Topic: Report on the Bitcoin Foundation's Trip to Washington D.C. - page 2. (Read 13034 times)

I'm not sure if you're being facetious or naive.

Either way, troll harder.

"Poking at the beast" may not really be an apt analogy as far as big beats small, because MythBusters showed that elephants give a wide berth to mice if they see them: https://www.youtube.com/watch?v=wXiMs65ZAeU

Would be interesting to figure out what analogy IS apt, though.

Let's see the Bitcoin Foundation propose regulating the banking industry themselves.

Government industry collusion is not a very transparent process.

Great work, thank you 

Poking at the beast.

           USA                                    Bitcoin Foundation
              V                                         V

I agree with all that.  Resilient systems tend to route around damage, problems and failures, and regulation can be a type of that.  It is a testament to the resiliency of Bitcoin that it can do so as nimbly as it does.

Rather than a need to comply, compliance can also be an optional exercise of the robust feature set of Bitcoin, in that Bitcoin makes compliance less onerous for those that would want to do so for their own reasons.  
Compliance regimes always favor the large enterprise against the small, and thus they stifle innovation.   Bitcoin can lowers the burden for that compliance and gives individual enterprises a leg up by making compliance more easy.  

Certain industries require a high degree of accountability, which Bitcoin fosters.  With Bitcoin we have the whole range from deep anonymity to transparent operations in the bright light of day.  Bitcoin's feature set is just better, so yes, in a way it is a big favor to have this discussion with those in the government that are reaching out to learn.  Perhaps in time they will come to realize that.

The USA has about 1 in 5 people dependent on the government for their well-being, certainly at least some of those can awaken to what is happening and be allies.

You mean make sure nobody uses Bitcoin in a transparent "legal" way in the United States again.

They can't stop people using it. The cat is out of the bag on that one. They also can't stop other countries making it perfectly legal, which Germany is headed in the direction to do and Finland seems to certainly favor, which makes them look like fools and tyrannical ones at that.

You're right that they have to be careful how they play it. If they're smart they will realize Bitcoin already checkmated the system and whether it's the current version or something later on which succeeds wildly the concept and methodology are here to stay; so they instead should frame themselves in a flattering light. As the saying goes if you can't beat them join them.

As for relation to the dollar et al. that's what markets are about. Many people will still have reason to value the dollar and other fiat, just as they have reason to value precious metals. The difference is fiat no longer gets a free pass. Politicians have to actually be responsible for fiat to stay competitive.

Another problem with a single prominent lobbying group is that they are subject to blackmail and other forms of exploitation. Now that you have been to their house and have been scrutinized, you should be wary of delegitimizing personal situations.

Great, so now they're "briefed" on Bitcoin.

The next steps are dependent on whether they think Bitcoin is a threat to the dollar, and by extension, to the policies of the Fed and Treasury. Don't forget to throw in the law enforcement concerns about all the "bad things" you can do with Bitcoin. (Naturally they'll overlook that you can do the same with cash.)

If they accept Bitcoin, they'll put out some softball regs to see where it goes, place the framework for further governmental "hooks" to get some of that tasty revenue stream.

If they reject Bitcoin, they'll use every flaw and wrinkle they can devise about the Bitcoin network, and the foundation members, to make sure nobody uses Bitcoin again. Dirty tricks, making sure exchanges and payment processors have onerous requirements, the whole ball of wax.

So, guess which one it will be?

(Hint: They like the dollar just fine...)

Just watch, this isn't some goddamned game show, the stakes are real and they've just been raised.

You read my mind.
When the US gov. does try to restrict usage of bitcoins this is exactly the argument that should be made.
The US should be allowed to control the supply of the US dollar and in which currency taxes are to be paid.
It should have no say in whether or not dollars can be exchanged for wheat, copper, yen, euros, gold or bitcoins.

I would have gladly paid the membership fee for you.

You may be trolling from time to time but I greatly appreciate your personal engagement behind "the idea".

I just wanted to express my thanks for that.

i imagine bitcoin in the same way i imagine a foreign exchange from pound to euro, dollar to yen.. etc.

the country that owns the FIAT should ensure they control that fiat. but they should not try controlling the opposing countries FIAT.

EG USA.. should have controls to protect the dollar but should have no policies to control pounds, yen, euro or bitcoin.

bitcoin is its own country, its own population and community. it is not owned by another country

Atlas explained quite well the dangers of THE Bitcoin Foundation in their famous first thread... with that kind of useless actions once a year, as the meeting they are vaguely reporting here, they will atract new users to their foundation. Get te noobs and, eventually, you will get the entire Bitcoin network.

The above is an arbitrary opinion. We want you to present facts and evidence. Based on these we will have our opinion whether it was or wasn't a smashing success.


Did you also hit hard on seizing / freezing / stealing $5 million from a business (MtGox) that delivers services on a voluntary basis?


Will this regulatory environment be applicable only to you and people working with you OR will it be forced upon others (who as it happens may not share your standards of safety and sanity)?

In case this regulation is to be forced upon non-consenting humans and businesses: when, where and in what circumstances did you get the proxy to represent those persons (some of whom might not yet have been born) and businesses (some of which might not yet have been created)?


Please do not hide these questions from us.


Legitimate? This sounds like an arbitrary opinion. Do please list these concerns. After you have named these concerns, everybody will have an opportunity to have an opinion on whether these concerns are real and legitimate. Labeling concerns ''real'' or ''legitimate'' does not make them real or legitimate just by saying so.


I would like to know these tough answers.


So far you have only alleged the fact of the meeting having been held + you presented some opinions. You did not reveal other facts upon which achievement of any sort could be trumped out.


Yeah, and the second step, by your own words, is bringing ''regulatory environment'', right?

What is the third step?

Is there any reason this was a closed door meeting? If you're going to claim to work on behalf of Bitcoin users, being as open and transparent as the Blockchain is, IMHO, integral. Minutes of the meeting should be made public, as well as with any future interactions you have with them.

Aside from that, my opinion hasn't changed from this post. Clearly someone needs to talk to them, because regulators will need to know, but make sure it's for their sake alone and not the sake of the petrodollar hegemony.

They should be coming to you, never vice-versa.

Concede nothing on our obligations to them. In fact, it's the other way around, we can simply leave the US if they start making "demands", and they'll lose the "best and brightest" among us. Seems to be that they already have lost many.

Not really. Most politicians have the IQ of a 5 year old. They need it explained to them by folks who understand Bitcoin and can explain it simply.

Totally agree. Thank you.

Indeed. We don't need to campaign contribute to bribe totalitarians to exercise even the slightest modicum of economic liberty, just do it.