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Author Topic: NY Hearings - lets live blog this puppy : - )  (Read 11796 times)
threecats (OP)
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January 28, 2014, 04:40:38 PM
 #1

I'll start - great intro! Whoever that dude is.
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January 28, 2014, 04:43:57 PM
 #2

awkward to have sound on at work. live blogging appreciated.
threecats (OP)
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January 28, 2014, 04:45:13 PM
 #3

Open minded first five minutes then a cliche ridden summary of the dangers.  In the balance good.
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January 28, 2014, 04:49:32 PM
 #4

Barry Silver marking territory and sucking up.

I am bottling homebrew so if anyone else wants to help blog this jump in : - )
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January 28, 2014, 04:51:10 PM
 #5

link to stream please?
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January 28, 2014, 04:51:53 PM
 #6

http://www.totalwebcasting.com/view/?id=nysdfs
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January 28, 2014, 04:53:42 PM
 #7

ty guys
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January 28, 2014, 04:56:39 PM
 #8

Seems like the theme of the hearing will be whether Bitcoin should be governed with existing laws or should they come up with a new set of "Bit Laws".
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January 28, 2014, 04:58:04 PM
 #9

satoshis angels husband approves  Cool
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January 28, 2014, 04:58:55 PM
Last edit: January 28, 2014, 05:45:23 PM by Dafar
 #10

The guy talking right now is good (wilson)


I like how Cameron and Tyler are always treated as 1 person, lol




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January 28, 2014, 05:00:03 PM
 #11

Wilson was great
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January 28, 2014, 05:02:00 PM
 #12

Winkelvoss just reading from a paper, not very inspiring.
threecats (OP)
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January 28, 2014, 05:03:21 PM
 #13

Wilson excellent!  Winklevoss stumbling trying to blow own trumpet ree'peatedly.
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January 28, 2014, 05:04:22 PM
 #14

Q&A time, lets see how the panelists do without prepared statements Smiley
threecats (OP)
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January 28, 2014, 05:05:37 PM
 #15

Chairman has switched to using "bitcoin" instead of "virtual currency" the last three - four times.
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January 28, 2014, 05:15:55 PM
 #16

Is this being recorded? I'd like to show this to some other people later.
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January 28, 2014, 05:19:27 PM
 #17

I am beginning to change my view on the Winklevoss twins. I am now starting to like them a little. Yes, I understand they have a vested interest; however, they are fighting for bitcoin. Whoever champions bitcoin is a friend.
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January 28, 2014, 05:21:32 PM
 #18

pretty bullish overall
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January 28, 2014, 05:29:51 PM
 #19

I'm watching until I leave for work.

Very bullish.

2 DA MOON!
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January 28, 2014, 05:34:12 PM
 #20

I am beginning to change my view on the Winklevoss twins. I am now starting to like them a little. Yes, I understand they have a vested interest; however, they are fighting for bitcoin. Whoever champions bitcoin is a friend.


I've always liked them more than Zuckerburg




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January 28, 2014, 05:36:27 PM
 #21

Fair play to that Wilson guy, he was / is fucking great.
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January 28, 2014, 05:37:40 PM
 #22

strikes me that the typical AML/KYC seems like a reasonable amount of regulation.

I think maybe they are just trying to ensure there isn't a whole bunch of other crap on top of that.

I hope.

"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution" - Satoshi Nakamoto
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January 28, 2014, 05:41:21 PM
 #23

Fair play to that Wilson guy, he was / is fucking great.

is that the wilson guy? the one busting all kinds of nuts about regulation at the moment?

I'd have to a agree!

"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution" - Satoshi Nakamoto
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January 28, 2014, 05:43:05 PM
 #24

Fuck yeah Wilson! Attack mode.  Cool

(He just ranted about the burdensome legacy banking infrastructure, all the forms to fill out, and how it could easily be put into code and automated.)
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January 28, 2014, 05:53:03 PM
 #25

Impressed by the Wilklevoss twins.
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January 28, 2014, 05:54:26 PM
 #26

Impressed by the Wilklevoss twins.
no, it bit boring and  not very inspirational
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January 28, 2014, 05:55:39 PM
 #27

The twins have done fine, not as engaging and confident as Wilson, but they've not done btc any harm here.
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January 28, 2014, 06:00:48 PM
 #28

Dr Evil Attack!

 *chuckles*

"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution" - Satoshi Nakamoto
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January 28, 2014, 06:01:32 PM
 #29

Great, the female regulator just cited Rpietila original research. (Regarding the number of people who own half the bitcoins, which is pure speculation.)

*FACEPALM*

You'd think they'd have at least done a little more research, it is their job after all...
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January 28, 2014, 06:03:16 PM
 #30

ROFL Facebook reference from wilson, right in the face of winklevosses!!!

"if you were an early employee of Facebook you'd be loaded right now" priceless.

"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution" - Satoshi Nakamoto
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January 28, 2014, 06:04:46 PM
 #31

Why in the world are they asking about price volatility? Are the regulators also speculators?  Wink
threecats (OP)
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January 28, 2014, 06:05:38 PM
 #32

Glad we are finally out of the money laundering shit. Now sniffing around US exchange question.
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January 28, 2014, 06:06:36 PM
 #33

Oh great, the asshole regulator on the right just started talking about "spending vs. hoarding." Yet another keynesian fuckwad.

HODL HODL HODL
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January 28, 2014, 06:09:41 PM
 #34

Hoarding is not a problem at all, when money appreciates it gives people incentive to spend as well because it feels like free money.




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BitcoinAshley
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January 28, 2014, 06:10:13 PM
 #35

Oh, Winkle doing a good job explaining why HODLING is actually necessary to facilitate transactions... the market cap and liquidity we have now is simply not enough to be able to absorb the transaction volume we'd expect with more and more adoption. 
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January 28, 2014, 06:11:00 PM
 #36

you can tell that each person speaking to the panel is very careful not to speculate on to what the max price they think bitcoin will reach...
threecats (OP)
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January 28, 2014, 06:14:25 PM
 #37

Now it's getting really interesting! Visions of how bitcoin will disrupt traditional NY finance
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January 28, 2014, 06:20:42 PM
 #38

dunno  which winlklevii is which but the one on the left is hitting some home runs.
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January 28, 2014, 06:23:21 PM
 #39

I think Fred Wilson is getting a little bit too preachy about how the current system sucks and how banks will fight back.
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January 28, 2014, 06:25:38 PM
 #40

yeah but to his credit he is the least-scripted guy in the room.

that chairman guy is on board though. he is having a hard time hiding it!
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January 28, 2014, 06:27:12 PM
 #41

ooooo  winkleviii naming western union as target!
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January 28, 2014, 06:31:23 PM
 #42

is that guy suggesting they go build a bank!

there is a thought...

"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution" - Satoshi Nakamoto
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January 28, 2014, 06:32:38 PM
 #43

"banks are close to coming on  board.."

i wonder if he is alluding to wells fargo?

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January 28, 2014, 06:33:54 PM
 #44

MOAR FREEDOMS!!!

"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution" - Satoshi Nakamoto
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January 28, 2014, 06:34:16 PM
 #45

Yep, Wells Fargo. In 2-3 months, they will come out as a bitcoin friendly bank and will faciliate merchants to seamlessly work with bitcoins. From what I hear and read between the lines...
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January 28, 2014, 06:36:50 PM
 #46

Yep, Wells Fargo. In 2-3 months, they will come out as a bitcoin friendly bank and will faciliate merchants to seamlessly work with bitcoins. From what I hear and read between the lines...

I'm afraid I can only confirm this if you can rewrite it in a foreign language, and be a good and news source.

