Cryptocurrency and the dollar. What's your thoughts?

[RachelManning1991]

Woahh.. What a large community here. I'm quite frankly new to cryptocurrency like many other people these days, and it has really made me think about currency in general and how it's "manipulated" by the government.

Well the thing is, after discovering "bitcoins" in general I've found some interviews with Jeff Berwick from The Dollar Vigilante. He's a anarcho-capitalist activist and also a quite successful man, but what I found interesting is all his "predictions" about the US government, the dollar and bitcoins (cryptocurrency).

Anyway I won't go on a big rant about these things, but I'd like to know what others in this community things about government regulations towards "paper-currency".

I personally don't have enough knowledge to fully give an opinion, but I think it's awesome that the "free community" have made a currency that can't be controlled by the US government. They are trying very hard, but I don't think they'll ever "destroy" cryptocurrency. As long as people want it, it'll exist.

*Also I'm not sure if this thread is created in the right category, sorry if it's not.

[hashturbator]

Woahh.. What a large community here. I'm quite frankly new to cryptocurrency like many other people these days, and it has really made me think about currency in general and how it's "manipulated" by the government.

Well the thing is, after discovering "bitcoins" in general I've found some interviews with Jeff Berwick from The Dollar Vigilante. He's a anarcho-capitalist activist and also a quite successful man, but what I found interesting is all his "predictions" about the US government, the dollar and bitcoins (cryptocurrency).

Anyway I won't go on a big rant about these things, but I'd like to know what others in this community things about government regulations towards "paper-currency".

I personally don't have enough knowledge to fully give an opinion, but I think it's awesome that the "free community" have made a currency that can't be controlled by the US government. They are trying very hard, but I don't think they'll ever "destroy" cryptocurrency. As long as people want it, it'll exist.

*Also I'm not sure if this thread is created in the right category, sorry if it's not.

Yes, correct category; as a newbie, you're restricted here for the time being and anything goes in the Newbies sub.

There are very few here that will give a favorable opinion of any type of regulation, much less by an entity most popularly considered as ominous as the US government. I like to consider the relationship the government, and other private regulatory commissions, have had with the torrent network. In a direct P2P network, such as a torrent or BTC, there is very little adversaries can really do to eliminate the activity. Then consider what we are really dealing with is technology, and technology will expand to new territories and crash through barriers, painfully, maybe even dangerously, but will in one form or another establish itself.

My thoughts on the governmental stance toward BTC isn't as sour as many would make it to be. I think they have a much more favorable outlook than many think, however, the activity we've seen taken by US enforcement has been focused on compliance, rather than on the BTC protocol. It's my opinion that they realize they can't stop it, they know it could have some extraordinary benefits to the world populace at large, but they also know that if they don't inject themselves into the market properly, they will be crippled. "Who is going to pay us our money?!?1! ..I mean, pay taxes?"

[RachelManning1991]

My thoughts on the governmental stance toward BTC isn't as sour as many would make it to be. I think they have a much more favorable outlook than many think, however, the activity we've seen taken by US enforcement has been focused on compliance, rather than on the BTC protocol.

I understand that, and we can't really know for sure what the government feels about this.. But you could also argue that the government don't like the BTC protocol because of their lack of power regarding controlling. When they caught that guy behind silkroad, they found out that he had many millions in btc, but couldn't get a hold of it because they didn't have his password. So because it not a physical object, they might be afraid that money could circle around without them being able to control it.

Take for example the cuts of funding for wikileaks, that was possible because they could put pressure on paypal and the banks, but you can't do the same with bitcoins. Unless you shutdown the internet or physically force the users of btc in any way.

[The 4ner]

Yes it's an extraordinary tool that can be used for so much good. It seriously is the key to break free from the shackles of monetary oppression.

[geraFoerra]

Yes it's an extraordinary tool that can be used for so much good. It seriously is the key to break free from the shackles of monetary oppression.

Govt realizes it. It is too much freedom, and Govt will not like it keep it this way. Regullations are inevitable here

[hashturbator]

I understand that, and we can't really know for sure what the government feels about this.. But you could also argue that the government don't like the BTC protocol because of their lack of power regarding controlling. When they caught that guy behind silkroad, they found out that he had many millions in btc, but couldn't get a hold of it because they didn't have his password. So because it not a physical object, they might be afraid that money could circle around without them being able to control it.

