Bitcoin at the US Senate

[freedomno1]

Apologies if its been asked already but is there anywhere to download the meeting to watch offline?

I have found a link (Tried to rip a copy for sharing but my stuff is way out of date so someone else will need to try )

That said here you go
http://www.hsgac.senate.gov/hearings/beyond-silk-road-potential-risks-threats-and-promises-of-virtual-currencies
http://www.hsgac.senate.gov/media/majority-media/key-senate-committee-holds-first-congressional-hearing-on-virtual-currencies

http://www.hsgac.senate.gov/templates/watch.cfm?id=3221a852-5056-a032-5272-259defcfd3df (Video URL)
Isolated Full Screen http://www.senate.gov/isvp/?comm=govtaff&type=arch&stt=930&filename=govtaff111813

[JohnyBigs]

Seems most are breathing a sigh of relief thinking that the hearing added no push for new regulations or laws. What they said was the existing AML and KYC is sufficient for now.

Hello? KYC means what? Know Your Customer.

That means merchants required to know who you are. That means reporting to the government.

Electronic currency on a public ledger means they can ramp up these existing laws to require e-file reporting on smaller and smaller transactions.

The NSA is mopping everything. Soon the FinCEN or DHS or... will be mopping up all transaction identities.

If you aren't whitelisted, the merchant can't accept you.

666 anyone?

Don't be so naive. These transformations move slowly enough that you boil like a frog.

Crypto Currency QR codes, Mark of the beast anyone? Tattooed perfectly on your hand to send/accept payments.

[franky1]

Seems most are breathing a sigh of relief thinking that the hearing added no push for new regulations or laws. What they said was the existing AML and KYC is sufficient for now.

Hello? KYC means what? Know Your Customer.
That means merchants required to know who you are. That means reporting to the government.
Electronic currency on a public ledger means they can ramp up these existing laws to require e-file reporting on smaller and smaller transactions.
The NSA is mopping everything. Soon the FinCEN or DHS or... will be mopping up all transaction identities.
If you aren't whitelisted, the merchant can't accept you.
666 anyone?
Don't be so naive. These transformations move slowly enough that you boil like a frog.

take your tinfoil hat off and listen to the c-span again

the hearing said it will only affect the exchange level businesses.. meaning MTGOX,BITStamp BTC-E etc... not starbucks requesting 0.0001btc, not alpaca socks, and not your great aunt trudy who wants to convert the bitcoin you send her into fiat so she can buy some knitting needles and a cup of tea.

again only exchanges involved with converting bitcoin to fiat as part of their business.

secondly regulated businesses do not send reports daily of every transaction. they only send "suspicious" transactions to the serious crimes division of fincen, and only when there it is an absolute and categorically obvious link to serious crime.

AMLKYC is about the business doing most of the leg work of finding suspicious trades and people. leaving FINCEN to only deal with reports from businesses that are truly high risk.

EG bitstamp:
they ask for your ID, they check that your name given matches that of the bank you wish funds to go to. they then check if your on FBI most wanted list.
if all cleared they allow you to trade, classing you as low risk. bitstamp keep logs of your trades and as soon as you reach certain fiat value thresholds they may increase the risk level, EG bitstamp may look to see if any of your deposits are just 1 hop transaction from a known blackmarket. in which case they class you as high risk.

now if you dont do anything to class yourself as high risk. fincen will never know what transactions you have done, only bitstamp will.

[JohnyBigs]

Seems most are breathing a sigh of relief thinking that the hearing added no push for new regulations or laws. What they said was the existing AML and KYC is sufficient for now.

Hello? KYC means what? Know Your Customer.
That means merchants required to know who you are. That means reporting to the government.
Electronic currency on a public ledger means they can ramp up these existing laws to require e-file reporting on smaller and smaller transactions.
The NSA is mopping everything. Soon the FinCEN or DHS or... will be mopping up all transaction identities.
If you aren't whitelisted, the merchant can't accept you.
666 anyone?
Don't be so naive. These transformations move slowly enough that you boil like a frog.

take your tinfoil hat off and listen to the c-span again

the hearing said it will only affect the exchange level businesses.. meaning MTGOX,BITStamp BTC-E etc... not starbucks requesting 0.0001btc, not alpaca socks, and not your great aunt trudy who wants to convert the bitcoin you send her into fiat so she can buy some knitting needles and a cup of tea.

again only exchanges involved with converting bitcoin to fiat as part of their business.

secondly regulated businesses do not send reports daily of every transaction. they only send "suspicious" transactions to the serious crimes division of fincen, and only when there it is an absolute and categorically obvious link to serious crime.

AMLKYC is about the business doing most of the leg work of finding suspicious trades and people. leaving FINCEN to only deal with reports from businesses that are truly high risk.

EG bitstamp:
they ask for your ID, they check that your name given matches that of the bank you wish funds to go to. they then check if your on FBI most wanted list.
if all cleared they allow you to trade, classing you as low risk. bitstamp keep logs of your trades and as soon as you reach certain fiat value thresholds they may increase the risk level, EG bitstamp may look to see if any of your deposits are just 1 hop transaction from a known blackmarket. in which case they class you as high risk.

now if you dont do anything to class yourself as high risk. fincen will never know what transactions you have done, only bitstamp will.