"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution" - Satoshi Nakamoto
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January 28, 2014, 06:37:03 PM
 #47

what is the next panel at 2:30?
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January 28, 2014, 06:37:36 PM
 #48

Well, I'd summarize the first session as follows:

CCMF
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January 28, 2014, 06:40:01 PM
 #49

This is neither bullish nor bearish. It is completely neutral. The senate hearings was a bit bullish because they seemingly embraced Bitcoin. This is more of an interview to determine what to do to regulate it.
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January 28, 2014, 06:41:41 PM
 #50

This is neither bullish nor bearish. It is completely neutral. The senate hearings was a bit bullish because they seemingly embraced Bitcoin. This is more of an interview to determine what to do to regulate it.

Lol. Regulation=bullish. This is bullish.
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January 28, 2014, 06:42:40 PM
 #51

Bitcoin is very MURICAN... what an argument  Grin


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January 28, 2014, 06:44:48 PM
 #52

I think that the most entertaining part was the "Competition is no threat to BTC because the fake internets didn't survive".
He went c(h)oo-c(h)oo religious zealot style with that one...
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January 28, 2014, 06:45:30 PM
 #53

seems like mostly positive news coming out of that hearing so far, hopefully the next one is the same.   I'm sure all the major banks are tinkering back and forth on whether or not to hop into the bitcoin space.   Wells Fargo, could very well be the first to come on board, however in the past they have been the most conservative with their major moves.   Wells was one of the only majors that didn't  need the bank bailout a few years back.

I have heard from a few reliable sources that one of the major banks is very close to publicly backing bitcoin, and that this may happen in the upcoming months.  
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January 28, 2014, 06:46:20 PM
 #54

Bitcoin is very MURICAN... what an argument  Grin

As gut wrenchingly sickening as that was, it's the kind of jingoistic shit that will win over many people over there.
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January 28, 2014, 06:47:18 PM
 #55

Great, the female regulator just cited Rpietila original research. (Regarding the number of people who own half the bitcoins, which is pure speculation.)

*FACEPALM*

You'd think they'd have at least done a little more research, it is their job after all...

Shouldn't financial regulators be required to be familiar with the Pareto Principle before regulating anything?  I mean, this has been well-known for over a hundred years already.

https://en.wikipedia.org/wiki/Pareto_principle

TL;DR:  EVERY financial system will necessarily share this property.  Always.

1BitcHiCK1iRa6YVY6qDqC6M594RBYLNPo
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January 28, 2014, 06:48:50 PM
 #56

The context is bullish. A clearly positive hearing in front of a panel that clearly wants to maintain NY / wall street competitiveness. And the presuppositions shared by ALL in the room are important to notice: that BTC is here to stay, and the only real question is how to safely get NYC on this train which is clearly leaving the station.

It also did not hurt that some well respected panelists gave very clear, articulate visions of what may lay ahead in the bitcoin ecosystem.
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January 28, 2014, 06:50:06 PM
 #57

Bitcoin is very MURICAN... what an argument  Grin

As gut wrenchingly sickening as that was, it's the kind of jingoistic shit that will win over many people over there.

Guranteed everyone in on that Wells Fargo meeting tonight was watching this hearing.
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January 28, 2014, 06:50:32 PM
 #58

This is neither bullish nor bearish. It is completely neutral. The senate hearings was a bit bullish because they seemingly embraced Bitcoin. This is more of an interview to determine what to do to regulate it.

Lol. Regulation=bullish. This is bullish.

lol Keep dreaming!
Why would regulation be bullish by default? Because they allow Bitcoin to exist and work with it? lol. They know they can't stop it, so their main reason for regulation is revenue. They just want their cut of others' profits. The AML practices have already been in place for nearly a year.

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January 28, 2014, 06:52:48 PM
 #59

Bitcoin is very MURICAN... what an argument  Grin

As gut wrenchingly sickening as that was, it's the kind of jingoistic shit that will win over many people over there.


China will be very angry for getting dissed on that panel. ''Invest in anything China bans'' followed by ''Bitcoin is very Murican''..

Some Chinese officials must be pissed and preparing retaliation.  Cheesy


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January 28, 2014, 06:53:43 PM
 #60

MOAR FREEDOMS!!!


FOOLS! THE WILL OF KARHU CANNOT BE OVERCOME!



WITH THESE NY HEARINGS YE ONLY MOCK KAHRU!
GIVE ALMS NOW OR KARHU SHALLT BESTOW THEE NO MERCY!

Kraken Account, Robbed/Emptied. Kraken say "Fuck you, its your loss": https://bitcointalk.org/index.php?topic=1559553.msg15656643#msg15656643

Bitfinex victims. DO NOT TOUCH THE BFX TOKEN! Start moving it around, or trading it, and you will be construed as having accepted it as an alternative means of payment to your USD, BTC, etc.
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January 28, 2014, 06:54:56 PM
 #61

This is neither bullish nor bearish. It is completely neutral. The senate hearings was a bit bullish because they seemingly embraced Bitcoin. This is more of an interview to determine what to do to regulate it.

Lol. Regulation=bullish. This is bullish.

lol Keep dreaming!
Why would regulation be bullish by default? Because they allow Bitcoin to exist and work with it? lol. They know they can't stop it, so their main reason for regulation is revenue. They just want their cut of others' profits. The AML practices have already been in place for nearly a year.

Yeah I'm not an idealistic fanatic like yourself. I believe we need exchanges backed by banks. I believe we need funds backed by the SEC. I believe in a strong growing bitcoin Eco system. I believe these are the things we need as soon as possible. Bitcoin needs to operate with a certain amount of regulatory guidelines.
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January 28, 2014, 06:56:17 PM
 #62

as a german I was very content with that Hearing. I think the BTC issue is doing fine.
The Regulators have been  at least  neutral,not to say positive about BTC. My Impression-

Quote
Bitcoin is Freedom. Bitcoin is very American."
very good
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January 28, 2014, 06:57:43 PM
 #63

This is neither bullish nor bearish. It is completely neutral. The senate hearings was a bit bullish because they seemingly embraced Bitcoin. This is more of an interview to determine what to do to regulate it.

Lol. Regulation=bullish. This is bullish.

lol Keep dreaming!
Why would regulation be bullish by default? Because they allow Bitcoin to exist and work with it? lol. They know they can't stop it, so their main reason for regulation is revenue. They just want their cut of others' profits. The AML practices have already been in place for nearly a year.

What he said^  Wink
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January 28, 2014, 06:58:53 PM
 #64

speaking as one who couldnt watch, thanks for all the posts about it, keep it comming ! =)


.... MERICA!
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January 28, 2014, 07:03:39 PM
 #65

This is neither bullish nor bearish. It is completely neutral. The senate hearings was a bit bullish because they seemingly embraced Bitcoin. This is more of an interview to determine what to do to regulate it.

Lol. Regulation=bullish. This is bullish.

lol Keep dreaming!
Why would regulation be bullish by default? Because they allow Bitcoin to exist and work with it? lol. They know they can't stop it, so their main reason for regulation is revenue. They just want their cut of others' profits. The AML practices have already been in place for nearly a year.

Yeah I'm not an idealistic fanatic like yourself. I believe we need exchanges backed by banks. I believe we need funds backed by the SEC. I believe in a strong growing bitcoin Eco system. I believe these are the things we need as soon as possible. Bitcoin needs to operate with a certain amount of regulatory guidelines.

No, I agree SEC is good for the exchanges. But it's good for those who use the exchange, not necessarily for Bitcoin itself (not that it's bad for it either, but it doesn't matter). Those who use the exchange can have a path of recourse once it's all set in motion, but I don't think that equates to guaranteed bullish

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January 28, 2014, 07:04:40 PM
 #66

This is neither bullish nor bearish. It is completely neutral. The senate hearings was a bit bullish because they seemingly embraced Bitcoin. This is more of an interview to determine what to do to regulate it.

Lol. Regulation=bullish. This is bullish.

lol Keep dreaming!
Why would regulation be bullish by default? Because they allow Bitcoin to exist and work with it? lol. They know they can't stop it, so their main reason for regulation is revenue. They just want their cut of others' profits. The AML practices have already been in place for nearly a year.
Most people - that's the 99% - won't get on board without official approval. That's why we need regulations. The actual form of the regulations won't matter much at all to us.

