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suukool (OP)
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November 18, 2013, 08:04:36 PM |
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http://player.liquidcompass.net/WCSPFMRadio. http://www.c-span.org/Live-Video/C-SPAN3/Video. Get ready to listen in to the hearing, I hope it presents some good news. Just a little nervous, U.S. getting involved never really helps. The committee will hear that virtual currencies are a "legitimate financial service" with the same benefits and risks as other online payment systems. The Homeland Security and Governmental Affairs Committee wants to explore the "promises and risks" of Bitcoin for "government and society at large". The currency has trebled in value since October. The US Senate hearing was prompted by the closure of the Silk Road website in October. The site, which sold drugs and other illegal goods, was shut down by the FBI. Users of the site were required to pay for their transactions using Bitcoins. GO BITCOIN GO! <3 BTCBTCBTC
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Arksun
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November 18, 2013, 08:10:58 PM |
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What an opening statement, bitcoins used for illegal drug trading, terrorism etc etc.  I hope one of those talking to the senators highlight the thousands of cases of illegal and terrorist activities funded by US dollars over the dacades... |
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Wipeout2097
Sr. Member
 Offline
Activity: 840
Merit: 255
SportsIcon - Connect With Your Sports Heroes
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November 18, 2013, 08:27:24 PM |
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What an opening statement, bitcoins used for illegal drug trading, terrorism etc etc. I hope one of those talking to the senators highlight the thousands of cases of illegal and terrorist activities funded by US dollars over the dacades... One is not an excuse for the other. The opening statement isn't false, regardless of the use of the US dollar. I hope they move forward with anti-crime measures, still considering legal the virtual currencies. That would be twice victory for BTC! |
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Arksun
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November 18, 2013, 08:32:37 PM |
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What an opening statement, bitcoins used for illegal drug trading, terrorism etc etc. I hope one of those talking to the senators highlight the thousands of cases of illegal and terrorist activities funded by US dollars over the dacades... One is not an excuse for the other. The opening statement isn't false, regardless of the use of the US dollar. I hope they move forward with anti-crime measures, still considering legal the virtual currencies. That would be twice victory for BTC! My point being about the focus, not the accuracy, its easy to create a good or a bad picture based on how much of the talk is spent discussing the positive or the negative aspects, so far its fiercly pro-negative highlighting. |
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Wipeout2097
Sr. Member
Offline
Activity: 840
Merit: 255
SportsIcon - Connect With Your Sports Heroes
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November 18, 2013, 08:38:06 PM |
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What an opening statement, bitcoins used for illegal drug trading, terrorism etc etc. I hope one of those talking to the senators highlight the thousands of cases of illegal and terrorist activities funded by US dollars over the dacades... One is not an excuse for the other. The opening statement isn't false, regardless of the use of the US dollar. I hope they move forward with anti-crime measures, still considering legal the virtual currencies. That would be twice victory for BTC! My point being about the focus, not the accuracy, its easy to create a good or a bad picture based on how much of the talk is spent discussing the positive or the negative aspects, so far its fiercly pro-negative highlighting. Yeah, I see... The highest threat is against the US (petro-)dollar pulled out of thin air, _then_ criminal use of virtual currencies. If any doubts, ask the invaded Iraqis and the "lazy" PIIGS the consequences of bypassing or competing with the petro-dollar. |
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AnatomicFlack
Newbie
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Activity: 21
Merit: 0
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November 18, 2013, 08:41:48 PM |
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Two words... Term Limits If half of these politicians would actually educate themselves about the reality of any of the issues government decides to stick their nose into... we might just threaten to have an actual functioning government at some point... Oh the possibilities of due diligence. Or they could all just go the Rob Ford route!  |
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PenAndPaper
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November 18, 2013, 08:47:38 PM |
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So what is the procedure? The committee hosts the hearing and then what?
They do some propositions for future regulations? I 'm not familiar with the system in the US.
