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Author Topic: Bitcoin at the US Senate  (Read 67081 times)
0x00ff
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November 18, 2013, 08:36:41 PM
 #281

Could someone of you native English speakers sum up the speech for the ones not able to understand any word they say as he/she is not _that_ good at English at that level? Thank you sooo much!

There should be a text transcript of the hearing available after...  Will look for a link for that for you.

Great! Thanks in advance!
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November 18, 2013, 08:41:59 PM
 #282

What a waste of time. Talking heads reading storybook time testimony for congressmen, because senators are apparently illiterate(?). Just submit your pre-composed "speech".

(PS: Mozilla, why is pre-composed a misspelling, but "pee-composed" is your suggestion??)

(PS: Secret service: obsolete when currency can't be counterfeited.)

(Sen. Tom Carper now telling a story about seeing the movie "Dillinger" as informing him about financial crime. "We figured out how to deal with that" - he thinks the US government is a movie character?)
Anon136
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November 18, 2013, 08:43:23 PM
 #283

this edward lowry fellow hasn't answered a single one of the questions he has been asked.

Rep Thread: https://bitcointalk.org/index.php?topic=381041
If one can not confer upon another a right which he does not himself first possess, by what means does the state derive the right to engage in behaviors from which the public is prohibited?
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November 18, 2013, 08:43:35 PM
 #284

Looking somewhat good so far IMHO.

They do talk a lot about the illegal uses of Bitcoin.
 
They also acknowledge though that there are legal uses and that an appropriate comparison is with the early Internet.

Namely that similar concerns were raised then but of course the benefits - as it has turned out - far outweigh those.

They want to keep the "burden" to the digital currencies as low as possible.

The witnesses say they can "deal" with the changing situation.

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November 18, 2013, 08:55:58 PM
 #285

Do you wan't to know what I as a foreign 'hear' a lot?

"criminals"
"terorrists"
"money laundry"
"computer crime"

and once even

"child pornography"

To me it seems the undertone of that conversation is to associate 'bad things' with 'digital currencies'.

How far is this TV program spread accross the US? Do many people tend to watch this?
gjgjg
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November 18, 2013, 08:56:17 PM
 #286

Looking somewhat good so far IMHO.

They do talk a lot about the illegal uses of Bitcoin.
 
They also acknowledge though that there are legal uses and that an appropriate comparison is with the early Internet.

Namely that similar concerns were raised then but of course the benefits - as it has turned out - far outweigh those.

They want to keep the "burden" to the digital currencies as low as possible.

The witnesses say they can "deal" with the changing situation.
agree, the legit users and investers should be happy, this is as good as it gets from these departments

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November 18, 2013, 09:00:50 PM
 #287

Looking somewhat good so far IMHO.

They do talk a lot about the illegal uses of Bitcoin.
 
They also acknowledge though that there are legal uses and that an appropriate comparison is with the early Internet.

Namely that similar concerns were raised then but of course the benefits - as it has turned out - far outweigh those.

They want to keep the "burden" to the digital currencies as low as possible.

The witnesses say they can "deal" with the changing situation.
agree, the legit users and investers should be happy, this is as good as it gets from these departments
this

Each department wants to show off how good they are  Cheesy
chrsjrcj
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November 18, 2013, 09:03:52 PM
 #288

Do you wan't to know what I as a foreign 'hear' a lot?

"criminals"
"terorrists"
"money laundry"
"computer crime"

and once even

"child pornography"

To me it seems the undertone of that conversation is to associate 'bad things' with 'digital currencies'.

How far is this TV program spread accross the US? Do many people tend to watch this?

99.9999% of Americans do not watch the channel this is being broadcasted on. However, the news will probably do soundbits focusing on child porn, money laundering, terrorists/
NewLiberty
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November 18, 2013, 09:10:53 PM
 #289

Do you wan't to know what I as a foreign 'hear' a lot?

"criminals"
"terorrists"
"money laundry"
"computer crime"

and once even

"child pornography"

To me it seems the undertone of that conversation is to associate 'bad things' with 'digital currencies'.

How far is this TV program spread accross the US? Do many people tend to watch this?

99.9999% of Americans do not watch the channel this is being broadcasted on. However, the news will probably do soundbits focusing on child porn, money laundering, terrorists/

These are the branches of law enforcement talking to the law authors.  All they will talk about are the criminals and their ability to catch them.  This testimony will not be watched by anyone unless they are VERY interested in bitcoin.

So far it has been VERY good for bitcoin.  All these folks are bragging about how great they are at getting the bad guys.  The folks holding the hearing are the ones that author the laws.  The main issue is whether they need to write new laws to help the law enforcers stop bad things from happening... so far the law enforcers are NOT asking for new laws or more power, with the exception of maybe more funding for their current programs (but those should be well funded already by the seizures made this year), the lawmakers also get to decide on spending.

This is 100% positive for bitcoin so far in that there is no new damaging output requested.  
There may even be some positive effect if there is a more structured refinement of the FINcen pieces which are currently overreaching depending on how they get interpreted.