Look inside yourself, and you will see that you are the bubble.
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January 28, 2014, 07:08:02 PM
 #67

This is neither bullish nor bearish. It is completely neutral. The senate hearings was a bit bullish because they seemingly embraced Bitcoin. This is more of an interview to determine what to do to regulate it.

Lol. Regulation=bullish. This is bullish.

lol Keep dreaming!
Why would regulation be bullish by default? Because they allow Bitcoin to exist and work with it? lol. They know they can't stop it, so their main reason for regulation is revenue. They just want their cut of others' profits. The AML practices have already been in place for nearly a year.

Yeah I'm not an idealistic fanatic like yourself. I believe we need exchanges backed by banks. I believe we need funds backed by the SEC. I believe in a strong growing bitcoin Eco system. I believe these are the things we need as soon as possible. Bitcoin needs to operate with a certain amount of regulatory guidelines.

No, I agree SEC is good for the exchanges. But it's good for those who use the exchange, not necessarily for Bitcoin itself. Those who use the exchange can have a path of recourse once it's all set in motion, but I don't think that equates to guaranteed bullish

I do. US exchanges that are completely trustworthy and banked backed ventures that are designed to make bitcoin easier to acquire, sime to handle and readily available is extremely bullish. Techies and bitcoin evangelicals have very limited perception of the way most humans live their lives. Simplicity, security, ease of handling, feeling mainstream, these are the qualities bitcoin needs to be widely adopted. Bitcoin needs to be attractive to people who don't think like you do.
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January 28, 2014, 07:13:56 PM
 #68

I liked Mr Wilson the most with take no-nonsense attitude and a clear drive for innovation that you would expect from a VC; Winklevoss brothers scored a bunch of home runs as well. I was thinking that the audience might spontaneously rise and burst into hymn recital. Messrs. Silbert and Liu were a bit too cautious and "programmed". I think if too much regulation will happen, Mr. Liu will take his funds to Hong Kong or Canada vs Wilson and Winklevosses who are clearly fighting for US to be the hub of it all. All and all-it was quite entertaining.
With just 0.5% in illicit trade, why 50% of time was devoted to it?
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January 28, 2014, 07:21:05 PM
 #69

The only thing that would have made it better, is if the jingoistic shit at the end had been expressed thusly:
"Such american. Very freedom."
i.e. a DOGEcoin plug.


Oh well, I guess I'm still satisfied with the way it went.

I like how they didn't mention ANY alts by name at all, yet they stopped saying "digital currency" and were exclusively talking about Bitcoin the entire time. (Which is fine, I'm not complaining.)
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January 28, 2014, 07:22:49 PM
 #70

This is neither bullish nor bearish. It is completely neutral. The senate hearings was a bit bullish because they seemingly embraced Bitcoin. This is more of an interview to determine what to do to regulate it.

Lol. Regulation=bullish. This is bullish.

lol Keep dreaming!
Why would regulation be bullish by default? Because they allow Bitcoin to exist and work with it? lol. They know they can't stop it, so their main reason for regulation is revenue. They just want their cut of others' profits. The AML practices have already been in place for nearly a year.
Most people - that's the 99% - won't get on board without official approval. That's why we need regulations. The actual form of the regulations won't matter much at all to us.

Bonkers. First of all, i could care less if 99% people use it tomorrow or not. I could accumulate bitcoin slower. Second, I am fine with it taking 10-12 years: 0.035% right now (2mil out of 7bil), 0.12% in 2015, 0.3% in 2016 (slow down to double a year from 400-500%), 0.6% in 2017, 1.2% in 2018 (still just 100mil people), 2.4% in 2019, 4.8% in 2020, 9.6% in 2021, 19.2% in 2022, 38.4% in 2023, 76.8% in 2024, everyone in 2025.
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January 28, 2014, 07:41:38 PM
 #71

Charles Lee, the inventor of litecoin, is speaking right now.

BTW, he is NOT of Chinese descent and has no relationship to Bobby Lee, the CEO of Chinese exchange.

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January 28, 2014, 07:43:13 PM
 #72

He's actually reading from a prepared statement.
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January 28, 2014, 07:46:31 PM
 #73

Van Cleef, a lawyer, is reading from a prepared statement and is about a new bitcoin money service company called co-optus(?).
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January 28, 2014, 07:46:44 PM
 #74

Charles Lee, the inventor of litecoin, is speaking right now.

BTW, he is NOT of Chinese descent and has no relationship to Bobby Lee, the CEO of Chinese exchange.



I did not know that. And I could have sworn some media have said they were brothers.

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January 28, 2014, 07:47:45 PM
 #75

Charles Lee, the inventor of litecoin, is speaking right now.

BTW, he is NOT of Chinese descent and has no relationship to Bobby Lee, the CEO of Chinese exchange.



What? Isn't that his brother? And he sure as hell looks Chinese.


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BE A HOPE
FOR A LIVABLE WORLD
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January 28, 2014, 07:47:59 PM
 #76

Who cares about cooptus nonsense? Is this a longest informercial on gov airways or what?
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January 28, 2014, 07:48:27 PM
 #77

Who's this nutjob talking about a "centralised" cryptocurrency? Doesn't that default the ethos of bitcoin?

☛ DarkKnightsCoin ☚
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January 28, 2014, 07:49:12 PM
 #78

What the fuck is this shit? Jesus H Christ in a chicken basket... bring back Freddie!
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January 28, 2014, 07:52:42 PM
 #79

what a snoozefest. wtf are these people`? is this some affirmative action effort for obscure cryptocurrency variations?

poor charles lee. he must feel like he got bumped down into economy.
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January 28, 2014, 07:56:03 PM
 #80

I think the guy eating his lunch at the back is very bullish news.

"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution" - Satoshi Nakamoto
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January 28, 2014, 07:57:54 PM
 #81

I think the guy eating his lunch at the back is very bullish news.

My mistake, he is know drinking his coffee which is highly indicative of a breakout to the downside.

"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution" - Satoshi Nakamoto
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January 28, 2014, 07:58:50 PM
 #82

I think the guy eating his lunch at the back is very bullish news.

My mistake, he is know drinking his coffee which is highly indicative of a breakout to the downside.

It's gonna be a healthy movement though, so that's good.

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January 28, 2014, 07:59:08 PM
 #83

I think the guy eating his lunch at the back is very bullish news.

My mistake, he is know drinking his coffee which is highly indicative of a breakout to the downside.

Well played!!!  Cheesy
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January 28, 2014, 08:00:04 PM
 #84

I think the guy eating his lunch at the back is very bullish news.

My mistake, he is know drinking his coffee which is highly indicative of a breakout to the downside.

Well played!!!  Cheesy

all in!!
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January 28, 2014, 08:01:57 PM
 #85

has somebody bet her she can't get through the session without saying 'laundering'

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January 28, 2014, 08:02:25 PM
 #86

poor charles lee, silently suffering between the two establishment blondes ...

and unlike the previous panel, these two chicks are all to willing to head down the criminal rabbit hole of discussion about criminal activity  ....
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January 28, 2014, 08:03:36 PM
 #87

Am I missing something?  What's the "systemic threat" posed by mining?

They're trying to buy all the coins. 
We must not let them.
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January 28, 2014, 08:03:43 PM
 #88

"mining is a systemic threat"  " maybe there is a back door somewhere"  ...
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January 28, 2014, 08:04:26 PM
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Am I missing something?  What's the "systemic threat" posed by mining?

Polluted groundwater

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January 28, 2014, 08:04:40 PM
 #90

poor charles lee, silently suffering between the two establishment blondes ...

and unlike the previous panel, these two chicks are all to willing to head down the criminal rabbit hole of discussion about criminal activity  ....

lee is just here to pump litecoin Cool
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January 28, 2014, 08:04:55 PM
 #91

not one to put a dampener on things, but regulating only at the exchanges seems kind of futile should it become possible to use BTC in its intended final form (i.e. no longer needs to be converted back to fiat to be of use) its not like that hasn't already kind of started. *shrugs*

not that i'm suggesting they do otherwise. or could even do if they wanted...

