Hearing on BTC in senate NOW

[tom.hashemi]

The absolute biggest take home message I got from viewing this senate hearing, was that BTC is here to stay.

100% agreed. REALLY positive.

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[wopwop]

The absolute biggest take home message I got from viewing this senate hearing, was that BTC is here to stay.

100% agreed. REALLY positive.

BUY

[NorbyTheGeek]

After the law enforcement / regulatory panel was so positive, I was so afraid one of the Bitcoin proponents on the second panel would say something stupid to screw things up.  I'm happy to see that didn't happen.

[Morbid]

im having this feeling that we will slowly see bitcoin be incorporated into financial system while dollar fades away with light & fireworks. foundation will program wallet. bitcoin businesses will be future banks. crazy brainwashed warmonging robot-like governmental agencies will enforce that online justice is done and declare WORLD ON CYBER CRIMINALS ending WAR ON TERROR. we will become future millionaires while our voices are becoming less distinct since most of us will be enjoying the new wealth we acquired. this will be phenomenal transfer of wealth. our community as it is today will most probably disappear slowly and the gaps will be filled with less intelligent greedy forumers whose intentions are only to gain wealth quick and easy. this will be what i feared the most. bitcoin will become just like another fiat being controlled by slightly different bunch of people, eventually over time being implemented into usa government. this fiat will be better structured, much smarter, and as a result more punishing. i believe that a true bitcoin community that we have today will have to move into other circles of alternative currencies that are under less attention and not yet regulated. i strongly believe that they will force all alt currencies representatives to comply with fincen or being barred from open official usa crypto trade. we will eventually get us into strongly anonymous crypto currency spaces just like those being actively developed as we speak. im afraid the final confrontation the west will be facing is to be able to regulate exchanges (banks by then) of china & russia. failure to comply will automatically create redlists (maybe a division for every country in the world). we might have national wallet apps being created that are restricting/regulating/monitoring trades between other wallet apps. By then we will be exactly where we are now – in a totally controlled financial environment satoshi wanted to free us from.

[BadAss.Sx]

That chairman is Satoshi man.

Really, it was nice to follow the hearing. I really believe that today was a good day for the community of Bitcoin.

[pisciolatzu]

[corebob]

im having this feeling that we will slowly see bitcoin be incorporated into financial system while dollar fades away with light & fireworks. foundation will program wallet. bitcoin businesses will be future banks. crazy brainwashed warmonging robot-like governmental agencies will enforce that online justice is done and declare WORLD ON CYBER CRIMINALS ending WAR ON TERROR. we will become future millionaires while our voices are becoming less distinct since most of us will be enjoying the new wealth we acquired. this will be phenomenal transfer of wealth. our community as it is today will most probably disappear slowly and the gaps will be filled with less intelligent greedy forumers whose intentions are only to gain wealth quick and easy. this will be what i feared the most. bitcoin will become just like another fiat being controlled by slightly different bunch of people, eventually over time being implemented into usa government. this fiat will be better structured, much smarter, and as a result more punishing. i believe that a true bitcoin community that we have today will have to move into other circles of alternative currencies that are under less attention and not yet regulated. i strongly believe that they will force all alt currencies representatives to comply with fincen or being barred from open official usa crypto trade. we will eventually get us into strongly anonymous crypto currency spaces just like those being actively developed as we speak. im afraid the final confrontation the west will be facing is to be able to regulate exchanges (banks by then) of china & russia. failure to comply will automatically create redlists (maybe a division for every country in the world). we might have national wallet apps being created that are restricting/regulating/monitoring trades between other wallet apps. By then we will be exactly where we are now – in a totally controlled financial environment satoshi wanted to free us from.

Alternative currencies with stronger privacy measures will flourish at some point. Its like, if you cant get a high-tech M16, get a used AK-47 instead. Sure as gravity it is

[Neptune]

So the big question that I heard from the Chairman was to the first Panel "What do you need from the legislative branch?" and all 3 panel members basically stated that they were doing fine with the tools(laws) currently on the books.

That's a huge plus for bitcoin with the apparent lack of need for more legislation.