Governments with limited control? What is this world coming to?!?!  

Take for example the cuts of funding for wikileaks, that was possible because they could put pressure on paypal and the banks, but you can't do the same with bitcoins. Unless you shutdown the internet or physically force the users of btc in any way.

In just under 30 minutes, we'll get a little glimpse of what is cooking in the Senate in regard to BTC. In any case, you are absolutely right. There is a tremendous amount at stake with the rapid acceptance of BTC. As you allude: Money, thus power. They could have a lot to lose but for all of our sake, let's hope they realize they have much more to lose by taking a position adverse to BTC.

What I'm imagining to likely happen are very rigid controls on exchanges between BTC and USD, the requirement to claim capital gains on taxes - in accordance with current law, but leaving the BTC market (P2P & Consumer2Merchant transactions) largely unfettered with the exception that merchants include a new federally defined sales tax.

edit: was off by an hour - 3pm EST

[RachelManning1991]

In just under 30 minutes, we'll get a little glimpse of what is cooking in the Senate in regard to BTC.

Where can we go to follow that progress?

And yeah, you are right. I also think that we'll see crazy involvement at the exchange end of it..

[The 4ner]

In just under 30 minutes, we'll get a little glimpse of what is cooking in the Senate in regard to BTC.

Where can we go to follow that progress?

And yeah, you are right. I also think that we'll see crazy involvement at the exchange end of it..

30 minutes? What's going on?

[hashturbator]

In just under 30 minutes, we'll get a little glimpse of what is cooking in the Senate in regard to BTC.

Where can we go to follow that progress?

And yeah, you are right. I also think that we'll see crazy involvement at the exchange end of it..

30 minutes? What's going on?

http://www.c-spanvideo.org/program/Currenci#
@ 3p EST
*ty for the correction, cr1776

The US Senate is meeting to discuss Virtual Currencies. I believe it's the first meeting of two meetings this week...

And yeah, you are right. I also think that we'll see crazy involvement at the exchange end of it..

Agreed ..I think it's likely going to be at the point of currency exchange, we'll see the most prohibitive and annoying regulation. I know there are quite a few worried about this CoinValidation business too, alongside theories of regulation and centralization coming from governmental requirements on mining equipment. If governments are able to control mining ..checkmate.

[cr1776]

You should be able to follow it here:
3pm EST (US Eastern)

@ http://www.c-span.org/Live-Video/C-SPAN3/

In just under 30 minutes, we'll get a little glimpse of what is cooking in the Senate in regard to BTC.

Where can we go to follow that progress?

And yeah, you are right. I also think that we'll see crazy involvement at the exchange end of it..

30 minutes? What's going on?

[The 4ner]

In just under 30 minutes, we'll get a little glimpse of what is cooking in the Senate in regard to BTC.

Where can we go to follow that progress?

And yeah, you are right. I also think that we'll see crazy involvement at the exchange end of it..

30 minutes? What's going on?

http://www.c-spanvideo.org/program/Currenci#

The US Senate is meeting to discuss Virtual Currencies. I believe it's the first meeting of two meetings this week...

I didn't know about this. Thanks for the heads up. However I must add that whatever jurisdictions the US has on cryptocurrency they will only apply within the US and nowhere else. The US may be a world superpower but it ins't the world and it
can't stop crypto currency from being used elsewhere.

[wagonrepairer]

U.S. Agencies to Say Bitcoins Offer Legitimate Benefits

http://www.bloomberg.com/news/2013-11-18/u-s-agencies-to-say-bitcoins-offer-legitimate-benefits.html

[CryptoJunky]

It looks like CSPAN will be covering it online via their radio channel, not streaming video. I put together a post earlier with some details/background information on the hearing for anyone interested.

http://cryptojunky.com/blog/2013/11/18/what-to-look-for-at-the-us-senate-hearing-on-virtual-currencies/

[RachelManning1991]

You should be able to follow it here:
3pm EST (US Eastern)

@ http://www.c-span.org/Live-Video/C-SPAN3/

In just under 30 minutes, we'll get a little glimpse of what is cooking in the Senate in regard to BTC.

Where can we go to follow that progress?

And yeah, you are right. I also think that we'll see crazy involvement at the exchange end of it..

30 minutes? What's going on?

So it's in about 2 hours, am I right?
Correction: It's live right now here http://www.c-span.org/Live-Video/C-SPAN3/