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January 28, 2014, 08:05:47 PM
 #92

"if the blockchain is attacked, another currency will arise"

what like litecoin !? hehe

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January 28, 2014, 08:07:42 PM
 #93

wow, chick on the right is subtly egging on bitcoin doubts. subject to attack, regulators should be concerned ...
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January 28, 2014, 08:08:29 PM
 #94

Wow, I'm surprised at the panel's concern about a 51% attack.
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January 28, 2014, 08:09:50 PM
 #95

Charles Lee seems like an odd choice for this particular panel but I'm damn glad he's there - go Chuck. Cool

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January 28, 2014, 08:10:14 PM
 #96

"this is hard stuff" LOL Facepalm
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January 28, 2014, 08:11:18 PM
 #97

I like how coblee said the USG should mine to prevent a 51% attack

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January 28, 2014, 08:13:40 PM
 #98

oh my.

first her testimony appears to be centred around

"I think as a consumer stuff like this is great"

careful not to gather any hard evidence.

second, only the USD has any value, and is zero risk. so thats the only thing you can use to prove you are rich enough to deserve to run a business.

yikes.

please. stop talking now.

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January 28, 2014, 08:15:31 PM
 #99

way to not know how the block chain works.

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January 28, 2014, 08:16:48 PM
 #100

she is getting out there ... a lock box for your cryptocurrency  ...
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January 28, 2014, 08:17:08 PM
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I like how coblee said the USG should mine to prevent a 51% attack

Who said they already don't do that. Notice the steeply rising "unknown" pool %. Unknown=US, china, etc.?
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January 28, 2014, 08:17:48 PM
 #102

She actually thinks the only way people trade/transact Bitcoins is by trading private keys? Oh wow.  Shocked

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January 28, 2014, 08:19:16 PM
 #103

so much of this is about setting up a nanny state to protect us from what we are already doing ...
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January 28, 2014, 08:20:14 PM
 #104

Someone should walk in and blow all of their minds by talking about trading Colored Coins (particularly one's that represent fiat currencies) on a decentralized exchange!  Grin They think they have it all figured out and they're still years behind on the technology!

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January 28, 2014, 08:20:22 PM
 #105

Actually she raises a good point that a lot of muggles don't get about the distinction between the private key and the coins stored at its corresponding address.  Me sending you coins via the network is technically (and probably legally) distinct from me giving you a private key.  This distinction is something regulators need to grok fully before they can do their job.  

They're trying to buy all the coins. 
We must not let them.
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January 28, 2014, 08:21:06 PM
 #106

Who cares about cooptus nonsense? Is this a longest informercial on gov airways or what?

For anyone interested, it's Coeptis that the lawyer was talking about.  I had to Google it to find some info on it.
http://www.coeptis.com
http://www.ft.com/cms/s/0/f7488616-561a-11e3-96f5-00144feabdc0.html#axzz2riztTRxv

It's interesting, as I remember the whole e-Gold fiasco and how the US Government eventually shut it down.  Not sure if Douglas Jackson still has enough clout to resurrect something like this.  Why would we trust something like this again?
http://en.wikipedia.org/wiki/E-gold
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January 28, 2014, 08:23:23 PM
 #107

"in the midst of the sale, the cryptotransmission goes down"
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January 28, 2014, 08:23:57 PM
 #108

"in the midst of the sale, the cryptotransmission goes down"

cryptocompany*

made me laugh

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January 28, 2014, 08:25:36 PM
 #109

In the midst of the sale, the world explodes. WHERE IS MY DOLLARS HUH?

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January 28, 2014, 08:28:54 PM
 #110

Actually she raises a good point that a lot of muggles don't get about the distinction between the private key and the coins stored at its corresponding address.  Me sending you coins via the network is technically (and probably legally) distinct from me giving you a private key.  This distinction is something regulators need to grok fully before they can do their job.  

It is an interesting situation. If there is an identity attached to the private key, it is like giving someone the password to your online banking account. If there is no identity attached to the private key then it is similar to an off-chain transaction. Ultimately there is some interesting money laundering potential with trading private keys.

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January 28, 2014, 08:29:32 PM
 #111

By jove I think she has got it!

A shame the awkward silence in the room made it seem like nobody else did Wink

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January 28, 2014, 08:30:12 PM
 #112

bitstamp has gone down by ten since these chicks started talking ....
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January 28, 2014, 08:36:37 PM
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Shit, done carbon'd to hard ya'll

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January 28, 2014, 08:41:31 PM
 #114

Someone should walk in and blow all of their minds by talking about trading Colored Coins (particularly one's that represent fiat currencies) on a decentralized exchange!  Grin They think they have it all figured out and they're still years behind on the technology!

Coloredcoins reference complete

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January 28, 2014, 08:41:45 PM
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Someone should walk in and blow all of their minds by talking about trading Colored Coins (particularly one's that represent fiat currencies) on a decentralized exchange!  Grin They think they have it all figured out and they're still years behind on the technology!

... as if by magic ...

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January 28, 2014, 08:42:33 PM
 #116

Bring back panel 1!
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January 28, 2014, 08:43:12 PM
 #117

Someone should walk in and blow all of their minds by talking about trading Colored Coins (particularly one's that represent fiat currencies) on a decentralized exchange!  Grin They think they have it all figured out and they're still years behind on the technology!

Coloredcoins reference complete

They were pretty mind blown but they've totally glossed over it now! Damn it. Charlie, tell them about decentralized exchanges!!!!

Edit: Oh man, why oh why didn't he tell them that cryptocurrencies could represent fiat currencies! They'd have exploded!

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January 28, 2014, 08:49:16 PM
 #118

An Asian nerd sandwiched between two blonde female lawyers. There's a joke somewhere...
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January 28, 2014, 08:53:11 PM
 #119

I think we need to simplify it for the regulators, not make it more complicated (with discussion around colored coins).  Or else these regulations will take forever to draft/approve/publish and be overly complicated to follow and comply with.

Also I'm not sure that Panel 2 has the right mix of folks to be commenting on how bitcoins should be classified (commodity, currency, etc.), nor taxed/treated at the State level.
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January 28, 2014, 08:53:33 PM
 #120

An Asian nerd sandwiched between two blonde female lawyers. There's a joke somewhere...

That was probably the motivation to create Litecoin in the first place!

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January 28, 2014, 08:56:01 PM
 #121

I think we need to simplify it for the regulators, not make it more complicated (with discussion around colored coins).  Or else these regulations will take forever to draft/approve/publish and be overly complicated to follow and comply with.

Also I'm not sure that Panel 2 has the right mix of folks to be commenting on how bitcoins should be classified (commodity, currency, etc.), nor taxed/treated at the State level.

The problem for the regulators is that you can't dumb Bitcoin down. It is a complex system. You would be doing them a disservice by making it out to be simpler than it is. There are no sufficient analogies for cryptocurrencies - the sooner they wake up to that fact the better.

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January 28, 2014, 08:57:01 PM
 #122

I think most of the "unbanked" can get off there ass and visit a (soon at a corner shop near you) bitcoin ATM no?

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January 28, 2014, 08:57:50 PM
 #123

Facepalm - she used "lightyears" as a unit of time.   Roll Eyes

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January 28, 2014, 08:58:21 PM
 #124

Bingo. That girl on the left keeps nailing it.

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January 28, 2014, 08:58:45 PM
 #125

bummer they missed the chance to talk about 3rd world development with  "underbanked"  ....
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January 28, 2014, 08:59:34 PM
 #126

The "QR kid" reference-cool.
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January 28, 2014, 09:01:54 PM
 #127

The "QR kid" reference-cool.

Charlie's really getting into this. You tell 'em Charlie!

