CSPAN3 Live: WATCH Virtual Currency Hearing

[FenixRD]

They've really done a decent job reading up on what's going on.

Lol, just mentioned the BTCST as a pyramid scheme run on Bitcoin.

In particular, FinCEN's Jennifer Calvery is practically defending Bitcoin. She and her associate to her left from the Bank Commission, seem genuinely somewhat at, and specifically laid out it's usage for transferring value worldwide virtually instantaneously and at negligible fees as its primary consumer and economic value. One suspects Dave at the Bank Commission is not particularly pleased with quality of service provided by the status quo for the price charged.


They also just all got a good laugh at what is going to happen with the SR seized Bitcoins since they just went over how you can't touch Bitcoins without the PriKey. (Calvery quipped that, luckily, FinCEN doesn't have to worry about that.)

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

[FenixRD]

Sen. Heitkamp (D-ND) - "I want to say how grateful I am today, to be having a hearing on something that has a useful purpose, and not when there's already a disaster."

She's also defending Bitcoin as being far more than terror funding and hot topics, and gave an example about a bakery accepting Bitcoin for a pie.

[FenixRD]

Sen. Moran (R-Kansas) - aware of Reddit, posted questions in Bitcoin subreddit prior to hearing to get schooled and to know what Kansans thought he should be concerned with. Mentioned the potential for the effect if we overregulate compared to other countries and that we could permanently drive the regulation overseas.

[FenixRD]

BITS guy just called out its use as a savior from defaulting national currency during the Cyprus situation

[FenixRD]

Best quote so far: Professor (?)

Don't buy the wild west argument. Just because it is new doesn't mean it needs to be regulated like the other new things with which it competes.

[rbdrbd]

Alright guys, this Mercedes lady said we should let the whole psuedo-anonynimity part of bitcoin go. We gotta redesign the protocol now. Sorry about that. 

[Bugpowder]

Alright guys, this Mercedes lady said we should let the whole psuedo-anonynimity part of bitcoin go. We gotta redesign the protocol now. Sorry about that. 

Yeah that was pretty gross.

[FenixRD]

This "senior" guy is far, far worse. Everyone else clearly got at least a solid B on their homework. This guy, who (of course) is a leader, was asking questions like it was the first five minutes of day 1.

Bitpay's Gallippi is doing excellent though. Served the idiotic line of questioning right back at him, outlining where the liquidity is (not here!).

[Seth Otterstad]

Gallipi didn't even have any recommendations prepared for the committee?

[FenixRD]

Gallipi didn't even have any recommendations prepared for the committee?

I suspect he probably did, but Schumer immediately offered 7 days to think on them -- that is not an offer you turn down.

[Singlebyte]

Alright guys, this Mercedes lady said we should let the whole psuedo-anonynimity part of bitcoin go. We gotta redesign the protocol now. Sorry about that. 

Yeah that was pretty gross.

She was sooo clueless.  How did she end up as a board panelist?

[Hexadecibel]

Every time terrorism was mentioned I screamed "Terrorism!" and took a drink.

[applelover]

is there a link to watch this recorded someone could share please

[cryptasm]

is there a link to watch this recorded someone could share please

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

[Hexadecibel]

Every time terrorism was mentioned I screamed "Terrorism!" and took a drink.

If by "drink" you mean "alcoholic beverage", can you still walk?

I maintain.

After watching today and yesterday's panels with the senate the over-all consensus is that everyone acknowledges Bitcoin's merits, which I think is really positive.

There is definitely some "I'll have my cake and eat it too" mentality with the notion of enacting "smart regulation" which I think is absurd. Bizarrely, it was brought up in today's hearing that the fact that Bitcoin is unregulated has somehow hampered its adoption.

It's the very fact that the market is unregulated and free that Bitcoin has achieved the success it has.

[cryptasm]

Key words: TERRORISM / CRIME / ILLEGAL / REGULATION

Pretty sure the US dollar is much more responsible for global criminality  

[applelover]

whats the name of htis bitpay guy?  he crushed the testimony.  great job.

[applelover]

gallippi. 

[Keyser Soze]

Every time terrorism was mentioned I screamed "Terrorism!" and took a drink.

Damn, if I wasn't working at the time... Would have been a fun game!

[FenixRD]

whats the name of htis bitpay guy?  he crushed the testimony.  great job.

Agreed. I think his responses were intelligent and strategically sound. If that was accidental, cool. But I'm assuming he's a pretty sharp fellow. I loved particularly where he successfully deflected away from the negatives in the line of questioning and scared them back into "how do we keep as much of this domestic as possible" with his rattling off the top 7 exchanges and where they are -- Europe, China, Japan. That gets my personal award for Best Strategic Rebuttal.