What fantasy world do you live in? The same Fiat Rules apply to Bitcoin. As of right now "Individuals" are considered MSB's with Fincen's last guidance unless they offer new guidance.

Secondly, regular money rules apply to bitcoin, If you make any purchases of $3,000 or more guess what it's getting recorded and probably stored in a government database somewhere, exchanging bitcoin into fiat well then we have a $1,000 limit for you there.

It's foolish to think that when the NSA and government are recording your banking and credit card transactions legally and illegaly, you think that Bitcoin is different.

[AnonyMint]

In recent times I've occasionally seen people sometimes question what the purpose of the Foundation is. Well, this is one of the reasons it was created. There are many powerful institutions in our world run by people that simply don't or won't take part in forums like bitcointalk, mailing lists and so on. The way they operate is by holding meetings, conferences and hearings like this one. The Foundation not only funds development but acts as a bridge between these two very different worlds.

And the Foundation either doesn't have a clue where BitCON is headed, or is complicit:

http://armstrongeconomics.com/2013/11/19/congressional-hearings-on-bitcoin/


And it is mathematically impossible for it to not be also a ponzi scheme given the distribution problem which I have outline.

[DoomDumas]

[farfiman]

And it is mathematically impossible for it to not be also a ponzi scheme given the distribution problem which I have outline.

So are all assets with enormous gains a ponzi?   In a classic ponzi new joiners are paying the old joiners for basically NOTHING.
If you contend that bitcoin is NOTHING then you are correct.   

I do agree with you that the world governments are pushing a cashless society and it won't take that long. Plenty of countries already have limits on cash deals and I hear of more attacks on cash all the time.

[wtfvanity]

looks like it all went well!

Seriously!!!

I honestly can't believe how well that went either, the whole panel managing to keep their objectivity even when presenting issues that usually send the media types into a frenzy.

There's a good chance (imho) that this entire presentation will become historically significant. Or maybe I'm just getting caught up in the moment

Nope this will be history and we will all remember that the Bitcoin Foundation member needed more lividness
Mean energy lol

Also MY favorite Pic of the Day

I'm too lazy to scan it, what does it say?

[Rassah]

adding stop loss @ 500$

How did that work out for you?

[Rassah]

And the Foundation either doesn't have a clue where BitCON is headed, or is complicit:

http://armstrongeconomics.com/2013/11/19/congressional-hearings-on-bitcoin/

Wait, are you Martin A. Armstrong???

[DeathAndTaxes]

I'm too lazy to scan it, what does it say?

It says stop being a lazy ass and scan me, or learn how to read QR code.

[Come-from-Beyond]

It says stop being a lazy ass and scan me, or learn how to read QR code.

Actually it's a private key.

[adamas]

I'm too lazy to scan it, what does it say?

  Barcode format:   QR_CODE

Raw text: http://bitcoin.org/en/choose-your-wallet

Raw bytes:
42 86 87 47 47 03 a2 f2   f6 26 97 46 36 f6 96 e2
e6 f7 26 72 f6 56 e2 f6   36 86 f6 f7 36 52 d7 96
f7 57 22 d7 76 16 c6 c6   57 40 ec 11 ec 11 ec 11
ec 11 ec 11 ec 11 ec

[wtfvanity]

I'm too lazy to scan it, what does it say?

  Barcode format:   QR_CODE

Raw text: http://bitcoin.org/en/choose-your-wallet

Raw bytes:
42 86 87 47 47 03 a2 f2   f6 26 97 46 36 f6 96 e2
e6 f7 26 72 f6 56 e2 f6   36 86 f6 f7 36 52 d7 96
f7 57 22 d7 76 16 c6 c6   57 40 ec 11 ec 11 ec 11
ec 11 ec 11 ec 11 ec

Thanks. I liked it before I knew what it said, and now knowing, like it that much more.

[NewLiberty]

Don't have time for the 3hr hearing?  Here it is in 2 lines:

Senate to regulators:   What's up with digital currency, you guys need any laws?

Regulators and Law Enforcement reply:   Nah, we are good.  Didn't you hear about eGold, Liberty Reserve, Silk road and all our child porn busts?  We got this.

[Rampion]

Don't have time for the 3hr hearing?  Here it is in 2 lines:

Senate to regulators:   What's up with digital currency, you guys need any laws?

Regulators and Law Enforcement reply:   Nah, we are good.  Didn't you hear about eGold, Liberty Reserve, Silk road and all our child porn busts?  We got this.

Exactly THIS. Oh, and Satoshi being Al Gore is a recurrent joke among the big guys in DC.

[DeathAndTaxes]

Don't have time for the 3hr hearing?  Here it is in 2 lines:

Senate to regulators:   What's up with digital currency, you guys need any laws?

Regulators and Law Enforcement reply:   Nah, we are good.  Didn't you hear about eGold, Liberty Reserve, Silk road and all our child porn busts?  We got this.

Exactly THIS. Oh, and Satoshi being Al Gore is a recurrent joke among the big guys in DC.

And "Cash [USD] is still the best way to launder money."

[NewLiberty]

What is the source for this art?

[wtfvanity]

The asian chick is back.

[Akka]

The asian chick is back.

Link please.