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January 28, 2014, 09:06:00 PM
 #128

Charles Lee is a software developer who used to work at Google. Now, he works at Coinbase. He invented Litecoin. He is of Korean descent, not Chinese. Bobby Lee has a brother named Charlie Lee. Charles Lee, of Coinbase and Litecoin, is NOT Charlie Lee, brother to Bobby Lee of China exchange.

They probably look the same to ignorant white people; however, us more civilized folks can tell the difference.

Isn't the guy at the hearing the same guy as in this video?

http://www.youtube.com/watch?v=Le5ByHtssnc&t=20m18s

He admits being the brother of Bobby Lee. WTF?


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January 28, 2014, 09:09:19 PM
 #129

One of the more fascinating aspects of this panel is the fact that they are trying to understand things that most of us consider the basics. We really are early adopters, every one of us.

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January 28, 2014, 09:10:54 PM
 #130

I think we need to simplify it for the regulators, not make it more complicated (with discussion around colored coins).  Or else these regulations will take forever to draft/approve/publish and be overly complicated to follow and comply with.

Also I'm not sure that Panel 2 has the right mix of folks to be commenting on how bitcoins should be classified (commodity, currency, etc.), nor taxed/treated at the State level.

The problem for the regulators is that you can't dumb Bitcoin down. It is a complex system. You would be doing them a disservice by making it out to be simpler than it is. There are no sufficient analogies for cryptocurrencies - the sooner they wake up to that fact the better.

I don't disagree with you that bitcoin has complexity to it under the hood.  But on the surface, it has a sort of simplicity once you understand the 5-6 core attributes.  From a regulation standpoint, however, the first panel was very concerned about the speed at which regulators can publish useful guidelines and proper compliance regulations, and how easy (or difficult) and cost effective it will be to adhere to those regulations.  Too much cumbersome or expensive US regulation, and you stifle (or complete stop) the ability for small bitcoin developers and businesses to be able to adopt and move forward.
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January 28, 2014, 09:11:45 PM
 #131

Charles Lee is a software developer who used to work at Google. Now, he works at Coinbase. He invented Litecoin. He is of Korean descent, not Chinese. Bobby Lee has a brother named Charlie Lee. Charles Lee, of Coinbase and Litecoin, is NOT Charlie Lee, brother to Bobby Lee of China exchange.

They probably look the same to ignorant white people; however, us more civilized folks can tell the difference.

Google yields about the same results for Charlie or Charles Lee inventing Litecoin. The problem is because the Charlie is a nickname for Charles. I'm still confused. Probably need pics and bullet point of the difference.  Cheesy

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January 28, 2014, 09:13:09 PM
 #132

He must be trolling us. That guy at the hearing is the brother of the BTCChina CEO, not Korean.


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January 28, 2014, 09:14:13 PM
 #133

Charles Lee is a software developer who used to work at Google. Now, he works at Coinbase. He invented Litecoin. He is of Korean descent, not Chinese. Bobby Lee has a brother named Charlie Lee. Charles Lee, of Coinbase and Litecoin, is NOT Charlie Lee, brother to Bobby Lee of China exchange.

They probably look the same to ignorant white people; however, us more civilized folks can tell the difference.

Isn't the guy at the hearing the same guy as in this video?

http://www.youtube.com/watch?v=Le5ByHtssnc&t=20m18s

He admits being the brother of Bobby Lee. WTF?

I think he was being facetious.
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January 28, 2014, 09:14:36 PM
 #134

He must be trolling us. That guy at the hearing is the brother of the BTCChina CEO, not Korean.

Confirmed!

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January 28, 2014, 09:17:39 PM
 #135

Got me good!  Grin Thank goodness I figured this out before selling my BTC!  Tongue

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January 28, 2014, 09:20:12 PM
 #136

One of the more fascinating aspects of this panel is the fact that they are trying to understand things that most of us consider the basics. We really are early adopters, every one of us.

had a conversation a few weeks ago at a party with someone who kept calling it "bidcoin".

At least they got the name correct.....
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January 28, 2014, 09:21:37 PM
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i was actually expecting the guy to suddenly go like:

http://www.youtube.com/watch?v=z1ggGGGqu_k
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January 28, 2014, 09:23:30 PM
 #138

Good lord, the media spin already... sheesh that was fast   Wink

http://dealbook.nytimes.com/2014/01/28/in-praise-of-bitcoin-with-little-regard-for-banks/?_php=true&_type=blogs&_php=true&_type=blogs&_r=1&
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January 28, 2014, 09:29:38 PM
 #139


WON'T SOMEONE THINK OF THE POOR BANKS?!
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January 28, 2014, 09:36:12 PM
 #140



NO.
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January 28, 2014, 09:42:36 PM
 #141

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January 28, 2014, 09:59:11 PM
 #142

Excellent. Thanks for the live blog everyone. Someone must have recorded this?!

Hodl for the longest tiem.

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January 28, 2014, 10:37:14 PM
 #143

Do you guys really live in a fantasy world where the exchange price was following everything said at the conference in real time?
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January 28, 2014, 10:47:34 PM
 #144

Excellent. Thanks for the live blog everyone. Someone must have recorded this?!

go to the link http://www.totalwebcasting.com/view/?id=nysdfs its "archived"

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January 29, 2014, 12:34:14 AM
 #145

One interesting thing I noticed this time, as opposed to the last hearing, is that the Bitcoin backers seemed to be much more on the defensive.  In the previous hearing, law enforcement officials came on and were the ones tackling the regulation questions.  They gave a positive outlook on the situation, and the Bitcoiners really didn't face as much questioning in terms of regulation.  Now, this isn't the fairest direct comparison; there were no law enforcement officials being questioned in the NY Hearings.

However, now the Bitcoiners were having to answer really tough questions.  Questions they don't have an answer to, whether they admit it or not.  They are being asked how Bitcoin can be regulated to prevent money laundering and illicit activity.  They bring up past successful investigations by law enforcement, such as the Silk Road shutdown, but offer very little insight into how they themselves can combat these issues.  They're alluding to the notion that law enforcement just needs to continue investigating the bad guys, and they'll do their best to enforce KYC.

Unfortunately, I don't think these answers were satisfactory to the panel.  Granted, they're nearly impossible to satisfy here, but to give the answer "you guys just need to keep working hard at finding the criminals" made me cringe a bit.  The government understands that it can expend a bunch of resources going after these guys, and if they invest enough into it, they should be able to find them.  But they're saying they want Bitcoin and Bitcoin-based businesses to make sites like Silk-Road more difficult / impossible to run.

I would have said that there have been many advancements since Silk Road 1.0 was created.  Exchanges were not even requiring customers to verify their identities up until Q2 2013.  That's under 1 year ago.  Buying Bitcoin has become less anonymous everyday, and you will not find a notable exchange which provides service to US citizens without completing KYC verification.  Furthermore, the successful Silk Road raid has scared a vast majority of potential clients and sellers away from this type of marketplace.  We've also seen many new illegal marketplaces shut down due to operators fleeing with users' funds.  The confidence in the Dark Markets is very low right now.

If you look how far Bitcoin has come in just 2 years, where people could easily and without fear of repercussions trade contraband with BTC, to today, where only the most technology-savvy users can be confident at all in anonymity, and with the Dark Markets, it is night and day.  It's unfair to expect things to change overnight, but there have been obvious and major progressions over a fairly short time span.

Furthermore, if the government refuses to accept crypto-currency and figure out a way to keep the average user happy, it will simply slip into the underworld.  There is no way for the government to shut these things down.  The criminals will find a way to continue on crypto with or without government approval of Bitcoin.  These are decentralized instruments, and by over-regulating them, you will just kill the currency and the criminals will operate with other derivatives of crypto.  By working with Bitcoin and Bitcoin businesses, you keep the volume in your playing field, where you can at least call some of the shots.

