Title: Homeland Security Hearing Today! Post by: deathcode on November 18, 2013, 06:06:18 PM How will this affect the price of bitcoin?
http://www.hsgac.senate.gov/hearings/beyond-silk-road-potential-risks-threats-and-promises-of-virtual-currencies Seems like it's gotten some media attention. Title: Re: Homeland Security Hearing Today! Post by: thetopham on November 18, 2013, 06:09:38 PM anyway we can get a live feed?
Title: Re: Homeland Security Hearing Today! Post by: move_zig on November 18, 2013, 06:15:40 PM anyway we can get a live feed? A post on /r/bitcoin says http://www.c-spanvideo.org/schedule/ Title: Re: Homeland Security Hearing Today! Post by: thetopham on November 18, 2013, 06:16:04 PM anyway we can get a live feed? A post on /r/bitcoin says http://www.c-spanvideo.org/schedule/ thanks Title: Re: Homeland Security Hearing Today! Post by: GigaCoin on November 18, 2013, 07:58:31 PM How will this affect the price of bitcoin? http://www.hsgac.senate.gov/hearings/beyond-silk-road-potential-risks-threats-and-promises-of-virtual-currencies Seems like it's gotten some media attention. as usual, politics gather to discuss how to "ruin" anything good :P Title: Re: Homeland Security Hearing Today! Post by: antimattercrusader on November 18, 2013, 08:07:05 PM Happening now, wach this:
http://www.c-span.org/Live-Video/C-SPAN3/ Title: Re: Homeland Security Hearing Today! Post by: bassclef on November 18, 2013, 08:08:25 PM Opening speech by Sen. Carper, nothing we don't know yet. He already used email as an analogy to digital currency.
Title: Re: Homeland Security Hearing Today! Post by: zby on November 18, 2013, 08:12:16 PM Copied from: https://bitcointalk.org/index.php?topic=337751.0
Quite positive - what you think? U.S. Agencies Tell Senate Bitcoins Offer Legitimate Benefits 2013-11-18 05:01:00.13 GMT By Max Raskin Nov. 18 (Bloomberg) -- The Department of Justice and Securities and Exchange Commission are telling a U.S. Senate committee that Bitcoins are legitimate financial instruments, boosting prospects for wider acceptance of the virtual currency. Representatives from the agencies told the U.S. Senate Committee on Homeland Security and Governmental Affairs ahead of a hearing today that the digital money offers benefits and carries risks, like any other online-payment system, according to letters they released before the meeting. The committee scheduled the hearing “to explore potential promises and risks related to virtual currency for the federal government and society at large” after the Silk Road Hidden Website was shut down in October. The closing of the marketplace, where people could obtain drugs, guns and other illicit goods using Bitcoins, is helping fuel a rally in the virtual currency as speculators bet that the digital money will gain more mainstream acceptance. “The FBI’s approach to virtual currencies is guided by a recognition that online payment systems, both centralized and decentralized, offer legitimate financial services,” Peter Kadzik, principal deputy assistant attorney general, wrote in a letter yesterday. “Like any financial service, virtual currency system of either type can be exploited by malicious actors, but centralized and decentralized online payment systems can vary significantly in the types and degrees of illicit financial risk they pose.” Virtual Money Introduced in 2008 by a programmer or group of programmers going under the name of Satoshi Nakamoto, Bitcoin is being used to pay for everything from gourmet coffee to smartphones on the Internet. There are almost 12 million Bitcoins in circulation, according to Bitcoincharts, a website that tracks activity across various exchanges. Bitcoins were trading for $460 apiece yesterday on Bitstamp, one of the more active online exchanges, where the digital money is traded for dollars, euros and other currencies. The virtual currency reached a record of $473 yesterday, and is up more than 30-fold so far this year. “Two years ago it was alarm when Silk Road first came on the scene,” said Jerry Brito, senior research fellow at the Mercatus Center at George Mason University who is also testifying in front of the committee today. “Since then, Congress has been educating itself and understands that there are great potential benefits, and like any new technology there are going to be some challenges. But they see there is a balance to be struck here and they are generally positive on the technology.” Gaining Acceptance Since the virtual currency exists as software that’s designed to be untraceable, it’s an attractive tender for those seeking to transact anonymously via the Web. While the closing of Silk Road initially caused the digital money to lose a third of its value within days, Bitcoins have recovered and rallied to record levels as speculators and investors bet that the currency will be less of a fad and gain more mainstream acceptance. Ben Bernanke, chairman of the Federal Reserve, is also weighing in on the hearing, saying that it has no plans to regulate the currency. “Although the Federal Reserve generally monitors developments in virtual currencies and other payments system innovations, it does not necessarily have authority to directly supervise or regulate these innovations or the entities that provide them to the market,” Bernanke wrote in a letter to the committee. The hearings will bolster the view that Bitcoins are an acceptable alternate means of conducting transactions, and that their use will grow, said Brito. “These hearings means Bitcoin is finally coming into its own; it’s a real thing and it’s not going anywhere and these hearings highlight that,” he said. For Related News and Information: Bitcoin at Record as U.S. Senate Seeks to Discuss Virtual Money FIFW NSN MVYHY76S9728 <GO> Bitcoin Climbs to Record on Wider Acceptance, China Trading FIFW NSN MVV8CQ6K50YT <GO> Bitcoin Mining Rush Means Real Cash for Makers of Hardware: Tech FIFW NSN MUOOB96KLVRM <GO> Top Technology Stories:TTOP<GO> --Editors: Reed Stevenson, Kevin Miller To contact the reporter on this story: Max Raskin in New York at +1-212-617-0443 or mraskin5@bloomberg.net To contact the editor responsible for this story: Pui-Wing Tam at +1-415-617-7327 or ptam13@bloomberg.net Title: Re: Homeland Security Hearing Today! Post by: freebird on November 18, 2013, 08:39:24 PM So far, I'm pleasantly surprised by the tone of the hearing. All the panelists keep mentioning how digital currencies themselves are a legitimate financial innovation and are not illegal. They are drawing a clear line between bitcoin itself and the use of it by some people for crime. I think this is bullish.
