 |
June 26, 2013, 08:21:13 PM
Last edit: June 27, 2013, 05:25:10 AM by apetersson |
|
some take-away points as they were parsed by me:
Patrick Murck (PM) Carol R. Van Cleef (CRVC), Will Voorhees (WV), J. Bradley Jansen (JBJ) - Freebanking.org
JBJ: what is bitcoin?
PM: we don't know what asset class bitcoin actually is. def not legal tender, thinks its simply a new thing.
CRVC: please hire me i'm smart. its a value transfer mechanism and easier to work with than a security.
WV:Bitcoin scary because LE does not know how it works. money laundering, terrorist financing. government is used to simply harvesting full financial info.
JBJ: bank secrecy act has not stopped drugs, lets abolish it.
CRVC: BSA just documents financial crimes, should not stop it.
PM: we need safe harbor for banking innovators with open guidelines everyone could follow to have more innovation.
WV: good thing that fincen puts a burden on bitcoin exchanges.
PM: no one is in charge of bitcoin, bitcoin is not anonymous. irreversible TX - not required by bitcoin we will have multisig support. that makes it more friendly for endusers.
CRVC: whatsup with that C&D in CA?
PM: US is too complicated with their 50 different regulations. State of California is clueless and we will school them.
CRVC: Banks should simply take on the exchange function and everything will be dandy.
WV: Bitocoin will need to change to adopt to US law and he thinks the Bitcoin Foundation is going to introduce it.
PM:regarding the fincen guidance: fincen ruling is backwards with mining. Needs proper de minimis rules.
CRVC: makes statements which make it look like she does not know what mining is.
PM: foundation is working on something to reach out to regulators: we will reach out to LE that users can report suspicious stuff to authorities. invites FBI to build a FBI wallet so they aquire more information. Bitcoiners can either put their head in the sand or accept the coming changes through regulation. does not matter if you are in the US or not, apparently US regulations apply worldwide.
CRVC: Portion of the Bitcoin community will have to retain information who transacts with whom, just like banks need to track cash flows.
Q:if regulation becomes too cumbersome, will bitcoin be a closed system.
PM: we don't know. i just earn and spend them
WV: transfer or exchange fincen does not care, still money transmission. coffe shop owner who takes bitcoin == money transmitter.
CRVC: opposite is true. but IRS still wants taxes on those tx.
Q: how does my 82 year old mother benefit from bitcoin?
PM:bitcoin is not ready for mass adoption yet.
Q:is bitcoin asking for criminals?
PM: No. blockchain.
CRVC: e-gold was not criminal and had full records but complaint from LE was this is not enough and they wanted more.
PM: LE will have to do some more work by themselves. invites LE to tell him what they exactly need.
closing remarks:
WV: change regulation, update them. new payments system will have to adopt.
CRVC: digs Bitcoin. transformational.
PM:bitcoin too small for serious money laundering.
|
