Sunday, November 10, 2013

Bitcoin Senate Hearing November 18

And so it begins, advanced scrutiny of Bitcoin by government.

The U.S. Senate Committee on Homeland Security and Governmental Affairs will meet on Nov. 18 “to explore potential promises and risks related to virtual currency for the federal government and society at large,” it said in a statement today.

The hearing, titled “Beyond Silk Road: Potential Risks, Threats, and Promises of Virtual Currencies,” will invite witnesses to testify about the challenges facing law enforcement and regulatory agencies, and include views from “non-governmental entities who can discuss the promises of virtual currency for the American and global economies.”

Notice the hearing title: "Beyond Silk Road"---a very direct linkage between Bitcoin and illegal activities. Not good.

Bitcoin is going to be tracked by government and will be perhaps the least anonymous currency. Programs that mix bitcoins for attempted anonymity will be deemed money laundering devices.

Bottom line: Bitcoin will have very little in the way of protection against government snooping.

10 comments:

  1. lol...Bitcoin just dropped 25% in value in the last day too.

    It might be a good time to speculate.

    ReplyDelete
    Replies
    1. then rocketed up another 40%....

      Delete
    2. Yep, I'm sure it's completely rational.

      Delete
  2. Do you really think bureaucrats can keep up with motivated cypherpunks? Don't underestimate the power of us libertarian techies. We're already three steps ahead of them.

    ReplyDelete
    Replies
    1. Exactly. The Feds couldn't contain public key crypto in the 90's and they'll fail in trying to contain public key cryptocash today. Government droids are always the last to know.

      They can make Bitcoin hard to use in the US, but the US is now just another market. Bitcoin will go where it's welcome. I'll sell my bitcoins for yuan or PMs. It makes no difference to me. ; )

      Delete
    2. Unfortunately there will be martyrs, like the DPR, who will pay the price for their assault on the Fiat King and his Empire.

      Bitcoin may survive, but the spirit will eventually triumph.

      Delete
    3. ummmm . . . I am a Republican . . . And this has nothing to do with liberalism but money. And no the propaganda and vague statements of what will happen is obviously going to follow CHINA and GERMANY.... legal tender baby... they are going to look at it and TRY and find a reason to snoop which they will.... which is LEGAL TENDER :D cause there is nothing wrong with the currency at least if you compare to other currency . . . the same problems exist... just fewer of them... and globally.

      Delete
  3. "Bitcoin will have very little in the way of protection against government snooping."

    It will still have a lot more protection than fiat money. And in this system, gold is not usable in the same ways by ordinary people. You're not going to donate to websites in gold or buy on the internet in gold. Gold should be substituted for fiat money in society at large, but it isn't. Bitcoin is at least much better than fiat money to use, and that is also WHY it is being used, it seems to me.

    I do agree that people should not think they can use it to make 'illegal' kinds of deals.

    ReplyDelete
  4. "Notice the hearing title: "Beyond Silk Road"---a very direct linkage between Bitcoin and illegal activities. Not good."

    Let's challenge that directly. What DPR was doing is *foolishly* viewed by many as immoral, and it is NOT immoral. He was providing people with a way to break laws that are destructive, harmful, and horrible. DPR was doing things (for the most part) that were healing our world, not harming it. The real criminals are those who appropriate money from citizens (taxes) and pay thugs (called "police") with it to violate the rights of people who are ignoring stupid rules that were invented by elected officials to protect corporations.

    The fact that most people don't see government as the largest institution of organized crime makes the author's statement true on one level - if we're just going to sit back and lament about it. But if we're going to talk to people about these issues, it provides a great opportunity to help rid our species of the parasite people call "government."

    ReplyDelete
  5. this article has no fucking clue what it is talking about. huge bear whos probably pissed he already sold all his coins dumb ass

    ReplyDelete