FREE MONEY1 Bitcoin for Silver and Gold NewLibertyDollar.com and now BITCOIN SPECIE (silver 1 ozt) shows value by QR
Bulk premiums as low as .0012 BTC "BETTER, MORE COLLECTIBLE, AND CHEAPER THAN SILVER EAGLES" 1Free of Government
Anon136
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November 18, 2013, 09:17:24 PM
 #290

Do you wan't to know what I as a foreign 'hear' a lot?

"criminals"
"terorrists"
"money laundry"
"computer crime"

and once even

"child pornography"

To me it seems the undertone of that conversation is to associate 'bad things' with 'digital currencies'.

How far is this TV program spread accross the US? Do many people tend to watch this?

99.9999% of Americans do not watch the channel this is being broadcasted on. However, the news will probably do soundbits focusing on child porn, money laundering, terrorists/

These are the branches of law enforcement talking to the law authors.  All they will talk about are the criminals and their ability to catch them.  This testimony will not be watched by anyone unless they are VERY interested in bitcoin.

So far it has been VERY good for bitcoin.  All these folks are bragging about how great they are at getting the bad guys.  The folks holding the hearing are the ones that author the laws.  The main issue is whether they need to write new laws to help the law enforcers stop bad things from happening... so far the law enforcers are NOT asking for new laws or more power, with the exception of maybe more funding for their current programs (but those should be well funded already by the seizures made this year), the lawmakers also get to decide on spending.

This is 100% positive for bitcoin so far in that there is no new damaging output requested.  
There may even be some positive effect if there is a more structured refinement of the FINcen pieces which are currently overreaching depending on how they get interpreted.

its funny, i learned a lot about government today. there is little to no organization, no cooperation, definitely no interest in "bringing down bitcoin" the only thing these department heads are interested in is panhandling. They seriously couldn't care less about digital currencies, they are just trying to use this as an opportunity to say "look we have done such a great job, look how many bad guys we caught, please either A) give us more money or B) increase the scope of our bailiwick.

Rep Thread: https://bitcointalk.org/index.php?topic=381041
If one can not confer upon another a right which he does not himself first possess, by what means does the state derive the right to engage in behaviors from which the public is prohibited?
wtfvanity
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November 18, 2013, 09:19:26 PM
 #291

The guy cop just said:
we all know digital currencies are not illegal.


haha nice.

          WTF!     Don't Click Here              
          .      .            .            .        .            .            .          .        .     .               .            .             .            .            .           .            .     .               .         .              .           .            .            .            .     .      .     .    .     .          .            .          .            .            .           .              .     .            .            .           .            .               .         .            .     .            .            .             .            .              .            .            .      .            .            .            .            .            .            .             .          .
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November 18, 2013, 09:21:44 PM
 #292

The guy cop just said:
we all know digital currencies are not illegal.


haha nice.

NICE? It's AWESOME! It's LEGAL, they want to help protect it, and they want the US to keep Bitcoin innovation in the USA! AWESOME! AWESOME! AWESOME!

more or less retired.
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November 18, 2013, 09:22:17 PM
 #293

The witnesses are saying they do not need any new laws and they want to "keep the burden as low as possible".

This means they will only continue to do as they have done so far, such as requiring the "providers" (exchanges) to register with FinCen and comply with KYC/AML laws.

To sum it up, Bitcoin is LEGAL and no new laws are needed.

So a relatively good result, I would say!
 Smiley

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November 18, 2013, 09:24:18 PM
 #294

Carper can be something of an idiot - I met him in Delaware in law school - but he isn't showing a lot of idiocy here and not as much as Biden showed at the same time.  He seems somewhat positive, his last quote was something like: "it is possible to have the benefits of a virtual currency and facilitate the kind of criminal activity we've talked about today."  Certainly a positive for Bitcoin (and all the alt-coins).

Perhaps he has become more informed and intelligent over the years, but so far I'm not seeing any huge red flags (although I did miss a little bit part way through).


The guy cop just said:
we all know digital currencies are not illegal.


haha nice.
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November 18, 2013, 09:25:18 PM
 #295

Could someone of you native English speakers sum up the speech for the ones not able to understand any word they say as he/she is not _that_ good at English at that level? Thank you sooo much!

They will try to regulate it for the good of the children. But their tools are fine tuned for centralized targets, so...
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November 18, 2013, 09:25:29 PM
 #296

The witnesses are saying they do not need any new laws and they want to "keep the burden as low as possible".

This means they will only continue to do as they have done so far, such as requiring the "providers" (exchanges) to register with FinCen and comply with KYC/AML laws.

To sum it up, Bitcoin is LEGAL and no new laws are needed.

So a relatively good result, I would say!
 Smiley

Except FinCEN has stated all miners who exchange virtual currency for real currency are exchangers.
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November 18, 2013, 09:28:20 PM
 #297

anyone notice how the market reacted/is reacting to this? wow
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November 18, 2013, 09:28:29 PM
 #298

Thanks you all for the sum up of this show and your nice replies. Good news anyways.
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hm


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November 18, 2013, 09:29:20 PM
 #299

anyone notice how the market reacted/is reacting to this? wow

First very nervous. Than the news "it is legal" and back to the formel level. Beginning with the end statements -> to the moon.

"Morality, it could be argued, represents the way that people would like the world to work - whereas economics represents how it actually does work." Freakonomics
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November 18, 2013, 09:30:10 PM
 #300

$750 high on Mtgox... I guess over $1000 by the end of today.
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