Title: Re: Homeland Security Hearing Today! Post by: rausvi15 on November 18, 2013, 08:41:54 PM bitcoin is the threat????and weapons sold in America is commonplace?
alcohol is sold in specialty shops and restaurant must have licenses to sell it, but no less drunk than elsewhere. My dear Americans, when will you understand that everything what is prohibited in your country only becomes more interesting for your citizens .. God bless America and Bitcoin. maybe it would be good to do your eUSD! within half an hour of listening 1000x said criminal activity....sux criminal activity is sale arms to yours citizens..and not ideal deflationary system, which prevents the fattening of banks and the creation of the global crisis ... Title: Re: Homeland Security Hearing Today! Post by: harounkola on November 18, 2013, 09:14:20 PM I'll be posting a recap for those who can't attend. Thanks. I'd appreciate that.Title: Re: Homeland Security Hearing Today! Post by: Hyena on November 18, 2013, 09:20:59 PM Happening now, wach this: http://www.c-span.org/Live-Video/C-SPAN3/ Watching it right now. And also witnessed 700$ ATH in gox just a minute ago :D Title: Re: Homeland Security Hearing Today! Post by: CryptoMinter on November 18, 2013, 09:27:17 PM The Sen. Tom Carper and the panel FinCen, Secret Service, and Homeland Defense were all bullish. One of them even stated that virtual currency is no different from other forms of exchange and trade with respect to abuse and criminal activity. NONE of them asked congress to increase regulation of any kind, and the Sen asked if regulation is too high here, driving business out of the country, to which they responded that it will get worse everywhere else and remain the same here (US). They also seem unconcerned with the DeepWeb and virtual currencies, citing Liberty Reserve, SilkRoad, et al as examples where by current regulation was capable of doing the job.
All in all, panel 1 seemed bullish. Title: Re: Homeland Security Hearing Today! Post by: CryptoMinter on November 18, 2013, 10:35:19 PM Panel 2
Much agreed with panel 1 with respect to current regulation. There was complaint that per-state MSB is a poor system, and that guidance from the IRS, FinCen is crucial to supporting growth domestically and urged that the USGOV help in that regard. Ernie Allen complained about the difficulty of law enforcement in tracking down bitcoin users, however, it was in contradiction to Panel 1, and later he suggested that no additional regulations were necessary, but rather inclusion of exchanges, domestically, in MSB and know your customer regulations would aid in fighting crime (and bringing a regulatory environment to support that was crucial). The bitcoin rep complained about the inability for companies associated with bitcoin to open domestic bank accounts was frustrating to innovation and has lead to the 3 major exchanges being in Japan, China, and Europe. The general concensus around comsumer protection laws was that bitcoin is risky, the users know its like cash today, but that as it evolves to a wider user base, then additional regulations may become necessary however the panelists seemed to agree that industry-lead insurances (escrow) is likely the path forward rather than creating mass legislation to mitigate risks. Senator: Do you know who the inventor of bitcoin is? (Comments by panel) So you think it might be Al Gore? Title: Re: Homeland Security Hearing Today! Post by: windjc on November 18, 2013, 10:45:54 PM No surprise here at all.
THIS JUST SHOWS that a ridiculous number of people on bitcointalk and on reddit are overly paranoid when it comes to our government. Is government bloated? Yes. Is there corruption? Sure. But the government officials don't really understand bitcoin. But they do understand that the invention of the internet is the one major commodity that the US has created in the last 40 years worth a damn that has also given a huge boast to our economy and sustained our reputation as innovators in the world. Bitcoin is an extension of the internet in their minds. There really isn't a panel of 8 white haired men sitting around an iron table plotting how to control all of our lives. Most people, including those "in power" spend time really focusing on the mundane details of their own self-absorbed lives. Just like most of us. The US government is not going to threaten bitcoin. Bitcoin has much more to worry about from the banks who get to decide who can set up shop in the US and who can't. Title: Re: Homeland Security Hearing Today! Post by: wopwop on November 18, 2013, 10:48:02 PM No surprise here at all. you think the US will rollover and quit the petrodollar empire cuz bitcoin? :D :D :D :D :D :D :D :D :D :D :D :D :D :D :D :D :D :DTHIS JUST SHOWS that a ridiculous number of people on bitcointalk and on reddit are overly paranoid when it comes to our government. Is government bloated? Yes. Is there corruption? Sure. But the government officials don't really understand bitcoin. But they do understand that the invention of the internet is the one major commodity that the US has created in the last 40 years worth a damn that has also given a huge boast to our economy and sustained our reputation as innovators in the world. Bitcoin is an extension of the internet in their minds. There really isn't a panel of 8 white haired men sitting around an iron table plotting how to control all of our lives. Most people, including those "in power" spend time really focusing on the mundane details of their own self-absorbed lives. Just like most of us. The US government is not going to threaten bitcoin. Bitcoin has much more to worry about from the banks who get to decide who can set up shop in the US and who can't. Title: Re: Homeland Security Hearing Today! Post by: glendall on November 18, 2013, 10:51:43 PM That went really well, I'd say.
Props to Mr . Murck as well. I didn't have much opinion on the Bitcoin Foundation before, and now, it is a bit more favourable, I thought his position and delivery were both pretty good. |