I watched the entire presentation and I felt it went well for the bitcoin community.

[minimalB]

Alternative currencies with stronger privacy measures will flourish at some point.

I guess stronger privacy measures will be integrated into Bitcoin itself. No need for alt. Win-win.

[freethink2013]

One thing surprised me is gambling didn't get a mention.

[wopwop]

[Kouye]

For anyone who missed it
http://c-spanvideo.org/program/DigitalCu

[QuantPlus]

"Circle Internet Financial"? "Jeremy Allaire", their CEO, is speaking. They were established three weeks ago. They have $9 million in capital from a VC.

You guys missed the whole point...
This Trojan Horse Dude spelled it out clearly...
Raise Barriers to Entry from zero to $1-2 million Reg Fees...
Then HIGH ongoing compliance costs... because money is "special".

Every bank and well-financed BTC business wants High Barriers to Entry...
And that is what we will get codified in law by the Govt.

Then they'll methodically shut down all businesses "not in compliance"...
Which is about 99% of the businesses here.

The beginning of the PayPalization of BitCoin.

[Morbid]

So the big question that I heard from the Chairman was to the first Panel "What do you need from the legislative branch?" and all 3 panel members basically stated that they were doing fine with the tools(laws) currently on the books.

its interesting that what mithily said was that they are happy to work together with other agencies to fight criminals. she listed almost all governmental agencies who can help to fight crime except nsa. and in the end added "and other agencies" - she obviously meant that they are strongly unable to track down the users without their help. expect nsa to get funded to the max and to be "on the frontline" to combat anonymity techniques within bitcoin. mithily also mentioned that “those” agencies must be sitting at the table too. It shows you how far detached nsa from all the lawmaking in usa, especially after snowden bonanza. also all these governmental representatives were afraid to talk out of their mind and kept on reffering to their (scripted) statements. the fbi guy was treated like a little boy as he struggled expressing himself properly. department of justice lady even said that its hers department brought down liberty reserve - as if fincen's nagging and fbi's actions didnt help at all. its funny to see how they artistically submerge each other's faces into the mud. pathetic. during the second part the pro bitcoin representatives at least spoke less of reading material and actually expressed themselves - showing that they are more human. the speaker is probably realises that the government agencies are only doing what they do best - seek and destroy in their own narrow field of influence without asking much questions. unfortunately its that group of agencies that we as a community will end up fearing most for changing bitcoin dramatically. they pose the biggest threat to the original values that we had in place since creation of bitcoin. These brainwashed gangs will go to any extent and break relations with any country in order to reach their goal. i call it a sad day.

[Mondy]

It wwas pretty positive i guess!

[BadAss.Sx]

So the big question that I heard from the Chairman was to the first Panel "What do you need from the legislative branch?" and all 3 panel members basically stated that they were doing fine with the tools(laws) currently on the books.

its interesting that what mithily said was that they are happy to work together with other agencies to fight criminals. she listed almost all governmental agencies who can help to fight crime except nsa. and in the end added "and other agencies" - she obviously meant that they are strongly unable to track down the users without their help. expect nsa to get funded to the max and to be "on the frontline" to combat anonymity techniques within bitcoin. mithily also mentioned that “those” agencies must be sitting at the table too. It shows you how far detached nsa from all the lawmaking in usa, especially after snowden bonanza. also all these governmental representatives were afraid to talk out of their mind and kept on reffering to their (scripted) statements. the fbi guy was treated like a little boy as he struggled expressing himself properly. department of justice lady even said that its hers department brought down liberty reserve - as if fincen's nagging and fbi's actions didnt help at all. its funny to see how they artistically submerge each other's faces into the mud. pathetic. during the second part the representatives at least spoke less of reading material and actually expressed themselves - showing that they are more human. the speaker is probably realises that the government agencies are only doing what they do best - seek and destroy in their own narrow field of influence without asking much questions. unfortunately its that group of agencies that we as a community will end up fearing most for changing bitcoin dramatically. they pose the biggest threat to the original values that we had in place since creation of bitcoin. These brainwashed gangs will go to any extent and break relations with any country in order to reach their goal. i call it a sad day.

