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Author Topic: CSPAN3 Live: WATCH Virtual Currency Hearing  (Read 2134 times)
FenixRD (OP)
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November 19, 2013, 09:11:29 PM
 #1

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/

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FenixRD (OP)
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November 19, 2013, 09:14:17 PM
 #2

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.

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FenixRD (OP)
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November 19, 2013, 09:21:56 PM
 #3

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.

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FenixRD (OP)
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November 19, 2013, 09:29:02 PM
 #4

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

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FenixRD (OP)
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November 19, 2013, 09:36:57 PM
 #5

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.

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November 19, 2013, 09:40:23 PM
 #6

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.  Roll Eyes
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November 19, 2013, 09:48:41 PM
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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.  Roll Eyes

Yeah that was pretty gross.
FenixRD (OP)
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November 19, 2013, 09:57:27 PM
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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!).

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Seth Otterstad
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November 19, 2013, 10:14:35 PM
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Gallipi didn't even have any recommendations prepared for the committee?

Seth Otterstad's Blog          @SethOtterstad on twitter          Seth on google+
FenixRD (OP)
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November 19, 2013, 10:15:52 PM
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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.

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November 19, 2013, 10:25:08 PM
 #11

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.  Roll Eyes

Yeah that was pretty gross.


She was sooo clueless.  How did she end up as a board panelist?
Hexadecibel
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November 19, 2013, 10:43:36 PM
 #12

Every time terrorism was mentioned I screamed "Terrorism!" and took a drink.
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November 19, 2013, 10:49:48 PM
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is there a link to watch this recorded someone could share please
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November 19, 2013, 10:59:16 PM
 #14

is there a link to watch this recorded someone could share please
http://www.c-spanvideo.org/program/VirtualCu#
Hexadecibel
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November 19, 2013, 11:19:19 PM
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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.
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November 19, 2013, 11:24:28 PM
 #16

Key words: TERRORISM / CRIME / ILLEGAL / REGULATION

Pretty sure the US dollar is much more responsible for global criminality   Grin
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November 20, 2013, 12:48:48 AM
 #17

whats the name of htis bitpay guy?  he crushed the testimony.  great job.
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November 20, 2013, 01:09:05 AM
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gallippi. 
Keyser Soze
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November 20, 2013, 01:58:08 AM
 #19

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 (OP)
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November 21, 2013, 08:24:04 AM
 #20

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.

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