Hearing on BTC in senate NOW

Very dissapointing, but not unexpected so far. I'm hoping the pro-Bitcoin speakers will have their fair say!.

Lol im already feeling a hint of a lot of "WE WANT TO CONTROL EVERYTHING" in this hearing

Basically. Please could we control virtual currencies?

no

Quote from: Nemesis on November 18, 2013, 08:16:26 PM

China doesnt give the fck! lol

Haha, yeah I've got 2 chart windows open, one MTGox, the other btcnCNY. Ones soaring, the other just massively plumetted, guess which is which Cheesy

Anybody compiling a word cloud of this?

Patriot act x 1

Quote from: freet0pian on November 18, 2013, 08:20:55 PM

Anybody compiling a word cloud of this?

Patriot act x 1

I expect to see high counts of 'criminal' 'money laundering' 'illegal' and 'terrorist' Roll Eyes

All I hear is negative words so far. When do they state the benifits?

Replace the words 'virtual currency' with 'cash' and the same applies.

Untraceable, no transfer fees, easy to buy Child pornography etc...

is it over or it is still live, if it is please can some1 give me link!

Follow the money, bitcoin is ideal for that... these people are not scientists.

I think they're basically saying, they can still arrest people using bitcoins. I don't think it's that negative.

Quote from: Marinowner on November 18, 2013, 08:24:20 PM

is it over or it is still live, if it is please can some1 give me link!

Live at http://www.c-span.org/Live-Video/C-SPAN3/# . I think it lasts for about 2 hours (25 mins in so far).

I have heard a few encouraging things so far. They seem to be saying that virtual currencies are not illegal but they are just concerned about tackling all illegal use of the virtual currencies. Mythili Raman said, "The department is encourage about the cooperation of the virtual currency organizations."

I guess the real question will be how they tackle the criminal use of the virtual currencies? I am all for that but I am sure it will cause some more restrictive use. It is not an easy problem to solve though.

At least I am not hearing them say that they need to do away with Bitcoin, thankfully.

Homeland Security is up now though. We will see how friendly they are to Bitcoin. . .

Quote from: Arksun on November 18, 2013, 08:22:08 PM

Quote from: freet0pian on November 18, 2013, 08:20:55 PM

Anybody compiling a word cloud of this?

Patriot act x 1

I expect to see high counts of 'criminal' 'money laundering' 'illegal' and 'terrorist' Roll Eyes

\

you got that right. bitcoin will fail to pass.

Yeah, this sort of sucks. Only three witnesses from government agencies, FinCEN, DOJ Criminal and Secret Service. They will OF COURSE have an "everything is criminal" mindset. Where are the FEC, SEC, CFTC, bitcoin industry witnesses?

600 now.. 100 by the end of the week.

You have to remember that the guy testifying now only has one job. That is to investigate financial crimes.

He isn't there to say anything positive about anything except himself and his division.

Yes, they are basically saying they will try and stop any illegal use of it. They are not saying they want to stop all use of it. Big woop.. BUY THE DIP

Edward Lowery with Homeland Security is foretelling growth of the currency and the use for illegal activity. He is talking about some investigations and how some of the criminals have been charged and convicted for money laundering and how they work with other agencies.

He is bragging about apprehending 4000 cyber criminals, primarily talking about Liberty Reserve and some others.

He said, "Digital currencies are a tool used by a wide range of criminals."

He does say at the end that while digital currencies can provide some benefits they are a challenge to law enforcements.

It sounds like he would rather not have any digital currency.