NY Hearings - lets live blog this puppy : - )

[threecats]

ooooo  winkleviii naming western union as target!

[sgbett]

is that guy suggesting they go build a bank!

there is a thought...

[sgbett]

"banks are close to coming on  board.."

i wonder if he is alluding to wells fargo?

[sgbett]

MOAR FREEDOMS!!!

[jamesc760]

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...

[sgbett]

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.

[jamesc760]

what is the next panel at 2:30?

[BitcoinAshley]

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

CCMF

[Bitcoin BEAR]

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.

[windjc]

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.

[Dalmar]

Bitcoin is very MURICAN... what an argument 

[kkaspar]

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...

[keithers]

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.  

[merkin51]

Bitcoin is very MURICAN... what an argument 

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

[BitchicksHusband]

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.

[threecats]

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.

[threecats]

Bitcoin is very MURICAN... what an argument 

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.

[RyNinDaCleM]

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.

[Dalmar]

Bitcoin is very MURICAN... what an argument  

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.  

[MatTheCat]

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!