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Author Topic: NY Hearings - lets live blog this puppy : - )  (Read 11618 times)
Torque
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January 28, 2014, 08:53:11 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.
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January 28, 2014, 08:53:33 PM
 #122

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!

In times of change, it is the learners who will inherit the earth, while the learned will find themselves beautifully equipped for a world that no longer exists.
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January 28, 2014, 08:56:01 PM
 #123

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.

In times of change, it is the learners who will inherit the earth, while the learned will find themselves beautifully equipped for a world that no longer exists.
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January 28, 2014, 08:57:01 PM
 #124

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

http://haschinabannedbitcoin.com
"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, 08:57:50 PM
 #125

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

In times of change, it is the learners who will inherit the earth, while the learned will find themselves beautifully equipped for a world that no longer exists.
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January 28, 2014, 08:58:21 PM
 #126

Bingo. That girl on the left keeps nailing it.

http://haschinabannedbitcoin.com
"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, 08:58:45 PM
 #127

bummer they missed the chance to talk about 3rd world development with  "underbanked"  ....
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January 28, 2014, 08:59:34 PM
 #128

The "QR kid" reference-cool.
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January 28, 2014, 09:01:54 PM
 #129

The "QR kid" reference-cool.

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

In times of change, it is the learners who will inherit the earth, while the learned will find themselves beautifully equipped for a world that no longer exists.
Dalmar
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January 28, 2014, 09:06:00 PM
 #130

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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Ibian
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January 28, 2014, 09:09:19 PM
 #131

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.

There is no bubble.
Torque
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January 28, 2014, 09:10:54 PM
 #132

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.
virtualfaqs
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January 28, 2014, 09:11:45 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.

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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Dalmar
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January 28, 2014, 09:13:09 PM
 #134

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

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P_Shep
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January 28, 2014, 09:14:13 PM
 #135

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
 #136

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
 #137

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
 #138

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
 #139

i was actually expecting the guy to suddenly go like:

http://www.youtube.com/watch?v=z1ggGGGqu_k
Torque
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January 28, 2014, 09:23:30 PM
 #140

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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