You are somehow certainly right in your statement. But you forget about one thing and that is the community. It is us against the big NSA now. We control the code and we provide the power for it. But yes, it is going to be an ugly digital war against our digital freedom. But I am ready to fight for it, just for the sake of our kids. With the integration of digital currency into our society we can make another world where the community also has something to say against all those bankers and politicians. I truly believe today is a good day for the Bitcoin community, but it is also the day where the government openly says that they are coming and has the intention to stay.

[dominicwin]

ugh I wish I could acquire bitcoin at a faster rate and get rid of the hackers trying to PM me "selling bitcoin"

[Morbid]

You are somehow certainly right in your statement. But you forget about one thing and that is the community. It is us against the big NSA now. We control the code and we provide the power for it. But yes, it is going to be an ugly digital war against our digital freedom. But I am ready to fight for it, just for the sake of our kids. With the integration of digital currency into our society we can make another world where the community also has something to say against all those bankers and politicians. I truly believe today is a good day for the Bitcoin community, but it is also the day where the government openly says that they are coming and has the intention to stay.

im afraid as long as we have these sort of people representing communities then everything will eventually get regulated. if bitcoin foundation represent this community then why they didnt disclose what they were going to say to the world prior to their speech? why do we have to find out about that through leaks? why do they make decisions on our behalf? did anyone on this forum heard about any of this before the leak? it disgusting what happened! it blatantly shows to the government that we are not united, easily dividable, easily manipulated into playing by their rules.

[Nagle]

"Circle Internet Financial"? "Jeremy Allaire", their CEO, is speaking. They were established three weeks ago. They have $9 million in capital from a VC.

You guys missed the whole point...
This Trojan Horse Dude spelled it out clearly...
Raise Barriers to Entry from zero to $1-2 million Reg Fees...
Then HIGH ongoing compliance costs... because money is "special".

Every bank and well-financed BTC business wants High Barriers to Entry...
And that is what we will get codified in law by the Govt.

Then they'll methodically shut down all businesses "not in compliance"...
Which is about 99% of the businesses here.

Not the businesses that use Bitcoins for transactions.  Just the exchanges, brokers, and dealers. The ones that handle other people's money. Over half the Bitcoin exchanges have failed, taking customer funds with them.

This hearing probably is a lose for the shadier exchanges. With all the major US regulators indicating that they have no fundamental problem with Bitcoin, attention will be focused on the bad actors. Like Mt. Gox not paying out customer funds.

[freedomno1]

im having this feeling that we will slowly see bitcoin be incorporated into financial system while dollar fades away with light & fireworks. foundation will program wallet. bitcoin businesses will be future banks. crazy brainwashed warmonging robot-like governmental agencies will enforce that online justice is done and declare WORLD ON CYBER CRIMINALS ending WAR ON TERROR. we will become future millionaires while our voices are becoming less distinct since most of us will be enjoying the new wealth we acquired. this will be phenomenal transfer of wealth. our community as it is today will most probably disappear slowly and the gaps will be filled with less intelligent greedy forumers whose intentions are only to gain wealth quick and easy. this will be what i feared the most. bitcoin will become just like another fiat being controlled by slightly different bunch of people, eventually over time being implemented into usa government. this fiat will be better structured, much smarter, and as a result more punishing. i believe that a true bitcoin community that we have today will have to move into other circles of alternative currencies that are under less attention and not yet regulated. i strongly believe that they will force all alt currencies representatives to comply with fincen or being barred from open official usa crypto trade. we will eventually get us into strongly anonymous crypto currency spaces just like those being actively developed as we speak. im afraid the final confrontation the west will be facing is to be able to regulate exchanges (banks by then) of china & russia. failure to comply will automatically create redlists (maybe a division for every country in the world). we might have national wallet apps being created that are restricting/regulating/monitoring trades between other wallet apps. By then we will be exactly where we are now – in a totally controlled financial environment satoshi wanted to free us from.

A possibility of course I hope that the ones that stay around will remember our foundationial beliefs and bring us back to the light side