Bitcoin at the US Senate

[Come-from-Beyond]

Bitcoin exists exactly to solve the problem they created. Going to speak with them is useless, if it would be useful then we would not need bitcoin, we would just go there and tell them "ehi what about stop printing money like there is no tomorrow, what about the current financial system being totally fucked, what about frozen money, what about trillions and trillions of debts, what about bailing out banks with people money etcetc"

+21000000

The complete title of this thread should be "Bitcoin at the US Senate tries to lick some arses".

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[SpiralNihlo]

Cooperating with the state.
Giving them useful information when you aren't forced to?

It amazes me the bitcoin community isn't unequivocally against this, bitcoins ability to get around the draconian rules states enforce is the entire reason it has potential. Why help the enemy? Because you believe doing so helps bitcoin appear more "legitimate" in your eyes? The currency stands on it's own, it doesn't need a stamp from the state of legitimacy or regulation.

Not that I think the states attempts to regulate it will be successful, never the less I give my sincere "fuck you guys" to everyone attending.

[AceCoin]

Going to speak with them is useless

that's the point

[xcsler]

I would make it clear that it is very possible that Bitcoin represents a paradigm shift in how people will understand and use money.
People will eventually value it because of its underlying characteristics which are superior to fiat currencies.
It is global in nature and therefore it will be very difficult or even impossible for any single government to control.
Capital will flee to those jurisdictions who are most Bitcoin friendly.
Governments will likely have to shift from income to sales taxes for their revenue.
I may suggest that if the US Treasury/ Federal Reserve has fewer gold reserves than suspected then it may be wise and more cost effective for them to buy "a few" bitcoins as opposed to gold to back their Federal Reserve Notes.

I would also stress the Honey Badger aspect of Bitcoin in a non-threatening way. It is what it is and ultimately will evolve in a truly free market manner.

[Bitware]

TBF reps... please keep in your minds the following:

"I believe banking institutions are more dangerous to our liberties than standing armies!

If the American people ever allow private banks to control the issue of their currency, 1st by inflation, then by deflation, the banks & corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered."

"The issuing power of money should be taken away from the banks and restored to The People to whom it properly belongs."

“History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and it's issuance.”

"Gentlemen! I too have been a close observer of the doings of the Bank of the United States. I have had men watching you for a long time, and am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I have determined to rout you out, and by the Eternal, (bringing his fist down on the table) I will rout you out!"

Represent well, TBF.

[Rassah]

I would like to attend this meeting, even if I have to sit quietly in the back. Is there information on how I might be able to do that? I,d also like to help any way I can (I'm near DC)

[corebob]

I would be prepared to dismantle absurd accusations, or beliefs, that bitcoin is involved in criminal activity, or that bitcoin is maintained by so called dangerous hackers.

Its not going to be easy to get that across, and I personally believe we would be better off saying as little as possible at this point.

[Lauda]

They can't understand it themselves like the member here did?

[edd]

They can't understand it themselves like the member here did?

A significant percentage of Bitcoin users don't understand Bitcoin, let alone the masses who haven't even tried.

[MaxwellsDemon]

"I believe banking institutions are more dangerous to our liberties than standing armies!

If the American people ever allow private banks to control the issue of their currency, 1st by inflation, then by deflation, the banks & corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered."

"The issuing power of money should be taken away from the banks and restored to The People to whom it properly belongs."

“History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and it's issuance.”

Aren't these arguments for the nationalization of currency issuance?

[Lauda]

They can't understand it themselves like the member here did?

A significant percentage of Bitcoin users don't understand Bitcoin, let alone the masses who haven't even tried.

Yet I do. This means that I'm smarter than the members of the US Senate, correct?

[tinus42]

I would like to attend this meeting, even if I have to sit quietly in the back. Is there information on how I might be able to do that? I,d also like to help any way I can (I'm near DC)

Aren't congressional hearings publicly accessible in the US. In the Netherlands everyone can attend hearings by parliament (as long as there is enough room).

[Bitware]

"I believe banking institutions are more dangerous to our liberties than standing armies!

If the American people ever allow private banks to control the issue of their currency, 1st by inflation, then by deflation, the banks & corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered."

"The issuing power of money should be taken away from the banks and restored to The People to whom it properly belongs."

“History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and it's issuance.”

Aren't these arguments for the nationalization of currency issuance?

Yes.

I believe privatization/partnership is how we got where we are to begin with.  I believe in governments and national currencies, just not our current left-right paradigm of boxed choices and representation that's highly corruptible, most policy nor 3rd party interest/debt-based fiat through a private cabal of international bankers.

I do not believe Bitcoin will replace national currencies, but may move governments to reform, or at least compete. Naturally, competition should either reform current banking ways and means or destroy it, but the governments may have to reform as well, then possibly coin their own money for the benefit of The People. I believe Bitcoin can teach many good lessons to governments and peoples from information not previously as easily-available nor openly visible as it is today. That trust should not necessarily be at issue. That systems can and are being designed and implemented to minimize or remove risk and corruption.