All in all I don't think this was the best showing for Bitcoin in general.  The cool new feeling of Bitcoin is wearing off and the government is starting to really focus in on the negative aspects (in their POV).  Realistically, I don't think we have an answer for these problems at the end of the day.  The government wants absolute control, they always want absolute control, and I think they're starting to realize that crypto is a step in the wrong direction in achieving this goal.  No one should be surprised.  The more popular Bitcoin gets, the more it's going to get hated by governments.  Bitcoin, at its roots, is designed specifically to exclude the need for authority.

Final side note, hilarious to see those Winklevoss leeches on the panel.  You can just see how scummy they truly are.  In nearly all questions they answer, all it looks like to me is them saying "please let my Bitcoins be worth more, please!"  These twinkle twins look like they'd toss each other under the bus if it meant making a quick buck.  Some of these guys, I believe truly exist in the currency for the right reasons, but the twinkle twins only believe in a panned out pump and dump.  Who would expect anything else from them. 



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January 29, 2014, 12:42:35 AM
 #146

One interesting thing I noticed this time, as opposed to the last hearing, is that the Bitcoin backers seemed to be much more on the defensive.  In the previous hearing, law enforcement officials came on and were the ones tackling the regulation questions.  They gave a positive outlook on the situation, and the Bitcoiners really didn't face as much questioning in terms of regulation.  Now, this isn't the fairest direct comparison; there were no law enforcement officials being questioned in the NY Hearings.

However, now the Bitcoiners were having to answer really tough questions.  Questions they don't have an answer to, whether they admit it or not.  They are being asked how Bitcoin can be regulated to prevent money laundering and illicit activity.  They bring up past successful investigations by law enforcement, such as the Silk Road shutdown, but offer very little insight into how they themselves can combat these issues.  They're alluding to the notion that law enforcement just needs to continue investigating the bad guys, and they'll do their best to enforce KYC.

Unfortunately, I don't think these answers were satisfactory to the panel.  Granted, they're nearly impossible to satisfy here, but to give the answer "you guys just need to keep working hard at finding the criminals" made me cringe a bit.  The government understands that it can expend a bunch of resources going after these guys, and if they invest enough into it, they should be able to find them.  But they're saying they want Bitcoin and Bitcoin-based businesses to make sites like Silk-Road more difficult / impossible to run.

I would have said that there have been many advancements since Silk Road 1.0 was created.  Exchanges were not even requiring customers to verify their identities up until Q2 2013.  That's under 1 year ago.  Buying Bitcoin has become less anonymous everyday, and you will not find a notable exchange which provides service to US citizens without completing KYC verification.  Furthermore, the successful Silk Road raid has scared a vast majority of potential clients and sellers away from this type of marketplace.  We've also seen many new illegal marketplaces shut down due to operators fleeing with users' funds.  The confidence in the Dark Markets is very low right now.

If you look how far Bitcoin has come in just 2 years, where people could easily and without fear of repercussions trade contraband with BTC, to today, where only the most technology-savvy users can be confident at all in anonymity, and with the Dark Markets, it is night and day.  It's unfair to expect things to change overnight, but there have been obvious and major progressions over a fairly short time span.

Furthermore, if the government refuses to accept crypto-currency and figure out a way to keep the average user happy, it will simply slip into the underworld.  There is no way for the government to shut these things down.  The criminals will find a way to continue on crypto with or without government approval of Bitcoin.  These are decentralized instruments, and by over-regulating them, you will just kill the currency and the criminals will operate with other derivatives of crypto.  By working with Bitcoin and Bitcoin businesses, you keep the volume in your playing field, where you can at least call some of the shots.

All in all I don't think this was the best showing for Bitcoin in general.  The cool new feeling of Bitcoin is wearing off and the government is starting to really focus in on the negative aspects (in their POV).  Realistically, I don't think we have an answer for these problems at the end of the day.  The government wants absolute control, they always want absolute control, and I think they're starting to realize that crypto is a step in the wrong direction in achieving this goal.  No one should be surprised.  The more popular Bitcoin gets, the more it's going to get hated by governments.  Bitcoin, at its roots, is designed specifically to exclude the need for authority.

Final side note, hilarious to see those Winklevoss leeches on the panel.  You can just see how scummy they truly are.  In nearly all questions they answer, all it looks like to me is them saying "please let my Bitcoins be worth more, please!"  These twinkle twins look like they'd toss each other under the bus if it meant making a quick buck.  Some of these guys, I believe truly exist in the currency for the right reasons, but the twinkle twins only believe in a panned out pump and dump.  Who would expect anything else from them. 




I disagree. I think it was very positive today.

Senators aren't regulators. So that was more softball, general stuff. Regulators are a different breed. The fact that bitcoins continued existence was an assumed fact speaks volumns. It sounded like the regulators were ready to write guidelines and I didn't get any indication that those guidelines would be overly suppressive. You obviously have some issue with the twins that is abnormal. The creation of the ETF is a HUGE step for the acceptance of bitcoin.

I think you assume that governments inherently hate bitcoin. I think you are wrong. Governments, like ours in the US, are run by elected officials. Their #1 priority is job security. To be reelected. Those that say governments hate bitcoin are just extremists and conspiracy theorists.

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January 29, 2014, 12:44:03 AM
 #147

One interesting thing I noticed this time, as opposed to the last hearing, is that the Bitcoin backers seemed to be much more on the defensive.  In the previous hearing, law enforcement officials came on and were the ones tackling the regulation questions.  They gave a positive outlook on the situation, and the Bitcoiners really didn't face as much questioning in terms of regulation.  Now, this isn't the fairest direct comparison; there were no law enforcement officials being questioned in the NY Hearings.

However, now the Bitcoiners were having to answer really tough questions.  Questions they don't have an answer to, whether they admit it or not.  They are being asked how Bitcoin can be regulated to prevent money laundering and illicit activity.  They bring up past successful investigations by law enforcement, such as the Silk Road shutdown, but offer very little insight into how they themselves can combat these issues.  They're alluding to the notion that law enforcement just needs to continue investigating the bad guys, and they'll do their best to enforce KYC.

Unfortunately, I don't think these answers were satisfactory to the panel.  Granted, they're nearly impossible to satisfy here, but to give the answer "you guys just need to keep working hard at finding the criminals" made me cringe a bit.  The government understands that it can expend a bunch of resources going after these guys, and if they invest enough into it, they should be able to find them.  But they're saying they want Bitcoin and Bitcoin-based businesses to make sites like Silk-Road more difficult / impossible to run.

I would have said that there have been many advancements since Silk Road 1.0 was created.  Exchanges were not even requiring customers to verify their identities up until Q2 2013.  That's under 1 year ago.  Buying Bitcoin has become less anonymous everyday, and you will not find a notable exchange which provides service to US citizens without completing KYC verification.  Furthermore, the successful Silk Road raid has scared a vast majority of potential clients and sellers away from this type of marketplace.  We've also seen many new illegal marketplaces shut down due to operators fleeing with users' funds.  The confidence in the Dark Markets is very low right now.

If you look how far Bitcoin has come in just 2 years, where people could easily and without fear of repercussions trade contraband with BTC, to today, where only the most technology-savvy users can be confident at all in anonymity, and with the Dark Markets, it is night and day.  It's unfair to expect things to change overnight, but there have been obvious and major progressions over a fairly short time span.

Furthermore, if the government refuses to accept crypto-currency and figure out a way to keep the average user happy, it will simply slip into the underworld.  There is no way for the government to shut these things down.  The criminals will find a way to continue on crypto with or without government approval of Bitcoin.  These are decentralized instruments, and by over-regulating them, you will just kill the currency and the criminals will operate with other derivatives of crypto.  By working with Bitcoin and Bitcoin businesses, you keep the volume in your playing field, where you can at least call some of the shots.

All in all I don't think this was the best showing for Bitcoin in general.  The cool new feeling of Bitcoin is wearing off and the government is starting to really focus in on the negative aspects (in their POV).  Realistically, I don't think we have an answer for these problems at the end of the day.  The government wants absolute control, they always want absolute control, and I think they're starting to realize that crypto is a step in the wrong direction in achieving this goal.  No one should be surprised.  The more popular Bitcoin gets, the more it's going to get hated by governments.  Bitcoin, at its roots, is designed specifically to exclude the need for authority.

