound awesome?Senator -
Is the analogy to the early days of the internet an apt one? It would have been a massive mistake to kill that. Even thought it allowed our enemies to communicate better and faster, look at all the innovation and commerce it has brought.
Do we have the right regulations in place for you to do your jobs?
Do we have the right people in place making these decisions?
Treasury -
The internet analogy is an apt one.
Having more types of payment processors compete in the marketplace is a very good thing.
We don't want to classify it as this or that, only stop people from money laundering.
The existing regulations are sufficient.
There are many great innovations to come that we don't want to kill.
DHS -
You are correct in comparing this to the internet.
Our task force between all these agencies has done a good job of taking down Liberty Reserve and Silk Road.
There are many legitimate uses of cryptocurrency.
The existing regulations are sufficient, but we'll let you know if that changes.
We could use additional experts.
Secret Service -
Cybercurrency is used for crime.
We've arrested lots of cybercriminals.
(Begrudgingly) Yes, there might be a legitimate use for something like bitcoin.
We could use additional experts.
The market sure seems to think so. Bitcoin has gone from <550 to >700 just today!
Basic rundown:
Senator -
Is the analogy to the early days of the internet an apt one? It would have been a massive mistake to kill that. Even thought it allowed our enemies to communicate better and faster, look at all the innovation and commerce it has brought.
Do we have the right regulations in place for you to do your jobs?
Do we have the right people in place making these decisions?
Treasury -
The internet analogy is an apt one.
Having more types of payment processors compete in the marketplace is a very good thing.
We don't want to classify it as this or that, only stop people from money laundering.
The existing regulations are sufficient.
There are many great innovations to come that we don't want to kill.
DHS -
You are correct in comparing this to the internet.
Our task force between all these agencies has done a good job of taking down Liberty Reserve and Silk Road.
There are many legitimate uses of cryptocurrency.
The existing regulations are sufficient, but we'll let you know if that changes.
We could use additional experts.
Secret Service -
Cybercurrency is used for crime.
We've arrested lots of cybercriminals.
(Begrudgingly) Yes, there might be a legitimate use for something like bitcoin.
We could use additional experts.
Am I too optimist or that sound awesome? Senator -
Is the analogy to the early days of the internet an apt one? It would have been a massive mistake to kill that. Even thought it allowed our enemies to communicate better and faster, look at all the innovation and commerce it has brought.
Do we have the right regulations in place for you to do your jobs?
Do we have the right people in place making these decisions?
Treasury -
The internet analogy is an apt one.
Having more types of payment processors compete in the marketplace is a very good thing.
We don't want to classify it as this or that, only stop people from money laundering.
The existing regulations are sufficient.
There are many great innovations to come that we don't want to kill.
DHS -
You are correct in comparing this to the internet.
Our task force between all these agencies has done a good job of taking down Liberty Reserve and Silk Road.
There are many legitimate uses of cryptocurrency.
The existing regulations are sufficient, but we'll let you know if that changes.
We could use additional experts.
Secret Service -
Cybercurrency is used for crime.
We've arrested lots of cybercriminals.
(Begrudgingly) Yes, there might be a legitimate use for something like bitcoin.
We could use additional experts.
Basic rundown:
Senator -
Is the analogy to the early days of the internet an apt one? It would have been a massive mistake to kill that. Even thought it allowed our enemies to communicate better and faster, look at all the innovation and commerce it has brought.
Do we have the right regulations in place for you to do your jobs?
Do we have the right people in place making these decisions?
Treasury -
The internet analogy is an apt one.
Having more types of payment processors compete in the marketplace is a very good thing.
We don't want to classify it as this or that, only stop people from money laundering.
The existing regulations are sufficient.
There are many great innovations to come that we don't want to kill.
DHS -
You are correct in comparing this to the internet.
Our task force between all these agencies has done a good job of taking down Liberty Reserve and Silk Road.
There are many legitimate uses of cryptocurrency.
The existing regulations are sufficient, but we'll let you know if that changes.
We could use additional experts.
Secret Service -
Cybercurrency is used for crime.
We've arrested lots of cybercriminals.
(Begrudgingly) Yes, there might be a legitimate use for something like bitcoin.
We could use additional experts.
Senator -
Is the analogy to the early days of the internet an apt one? It would have been a massive mistake to kill that. Even thought it allowed our enemies to communicate better and faster, look at all the innovation and commerce it has brought.
Do we have the right regulations in place for you to do your jobs?
Do we have the right people in place making these decisions?
Treasury -
The internet analogy is an apt one.
Having more types of payment processors compete in the marketplace is a very good thing.
We don't want to classify it as this or that, only stop people from money laundering.
The existing regulations are sufficient.
There are many great innovations to come that we don't want to kill.
DHS -
You are correct in comparing this to the internet.
Our task force between all these agencies has done a good job of taking down Liberty Reserve and Silk Road.
There are many legitimate uses of cryptocurrency.
The existing regulations are sufficient, but we'll let you know if that changes.
We could use additional experts.
Secret Service -
Cybercurrency is used for crime.
We've arrested lots of cybercriminals.
(Begrudgingly) Yes, there might be a legitimate use for something like bitcoin.
We could use additional experts.
They're asking for more money, not additional laws. That's good news to me.
FinCEN, DHS and the Senator are pretty positive. The Secret Service guy has a one-track mind and would kill bitcoin yesterday if it were up to him, forget innovation.
http://cryptokid.blogspot.com/2013/11/major-senate-hearing-on-bitcoin-watch.html
To watch a live stream of the hearing, visit the HSGAC website, and check CoinDesk for updates on the day.
http://www.c-span.org/Live-Video/C-SPAN3/
To watch a live stream of the hearing, visit the HSGAC website, and check CoinDesk for updates on the day.
http://www.c-span.org/Live-Video/C-SPAN3/
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