We need a world currency where no one nation, nor group of nations are at an advantage over any others.

That said, those quotes were posted to remind TBF representatives of the core of who and what they are going up against...

People who lie, cheat, steal and kill to get their way.

[BTCetera]

Assume the presumed is true: "China is increasing their BTC holdings and they intend to eventually use this position to help destabilize USD as the world's reserve currency", the goal of this hearing is a forgone conclusion: they will (*one could argue, try to) take Bitcoin out, much like they took Gaddafi out.

*While they might not be able to take Bitcoin out completely, they can surely reduce its usefulness, hamper widespread adoption and drive its value down.

Thoughts?

[corebob]

They can't understand it themselves like the member here did?

A significant percentage of Bitcoin users don't understand Bitcoin, let alone the masses who haven't even tried.

Yet I do. This means that I'm smarter than the members of the US Senate, correct?

I'm afraid so...

[kcirazy]

The senate will be making a choice:

• Try to profit from it
• Try to ban it

And this hearing might have some influence on which path they will walk.
We as a community should think hard about which we want them to try first.
In the long term we all hope that, if Bitcoin works as we hope it does, governments will lose power either way...
But which scenario gives Bitcoin a higher probability of creating value (either for you personally or for society) sooner rather than later?

[Patel]

Bitcoin Foundation shouldn't even exist..

[corebob]

The senate will be making a choice:

• Try to profit from it
• Try to ban it

And this hearing might have some influence on which path they will walk.
We as a community should think hard about which we want them to try first.
In the long term we all hope that, if Bitcoin works as we hope it does, governments will lose power either way...
But which scenario gives Bitcoin a higher probability of creating value (either for you personally or for society) sooner rather than later?

You forgot one other choice:

- Go home thinking that bitcoin is a computer amateurs toy that will go away in a year or two

[Bitware]

The senate will be making a choice:

• Try to profit from it
• Try to ban it

And this hearing might have some influence on which path they will walk.
We as a community should think hard about which we want them to try first.
In the long term we all hope that, if Bitcoin works as we hope it does, governments will lose power either way...
But which scenario gives Bitcoin a higher probability of creating value (either for you personally or for society) sooner rather than later?

You forgot one other choice:

- Go home thinking that bitcoin is a computer amateurs toy that will go away in a year or two

Impossible.

Their money changer, money trust and robber baron controllers know better.

They see exponentially-increasing numbers of normal people converting wealth from traditional securities/paper to Bitcoin, away from their cabal.

They see the peasants learning... and stirring restlessly.

[augustocroppo]

You can also post ideas here, of course. Although I think Patrick prefers to use the Foundation forum, I read both.

Hi Mike,

Well, here is my suggestions...

I think one of the biggest issue at the moment is a wide spread misconception about what exactly is Bitcoin. As evidenced by this forum, there is a mass of people which are not aware that Bitcoin is just a software which allows people to use a medium of exchange defined as BTC. There are many people projecting their expectation and insecurities over the concept of the Bitcoin software.

If I was called to testify, I would ensure to be prepared to explain how exactly the Bitcoin software works in every detail, but with simple explanations. In other words, I would really teach the enquirers as best I could about the Bitcoin software. I would even do live demonstrations to let the audience to understand better what exactly the Bitcoin software can do.

I believe that providing the most accurate information to people in position of power always results in good outcomes. Misinformation can lead to wrong decisions and serious failures. It is important to ensure the enquirers understand that:

- BTC is NOT a currency (the enquirers need to be assured that BTC is a digital medium of exchange which is evaluated against national currencies, mainly the USD. This is very important because it will shape the future decisions to create laws regarding the utilization of BTC in the financial market. So they have to learn that BTC has to be regulated as medium of exchange, not as currency.)

- Bitcoin was NOT developed to undermine the utilization of fiat currencies or replace money transmission business (this is one of the more common misconceptions about the Bitcoin software. People believe that Bitcoin was made to replace business like Visa, Paypal, Western Union, etc. This is, of course, a delusional belief. The Bitcoin software could never replace such business because it not offer the necessary structure required to operate such business. So it is important the enquirers understand that the Bitcoin software was initially developed to offer an alternative way to transmit money. I would tell the enquirers that any financial institution today could use the Bitcoin software to transmit money, including any departments of the federal government such as the IRS.)

- Bitcoin do NOT facilitate criminal activities (this must be explained in very precise details because is directed correlated to national security. The enquirers must to know that transactions generated by the Bitcoin network are not under control of one single entity, but it is recorded in a single virtual ledger which is quite difficult to tamper. So there is a way to keep track of how much money is transmitted in the Bitcoin network.)