Final side note, hilarious to see those Winklevoss leeches on the panel.  You can just see how scummy they truly are.  In nearly all questions they answer, all it looks like to me is them saying "please let my Bitcoins be worth more, please!"  These twinkle twins look like they'd toss each other under the bus if it meant making a quick buck.  Some of these guys, I believe truly exist in the currency for the right reasons, but the twinkle twins only believe in a panned out pump and dump.  Who would expect anything else from them. 




I agree. Thanks for your summary. +1

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"These FUDsters are insane egomaniacs that just want cheap BTC" - oblivi
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January 29, 2014, 12:44:12 AM
 #148

Some of these guys, I believe truly exist in the currency for the right reasons, but the twinkle twins only believe in a panned out pump and dump.  Who would expect anything else from them. 




They claimed they haven't dumped a single BTC yet and sure they've had many opportunities at multiple peaks.

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January 29, 2014, 12:48:37 AM
 #149

Some of these guys, I believe truly exist in the currency for the right reasons, but the twinkle twins only believe in a panned out pump and dump.  Who would expect anything else from them. 




They claimed they haven't dumped a single BTC yet and sure they've had many opportunities at multiple peaks.

These guys are thinking a lot bigger than the average Bitcoiner.  They're already loaded.  They want to be richer than Zuckerberg just because they bought a bunch of BTC early on.  They're not here to make $10 Million, or $100 Million.  They want what Justin Timberlake wants in the Social Network, Billions. 

I guess I gotta give it to them, they have mastered making money while contributing absolutely nothing of value.

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January 29, 2014, 12:54:06 AM
 #150

HIGH FIVE WINKELWII!!

did you hear that?

he essentially said, if bitcoin is not supported or squashed, then a virtual currency without a public ledger (ie designed to be tumbled) is likely to take its place that is truly un-traceable!!

check mate!!

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January 29, 2014, 01:21:07 AM
 #151

HIGH FIVE WINKELWII!!

did you hear that?

he essentially said, if bitcoin is not supported or squashed, then a virtual currency without a public ledger (ie designed to be tumbled) is likely to take its place that is truly un-traceable!!

check mate!!


Yes I think the regulators may be starting to understand this. Which is why I wasn't perturbed by the answers that were along the lines of "Just keep doing what you're doing, you did get the Silk Road guy after all." There really IS no sure-fire way to stop people who REALLY want to be anonymous, from doing just that. A lot of people fuck up, for sure, but there IS going to be money-laundering, no doubt about it. And there is no easy way to take care of it. But crushing Bitcoin just means something even HARDER to trace is going to pop up, and attempts are already being made at making bitcoin anonymity even easier and easier.
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January 29, 2014, 02:46:38 AM
 #152

also, in the second video, Charles Lee raises a point that although bitcoin may be potentially vulnerable to attack from large foreign powers, the USA equally has the power and resources to secure the system. That could be critical if the USA needs to make a decisive decision to back Bitcoin.

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January 29, 2014, 04:01:32 AM
 #153

also, in the second video, Charles Lee raises a point that although bitcoin may be potentially vulnerable to attack from large foreign powers, the USA equally has the power and resources to secure the system. That could be critical if the USA needs to make a decisive decision to back Bitcoin.


LOL. They would start an ASIC farm and grab 40% of the hashing power, then they would say "We need over 51% so that we can fuck with the known terrorist wallets!"
Then they would gain 51%, and get really confused when BTC instantly crashes to $0 and nearly all the value travels to Litecoin, Namecoin, and DOGE.

"Hmm? But we're from the government, we're here to help! Why don't you want our AML help?"
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January 29, 2014, 05:06:41 AM
 #154

also, in the second video, Charles Lee raises a point that although bitcoin may be potentially vulnerable to attack from large foreign powers, the USA equally has the power and resources to secure the system. That could be critical if the USA needs to make a decisive decision to back Bitcoin.


LOL. They would start an ASIC farm and grab 40% of the hashing power, then they would say "We need over 51% so that we can fuck with the known terrorist wallets!"
Then they would gain 51%, and get really confused when BTC instantly crashes to $0 and nearly all the value travels to Litecoin, Namecoin, and DOGE.

"Hmm? But we're from the government, we're here to help! Why don't you want our AML help?"
-
You would think so, but did you read my earlier post? this is check mate. If the US destroys Bitcoin they will be fighting a super-virus in the next round. they want a global crypto with a public ledger, not a tumbled public ledger, so they can track criminals.
It is in their interest to protect it now and support it, especially considering that the FBI holds 1%.
the overall tone of the meeting was that cryptos are revolutionary, they are here to stay.

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January 29, 2014, 12:16:01 PM
 #155

also, in the second video, Charles Lee raises a point that although bitcoin may be potentially vulnerable to attack from large foreign powers, the USA equally has the power and resources to secure the system. That could be critical if the USA needs to make a decisive decision to back Bitcoin.


LOL. They would start an ASIC farm and grab 40% of the hashing power, then they would say "We need over 51% so that we can fuck with the known terrorist wallets!"
Then they would gain 51%, and get really confused when BTC instantly crashes to $0 and nearly all the value travels to Litecoin, Namecoin, and DOGE.

"Hmm? But we're from the government, we're here to help! Why don't you want our AML help?"

DOGE? You must be joking.

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January 29, 2014, 03:09:09 PM
 #156

Round 2 just started!

http://www.totalwebcasting.com/view/?id=nysdfs




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January 29, 2014, 03:14:54 PM
 #157

law enforcement dude projecting the sum of all fears on bitcoin ....
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January 29, 2014, 03:21:04 PM
 #158

everything this guy is saying he wants is already being done
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January 29, 2014, 03:24:18 PM
 #159

1. there are no bitcoin exchanges in US
2. exchanges outside of US already required all docs
3. coinbase requires name, address, credit card, cell phone for level 2 account (50BTC or 50 thou later on)
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January 29, 2014, 03:26:35 PM
 #160

too bad there is not some sort of rebuttal mechanism in play at the hearings ...
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January 29, 2014, 03:50:48 PM
 #161

RIP CoinJoin..?
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January 29, 2014, 03:53:13 PM
 #162

what are these people trying to propose anyway on this mornings panel?  just a bunch of nonsense.  why isnt the current banking establishment being brought up re: fraud and criminal negligence.
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January 29, 2014, 03:54:34 PM
 #163

what are these people trying to propose anyway on this mornings panel?  just a bunch of nonsense.  why isnt the current banking establishment being brought up re: fraud and criminal negligence.

because itīs about virtual currencies???

"To know death, Otto, you have to fuck life in the gallbladder"
www.hsbc.com  - The worldīs local bank
"These FUDsters are insane egomaniacs that just want cheap BTC" - oblivi
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January 29, 2014, 03:59:22 PM
 #164

please, right out of this guys mouth is "no one should keep money from crimes if virtual or not" except all banks do this currently in the usa.. virtual money panel or not, its dumb.
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January 29, 2014, 03:59:30 PM
 #165

LOL at their reference to being big holders of bitcoin.
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January 29, 2014, 04:05:01 PM
 #166

receeding hairline dude is clearly very paranoid about miners ....
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January 29, 2014, 04:10:40 PM
 #167

Receding hairline dude??? Man has to know his limitations.
How can he regulate a miner in China, Canada or Bulgaria? He will regulate a miner in US, hence other countries will get more bitcoin-simple.
Charlie Lee had a brilliant proposition yesterday-all three word agencies have to start mining NOW-it will increase their budget, LOL.
He also thinks that miners are "strategic", LOL.
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January 29, 2014, 04:11:05 PM
 #168

receeding hairline dude is clearly very paranoid about miners ....

Christ, isn't he just! It's all he talks about!

