2012-09-16 slashdot.org - Bitinstant: World "On an Inferior Monetary System"

[alexanderanon]

http://yro.slashdot.org/story/12/09/16/1511206/bitinstant-ceo-says-world-operates-on-an-inferior-monetary-system
links to:
http://paritynews.com/web-news/item/322-world-operates-on-an-inferior-monetary-system-says-bitinstant
http://blog.bitinstant.com/blog/2012/9/15/brazil-and-the-global-payments-forum.html

Speaking about Bitcoin the duo [Erik Voorhees and Charlie Shrem] and explained to NACHA attendees of the power of virtual currency and its inevitability in the long run and how it is not disruptive in its literal meaning. Shrem and Voorhees went to the forum to convey two basic messages. First, how organizations can tap the strengths of Bitcoin and figure out ways to adopt this new technology? Second, the desire of BitInstant to be legally compliant. Relative anonymity is Bitcoin’s thing but, the duo went on to explain that there can be multiple layers of regulatory scaffolding on top of the Bitcoin system depending upon how regulators want it, only on a condition that they work with them.

"Regulatory scaffolding"? Not on my bitfork!

[marcus_of_augustus]

This comment made my week already ....

This particular conclusion was derived at after the last presentation at the forum by Senior Legal Counsel to the Federal Reserve  .... The presenter said, “well, if the regulators don’t like what Bitcoin is doing, it’s very possible they could come after you.” To this Voorhees replied that there was no “you”. On this the counsel said in that case the law would go after the server farms and the infrastructure.

Fed. Res. senoir legal counsel thinks they can shutdown the Bitcoin Company's "server farms" ... cool. The intertubes are getting all gummed up with disinformation heheheh!

[Gabi]

On this the counsel said in that case the law would go after the server farms and the infrastructure.

Ahahahah

[Littleshop]

Wow.  A Bitcoin story on Slashdot WHILE I have modpoints.    This is gonna be fun. 

[Gabi]

This made my week too, i'm still laughing

[grue]

This particular conclusion was derived at after the last presentation at the forum by Senior Legal Counsel to the Federal Reserve  .... The presenter said, “well, if the regulators don’t like what Bitcoin is doing, it’s very possible they could come after you.” To this Voorhees replied that there was no “you”. On this the counsel said in that case the law would go after the server farms and the infrastructure.

our "server farms" are thousands of nodes, hosted on computer's around the world. good luck raiding all of those.

[The-Real-Link]

LOL

[Raoul Duke]

How did that guy got his job? A college degree on Economy or what?
Every student of economics I know IRL thinks the US Federal Reserve and the ECB are governmental entities, so it doesn't surprise me much lol

[niko]

I've said this before: let them be stupid, and don't ridicule them. Use Bitcoin, explain it to others in practical and technological terms, and let everyone decide about political implications for themselves.
Direct confrontation is not a good idea in asymmetrical warfare. The more we grow under the radar, the bigger we will be once we ping the radars.

[Gabi]

My opinion about what they said:

Small words from a small being trying to attack what he doesn't understand

[Gabi]

By the time Bitcoin became self-aware it had spread into millions of computer servers all across the planet. Ordinary computers in office buildings, dorm rooms, everywhere. It was software, in cyberspace. There was no system core. It could not be shut down. The regulators attack began at 6:18 P.M. just as he said it would. Judgment Day. The day the human race was nearly destroyed by the banksters they built to protect themselves. I should have realized our destiny was never to stop Judgment Day; it was merely to survive it. Together. Satoshi knew. He tried to tell us, but I didn't want to hear it. Maybe the future has been written. I don't know. All I know is what Satoshi taught me. Never stop fighting. And I never will. The battle has just begun.

[WikileaksDude]

I've said this before: let them be stupid, and don't ridicule them. Use Bitcoin, explain it to others in practical and technological terms, and let everyone decide about political implications for themselves.
Direct confrontation is not a good idea in asymmetrical warfare. The more we grow under the radar, the bigger we will be once we ping the radars.

I second this. Educate your friends/family about bitcoin, promote it inside your own environment.