Topic: Report on the Bitcoin Foundation's Trip to Washington D.C. - page 4. (Read 13034 times)

Thanks for the update, i expect a lot of new stuff coming out because of this meeting.

What about the SEC? They're the regulatory agency for brokers and exchanges.

If Bitcoin were a commodity or currency you could trade on major exchanges, we could get rid of all those clowns trying to run Bitcoin exchanges.

We, the bitcoin users,  don't need the bitcoin foundation to represent us. We have no faces. If any user, US government included, has any problem using Bitcoin, we can help him in the bitcointalk forum. But nearly all the questions a government could have about Bitcoin are very well explained in satoshi's paper and the source code. The only words the foundation had to say in that meeting: read the paper and the code as all of we did, it's all explained there.

Government transparency, responsibility and simpler accounting could be among the early benefits.  Once they get it, they may like it for the right reasons even if they don't like it for the ways it isn't broken.

It is disinformation that governments would suffer in a Bitcoin economy.

Governments will still raise tax revenue but the emphasis would move from income tax to asset and sales taxes. They would have to live within their means, but this will actually benefit them in the long run. Governments that live perpetually beyond their means eventually undergo systemic failure. There are countless examples. In Western countries it is a bloated welfare/entitlement state and participation in non-defense wars of choice which wreck government finances. Without printable fiat the electorate would fully understand that governments could only offer welfare which is affordable and participate in wars which are truly matters of defense.

Phinnaeus Gage, I'd love to have you on the foundation's education committee. Much has changed since Matonis took over and it's for the better. Send me a PM.

+1

In the spirit of open dialogue, could you please make available any documents from the presentations?

I would consider joining TBF if the meeting with regulators was recorded.  Just like bitcoin, I need proof of what happened.  Maybe you guys can lobby for recording future meetings on video.  There is no reason for the government to be private about this.  After all, we the taxpayer pay their salaries.

Thanks for the update, it will be very interesting to see how things progress over the next few months.. years even

Agree big time.. I've had mixed feelings about The Bitcoin Foundation from the start, but this event has warmed me to the idea considerably. The first public interactions between government agencies and TBF has clearly proven they will be considered the first voice taken seriously from this community and it sounds as though they did well with the informational meet and greet.. Lets hope that now when the people in the meeting think of the Bitcoin ecosystem they can better see the creativity and innovation we have to offer, rather the image of silk road junkies, scammers and cheats.

I know we don't all feel the same, but I always knew for Bitcoin to move forward we have to play ball, and we have to convince these guys to play ball too. The first steps are underway and I'm happy TBF is leading the way.


That all asside, MSantori a follow up to the question of who hosted the meeting.. Was it FinCEN who contacted TBF and invited you guys to their planned shindig? Or did TBF initiate dialogue with FinCEN which resulted in the meeting?

I can only guess that it may have come as a result of TBF inquiring for clarification on FinCEN's published guidance. I think it would be interesting if FinCEN had instead reached out to TBF though, I would take that as the government intending on making some decisions sooner rather then later and also giving TBF legitimacy as the community's representation if FinCEN chose to pick up the phone and call them first.

I didn't even read post #2, going straight to The Bitcoin Foundation site and finally signing up and becoming a member. Doling out ~$25 USD is the least I could do for their efforts yesterday and probably today.

Yes, I've read concerns about the org., but put that aside, though still not sure what to believe, I felt it important to support them now.

Now, I only owe Josh $175.00 USD.  

EDIT: I just refreshed the page on their site, and was asked if I wanted to UPGRADE my account. To what? A Monarch? 

Did the Foundation convey to the agencies of Bitcoin's existential threat to fiat currencies?
Do they understand what the implications to governments would be if a significant portion of all commerce was done using bitcoins as opposed to the USD?

Well this could be a start and also US is way behind germany. They are late also in receiving additional revenue. 

The deadline for these agencies to report back to the senate is august 30...see the last paragraph on page 3:
http://www.hsgac.senate.gov/download/letter-to-secretary-napolitano-on-virtual-currencies

I'm sure getting help understanding this stuff was greatly appreciated...kinda like getting tutored the day before a test...

To address a few questions:

FinCEN hosted the meeting, not the Foundation.

It did not subpoena the foundation. We went willingly

As far as I know, it was not recorded.  It wasn't open to press either.

The Foundation did not endorse any particular investigative or regulatory methods, nor did we lobby for any particular policy position.  The meeting was the beginning of a conversation, not a debate.  Moreover, the Foundation has not developed any particular policy position as of yet.  It is in the midst of determining its policy positions by democratic, community-driven process.  If you'd like your voice heard in this process, or would like to know more about how it works, you should consider joining the Foundation.  

I should say that we made one particular point very strongly, that the Foundation does not represent "Bitcoin".  We represent our constituent members.  We tried to be as transparent as possible about that.

Government industry collusion is not a very transparent process.

...and with that, my work here is done.

waitaminnit - nope, not quite

MSantori - was this meeting recorded? Is there a transcript available? If not, why not?

Thanks for the clarification. I would like to know if the gradual education of the government is going to be a process of court trials involving businesses until none are left that are willing to operate in this country. The best way for the agencies to act from this point forward is using complete transparency and communication with business operators. If regulators feel that a business is violating a law they should clarify and seek compliance. Unfortunately, they are more likely to grandstand and prosecute. Sensationalism and media attention wins votes even if the prosecuting agency later loses the case.

Great critical job being done, thanks for taking this seriously. You seem to have done a very profesionnal job and I wish that you continue this education effort. You're helping them to better understand Bitcoin and make more informed and coherent decisions about it.