If the US government wanted to make sure the miners couldn't do what they wanted, they could simply set up a mining operation of, say 25% of the network. Job done.
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January 29, 2014, 04:12:27 PM
 #169

Zabel came across well.

They're trying to buy all the coins. 
We must not let them.
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January 29, 2014, 05:15:28 PM
 #170

Panel 2 is kicking ass today!  Cheesy Kudos to Fred, Jeremy, and that Overstock guy (didn't catch his name)
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January 29, 2014, 05:17:39 PM
Last edit: January 30, 2014, 02:40:19 PM by KFR
 #171

John Johnson I think he said.  They are all doing a fine job.

They're trying to buy all the coins. 
We must not let them.
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January 29, 2014, 05:48:28 PM
 #172

I am watching some of this while I am at the office.   I am actually really impressed by Lawsky, and the people on the panel asking the questions of the bitcoiners.   They seem really open minded, and don't act as if they are economic gurus.   They seem open and willing to help move the industry forward if possible...
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January 29, 2014, 05:49:20 PM
 #173

also, in the second video, Charles Lee raises a point that although bitcoin may be potentially vulnerable to attack from large foreign powers, the USA equally has the power and resources to secure the system. That could be critical if the USA needs to make a decisive decision to back Bitcoin.


LOL. They would start an ASIC farm and grab 40% of the hashing power, then they would say "We need over 51% so that we can fuck with the known terrorist wallets!"
Then they would gain 51%, and get really confused when BTC instantly crashes to $0 and nearly all the value travels to Litecoin, Namecoin, and DOGE.

"Hmm? But we're from the government, we're here to help! Why don't you want our AML help?"

DOGE? You must be joking.


Yeah, I must be  Wink
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January 29, 2014, 06:06:21 PM
 #174

Today the panelists were much better, seems positive overall. I'm very interested in the third panel
Quote
Panel 3- The Academic View on Virtual Currencies

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January 29, 2014, 06:08:06 PM
 #175

This last panel which just took place, the 3 panelists did an excellent job.

Regulators are very open minded it seems.
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January 29, 2014, 06:10:59 PM
 #176

I hope that they did not invite that Boston professor for the academic panel; he is just full of venom.
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January 29, 2014, 06:13:55 PM
 #177

Overstock guy is cool as fuck.

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January 29, 2014, 06:14:57 PM
 #178

I hope that they did not invite that Boston professor for the academic panel; he is just full of venom.

*Ed W. Felten- Professor of Computer Science and Public Affairs,
and Director of the Center for Information Technology Policy, Princeton University

*Susan Athey- Professor of Economics, Stanford University

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January 29, 2014, 06:17:27 PM
 #179

I missed the 1st panel but I got to say, I was really impressed with everything I heard from the 2nd panel.
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January 29, 2014, 06:34:32 PM
 #180

I hope that they did not invite that Boston professor for the academic panel; he is just full of venom.

*Ed W. Felten- Professor of Computer Science and Public Affairs,
and Director of the Center for Information Technology Policy, Princeton University

*Susan Athey- Professor of Economics, Stanford University

They don't list all people on the panel-Overstock guy was not listed.
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January 29, 2014, 06:44:52 PM
 #181

I hope that they did not invite that Boston professor for the academic panel; he is just full of venom.

*Ed W. Felten- Professor of Computer Science and Public Affairs,
and Director of the Center for Information Technology Policy, Princeton University

*Susan Athey- Professor of Economics, Stanford University

They don't list all people on the panel-Overstock guy was not listed.
He kinda was. See here.
Are we going to hear about the "Deflationary Spiral of Death" from this professor of economics?

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January 29, 2014, 06:46:43 PM
 #182

I hope that they did not invite that Boston professor for the academic panel; he is just full of venom.

*Ed W. Felten- Professor of Computer Science and Public Affairs,
and Director of the Center for Information Technology Policy, Princeton University

*Susan Athey- Professor of Economics, Stanford University

They don't list all people on the panel-Overstock guy was not listed.
He kinda was. See here.
Are we going to hear about the "Deflationary Spiral of Death" from this professor of economics?

No. They are both pro bitcoin.
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January 29, 2014, 07:09:22 PM
 #183

I loved how that balding bankster earlier today was too afraid to work with BTC-e.  Grin


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January 29, 2014, 07:42:24 PM
 #184

Ripple shill. Sad

New drinking game: every time she mentions Ripple.

They're trying to buy all the coins. 
We must not let them.
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January 29, 2014, 07:43:34 PM
 #185

Oh crap, Susan Athey mentioned Ripple about 3-4 times in the first 5 minutes of her opening remarks.  Heresy!
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January 29, 2014, 07:44:07 PM
 #186

guy in the middle is nervous about his bitstamp short
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January 29, 2014, 07:50:34 PM
 #187

Who is that chick behind the bench that just keeps "mhm"ing everything the other guys are saying?
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January 29, 2014, 07:52:28 PM
 #188

I hope that they did not invite that Boston professor for the academic panel; he is just full of venom.
Seems like he's been invited!  Angry
EDIT: OMG it's like all the FUD and misunderstanding has been concentrated in one man  Shocked

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January 29, 2014, 07:53:03 PM
 #189

Fetch the pitchforks folks.

They're trying to buy all the coins. 
We must not let them.
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January 29, 2014, 07:53:51 PM
 #190

guy has to back off that mic. where's the soundman when you need one?
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January 29, 2014, 07:54:38 PM
 #191

Dude #3 is a bear! Woohoo!
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January 29, 2014, 07:54:59 PM
 #192

SINGLE DIGITS IN JUNE GUYS!!

WE ARE ALL GONNA BE RICH
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January 29, 2014, 07:55:43 PM
 #193

SINGLE DIGITS IN JUNE GUYS!!

WE ARE ALL GONNA BE RICH


Fuck, you beat me to this one..

I don't see how he think he can make a statement link that.
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January 29, 2014, 07:55:51 PM
 #194

He seems so angry about Bitcoin.  I still don't understand that reaction.  

They're trying to buy all the coins. 
We must not let them.
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January 29, 2014, 07:56:11 PM
 #195

So the third panel is a FUD-shouting dinosaur, a "professor" bought by Ripple and one guy that seems somewhat intelligent?

I am an evangelical missionary heading to China. Donations are welcome here (dedicated wallet): 1H8iswayfTaRb6oe2WjMCRmchBJHYyfx9z
You can find more information about my plans here: http://btcmission.com
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January 29, 2014, 07:56:26 PM
 #196

He seems so angry about Bitcoin.  I still don't understand that reaction.  
His buddy told him to buy and hodl in 2011 and he said no. Also, he is part of the regime wholly responsible for debt enslavement of our generation. He deserves to miss the boat.
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January 29, 2014, 07:57:23 PM
 #197

He seems so angry about Bitcoin.  I still don't understand that reaction.  

He must of bought at $200 then sold at $60.

Hes been burnt by the bitcoin sun.
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January 29, 2014, 07:57:49 PM
 #198

He seems so angry about Bitcoin.  I still don't understand that reaction.  
His buddy told him to buy and hodl in 2011 and he said no. Also, he is part of the regime wholly responsible for debt enslavement of our my generation. He deserves to miss the boat.

Whoops. FTFM.
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January 29, 2014, 07:58:59 PM
 #199

Here comes the rebuttals!
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January 29, 2014, 07:59:04 PM
 #200

So the third panel is a FUD-shouting dinosaur, a "professor" bought by Ripple and one guy that seems somewhat intelligent?

that seems about right
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January 29, 2014, 08:00:06 PM
 #201

He seems so angry about Bitcoin.  I still don't understand that reaction.  
His buddy told him to buy and hodl in 2011 and he said no. Also, he is part of the regime wholly responsible for debt enslavement of our generation. He deserves to miss the boat.
It's all clear when you hear him talking about the legitimacy of dollars. The paradigm shift that Bitcoin brings is what angers him.

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January 29, 2014, 08:00:30 PM
 #202

Ripple?? who cares about ripple?