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DiceDroid
Newbie
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Activity: 26
Merit: 0
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November 18, 2013, 08:50:17 PM |
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So far so good! People must remember folks testifying are there to talk about the bad things of virtual currency and not the good things  |
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mvidetto
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November 18, 2013, 08:52:37 PM |
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Here comes 1k!!!
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freedomno1
Legendary
Offline
Activity: 1806
Merit: 1090
Learning the troll avoidance button :)
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November 18, 2013, 08:55:22 PM |
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Thanks this explains why the price is going haywire
Currently our criminal tools have been effective
Liberty Reserve
Criminal Statues murder statues have been effective thus far in charging admin of silk road
Money transmitter status has been used to prosecutor liberty
We have the tools that prosecutors need to get at this criminal activity
The DOJ has been pushing for updates through Crimeact those changes are ones we continue to support
Money Laundering statues can be effective and updated we have proposed several statues that we are able to support
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Believing in Bitcoins and it's ability to change the world
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buggrock
Newbie
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Activity: 42
Merit: 0
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November 18, 2013, 09:07:35 PM |
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Bottom line: they support virtual currencies as a technological innovation.
They are just concerned about money laundering and illegal activities, and suggest that all exchanges report any unusual activities just like a regular bank.
But now that digital currency is officially being supported & legal in the country. I see alot of online retailers in the near future accepting it (ebay, amazon, etc)
From there sky is the limit and eventually it will become mainstream very quick
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buggrock
Newbie
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Activity: 42
Merit: 0
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November 18, 2013, 09:35:04 PM |
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Closing statement, Senator Tom Carper said that virtual currency would also be good for the enviroment.
I guess hes suggesting that there will be less trees killed to print money, or less metals mined to manufacture coins, not to mention the money they would save on all machinery , and manpower needed to make physical currency
Wow, thing went very well. Its legit folks
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Morbid
Legendary
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Activity: 1202
Merit: 1015
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November 18, 2013, 09:38:52 PM |
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Stephen Pair is there too!  |
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xorobabel
Newbie
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Activity: 22
Merit: 0
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November 18, 2013, 09:47:50 PM |
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I found the ranking senator to be very friendly to digital currencies. He seems to have a vision of how important they could become in another 10 years.
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renwaldo
Newbie
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Activity: 2
Merit: 0
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November 18, 2013, 09:52:14 PM |
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Seems like the hearing had a positive effect. Prices still going up.  |
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Morbid
Legendary
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Activity: 1202
Merit: 1015
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November 18, 2013, 09:53:22 PM |
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foundation's statement basically let speaker know that they are aiming for corporate bitcoin market with liquidity. speaker now knows that taxation is technically possible and criminals can be caught....
they gonna regulate it and make sure that fbi/nsa enforces it and fiscen enforcing other countries to comply! they will knock every country one by one until they reach india/china/russia.
ALTCOINS HERE I COME!
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hookercookerman
Newbie
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Activity: 9
Merit: 0
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November 18, 2013, 10:07:51 PM |
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I really thought this hearing would bring the price down; how wrong I was; Bitcoin always seems to be full of surprises.
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freedomno1
Legendary
Offline
Activity: 1806
Merit: 1090
Learning the troll avoidance button :)
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November 19, 2013, 05:05:56 AM |
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The hearing was processed interestingly Lot of Panic Selling Lot of Panic Buying Lot of Bears and Bulls all fighting each other back and forth |
Believing in Bitcoins and it's ability to change the world
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DonovanD
Newbie
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Activity: 10
Merit: 0
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November 19, 2013, 05:49:09 AM |
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Thanks for the reminder. Getting nervous with the USG taking a closer look at virtual currencies. Not sure what their genuine interests are.
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ejbones
Newbie
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Activity: 30
Merit: 0
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November 19, 2013, 06:06:25 AM |
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Wasn't terribly interesting. Unsurprising. There was a mention of WoW gold |
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