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Bitcoin Comes Under Senate Scrutiny

blogs.wsj.com

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Re: Bitcoin Comes Under Senate Scrutiny

#2

Post by DigitalSea »

Uh, oh. This will either be really good for Bitcoin or really bad. I am thinking the Government are going to try and clamp down on Bitcoin and do their best to get their share of the pie through taxes and whatnot. An unregulated currency has surely got a few Federal Reserve members and those with vested interests in currency on the edge of their seats and on the attack.

Government backing is the last hurdle for Bitcoin. If some rules are put into place that allow its use in the US alone, it'll set a precedent for other countries to follow-suit. It's apparent the Government don't care about how Bitcoin is being used, all they care about is getting their share of the money which at present is zero.

Re: Bitcoin Comes Under Senate Scrutiny

#3

Post by yeukhon »

DigitalSea wrote: post #2

Uh, oh. This will either be really good for Bitcoin or really bad. I am thinking the Government are going to try and clamp down on Bitcoin and do their best to get their share of the pie through taxes and whatnot. An unregulated currency has surely got a few Federal Reserve members and those with vested interests in currency on the edge of their seats and on the attack. Government backing is the last hurdle for Bitco…

Sure and also money laundering and underground economy.

Re: Bitcoin Comes Under Senate Scrutiny

#6

Post by dr_doom »

yeukhon wrote: post #3
DigitalSea wrote: post #2

Uh, oh. This will either be really good for Bitcoin or really bad. I am thinking the Government are going to try and clamp down on Bitcoin and do their best to get their share of the pie through taxes and whatnot. An unregulated currency has surely got a few Federal Reserve members and those with vested interests in currency on the edge of their seats and on the attack. Government backing is the last hurdle for Bitco…

Sure and also money laundering and underground economy.

I'm pretty sure that's what the hearings are going to focus on. They may also throw in a little 'anyone can anonymously fund terrorists!' considering the sessions were called by the Committee on Homeland Security.

Re: Bitcoin Comes Under Senate Scrutiny

#8

Post by AmVess »

Article states, "The hearings will be held by the Senate Committee on Homeland Security and Government Affairs and by a subpart of the Senate Banking Committee, the aides said."

And then it continues, "As with all emerging technologies, the federal government must make sure that potential threats and risks are dealt with swiftly; however, we must also ensure that rash or uninformed actions don’t stifle a potentially valuable technology."

While I cannot say sooth how exactly this will end, but I have a feeling it will end in tears. And by tears, I mean primarily our tears.

I mockingly envision TSA agents shaking me down at an airport for undeclared bitcoins and then absconding with my hardware until they can determine that I'm not illegally transporting undeclared bitcoins across state borders.

I'd mock this notion, but at this point in time, I know better.

Re: Bitcoin Comes Under Senate Scrutiny

#9

Post by narrator »

DigitalSea wrote: post #2

Uh, oh. This will either be really good for Bitcoin or really bad. I am thinking the Government are going to try and clamp down on Bitcoin and do their best to get their share of the pie through taxes and whatnot. An unregulated currency has surely got a few Federal Reserve members and those with vested interests in currency on the edge of their seats and on the attack. Government backing is the last hurdle for Bitco…

You bitcoin guys think you can push buttons on your computer and code around the system. So naive.

Sorry to be a pessimist, but they can just say anyone transferring bitcoin to another party without going through a KYC compliant intermediary is money laundering and then send the swat team out to whatever ip they can track down via NSA whatever. Game. Set. Match. Banks win as usual, all done. They'll take it down just like Pirate Bay, etc.

Can someone tell me how people think the cryptonerds can win here? I'll be over here munching on my popcorn thank you.

Re: Bitcoin Comes Under Senate Scrutiny

#10

Post by vkou »

cinquemb wrote: post #4

I'm excited to see the costly boondoggle that will come from this, because we all know how well the SEC is at regulating centrally controlled currencies.

Considering that the world economy did not completely implode in 2008, I think we could do far worse.
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