2013-08-13 Senate panel kicks off broad look at Bitcoin

[zakoliverz]

http://www.reuters.com/article/2013/08/13/usa-senate-bitcoin-idUSL2N0GE10K20130813

Virtual currencies "can be sent nearly anonymously, leaving little or no trail for regulators or enforcement agencies," said the letter, which was signed by the committee's Chairman Tom Carper, a Democrat from Delaware, and ranking member Tom Coburn, an Oklahoma Republican.

[Raoul Duke]

Virtual currencies "can be sent nearly anonymously, leaving little or no trail for regulators or enforcement agencies,"

That's not a bug, it's a feature. Haters gonna hate, etc. ...

[deeplink]

Virtual currencies "can be sent nearly anonymously, leaving little or no trail for regulators or enforcement agencies parasitic government agencies to steal," said the letter, which was signed by the committee's Chairman Tom Carper, a Democrat from Delaware, and ranking member Tom Coburn, an Oklahoma Republican of Team America: World Police.

Fixed

[Rygon]

I think Coinsetter, Coinbase, and some of the other companies will do an excellent job of addressing their concerns. Congress wants to show that they are being tough and doing something, so the Bitcoin community will respond by showing that new exchanges are jumping through the appropriate regulatory loops, identifying customers. Plus, the SEC is prosecuting Ponzi schemes occuring in Bitcoin space and companies are starting to comply with AML. We all say we're sorry for not being in compliance with the rules earlier, but that's because the technology was too cutting edge. Our bad, but we're working with banking regulators now (well, except for MtGox, and the US-based exchanges certainly aren't going to defend them) The Congressional committee will pat themselves on the back for doing a good job, and Bitcoin will continue to develop with less interference. It'll be a win/win.

[bitcool]

Aug 13 (Reuters) - A powerful U.S. Senate Committee has started an inquiry into Bitcoin and other virtual currencies....

People vs Power. Grassrot vs elites. 

[kjlimo]

So can we withdraw from Mtgox using Dwolla yet?

How long before that?

I'm not too concerned by the US Senate... I'm sure it will be a while before they release any information about their lack of work... anything more than this and I'll be surprised...

[TraderTimm]

I respectfully suggest looking at http://hyperboria.net/ and running a node. Even better if you can run one on dedicated hardware and link up with your friends.

I think the next step in desperation will be a commercial internet attack, in the form of demonizing Tor nodes and anything used for privacy.

[Voogru]

Guys.

We want them to declare war on bitcoin.

Everything they declare war on becomes SUPER EXPENSIVE.

[cbeast]

Delaware and Oklahoma should lead by example and end all criminal activity using cash.

[Raoul Duke]

Everything they declare war on becomes SUPER EXPENSIVE.

Not really. I can buy weed on a street dealer for half the price the same weed costs in a dutch coffeeshop. Same thing with cigarettes, you can buy them for half price if you get the foreign ones from a mom and pop shop.

[Voogru]

Everything they declare war on becomes SUPER EXPENSIVE.

Not really. I can buy weed on a street dealer for half the price the same weed costs in a dutch coffeeshop. Same thing with cigarettes, you can buy them for half price if you get the foreign ones from a mom and pop shop.

Thing is, the supply of drugs would be significantly higher of it was legal, more supply, lower prices. It would also be far more productive because you'd no longer have to waste vast amounts of resources trying to hide everything.

[Raoul Duke]

Everything they declare war on becomes SUPER EXPENSIVE.

Not really. I can buy weed on a street dealer for half the price the same weed costs in a dutch coffeeshop. Same thing with cigarettes, you can buy them for half price if you get the foreign ones from a mom and pop shop.

Thing is, the supply of drugs would be significantly higher of it was legal, more supply, lower prices. It would also be far more productive because you'd no longer have to waste vast amounts of resources trying to hide everything.

Life experience tells me it isn't so. But you can believe whatever you want.

[Stephen Gornick]

Here's a link to an PDF of the actual letter sent by committee chair Thomas Carper and member Tom Coburn:

 - http://www.hsgac.senate.gov/download/letter-to-secretary-napolitano-on-virtual-currencies