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Members of the US Congress Plan to Create a Compliant Version of Bitcoin

21 points by elmar 9y ago

pmorici 9y ago
Sounds like they might be trying to push a special interest bill. Wonder what company has a "compliant" crypto currency waiting in the wings while they try to get this law passed to give it an advantage in the marketplace.
- ringaroundthetx 9y ago
  let's see: - Blockstream pushing AML complaint payment channels over the Lightning Network (bitcoin, any bitcoin fork) - Goldman Sachs who has a filed a patent on basically a bitcoin-clone - Ripple - maybe Waves
  - kobeya 9y ago
    > - Blockstream pushing AML complaint payment channels over the Lightning Network (bitcoin, any bitcoin fork) Whaaaaat? What are you talking about here? I've done a bunch of google searches and I can't find any information about what you're talking about. The idea that Blockstream, who does more work on improving frangibility than anyone else in this space, would be involved in an AML/KYC compliant overlay network is crazy.
    - pmorici 9y ago
      fungibility is not the same thing as KYC / AML.
      - kobeya 9y ago
        Yes, it is the opposite.. which is my point.
kobeya 9y ago
> This would be a new digital currency, by the look of things, and not Bitcoin itself. Moreover Bitcoin itself is not of interest to Washington right now. Well, the good thing is that Bitcoin doesn't need their permission. Indeed, that is quite the point.
- fweespeech 9y ago
  It does to convert from Bitcoin to Fiat currency. That conversion gets blocked in an entire country/currency and its effectively useless unless you travel.
  - PierreRochard 9y ago
    That seems to imply that there are no grey or black markets for currencies. This is contrary to what has been observed in history and in some countries today.
    - pixelcloud 9y ago
      localbitcoins was a thing long before you could use exchanges in lots of countries.
    - PeanutCurry 9y ago
      That doesn't negate the damage though. Requiring a grey or black market to use the currency in a nation of economic significance restricts bitcoin's utility. This will be a value hit when competing against any potential currency that can overcome those hurdles.
    - fweespeech 9y ago
      > That seems to imply that there are no grey or black markets for currencies. This is contrary to what has been observed in history and in some countries today. Grey and black market currencies exist but the exchange rate is very painful. Its mostly only viable when the fiat currency is unstable (or in the black market) for that reason. Either way, its largely useless in the country it has been grey/black market'd and they are relying on their ability to convert it elsewhere.
gwbas1c 9y ago
Returning a 503, can anyone link to a mirror?
- T-A 9y ago
  Just a confused and nearly content-free comment on http://dailycaller.com/2017/08/19/congress-considering-validating-bitcoin/ http://dailycaller.com/2017/08/19/congress-considering-valid... which would be a better link.
johnrichardson 9y ago
Also see: http://dailycaller.com/2017/08/19/congress-considering-validating-bitcoin/ http://dailycaller.com/2017/08/19/congress-considering-valid... I've been expecting digital currencies to be co-opted (or at least, try to be co-opted) by centralized authorities for a while now. Looks like we're seeing the first genuine attempt.
crisopolis 9y ago
Members of the US Congress can't even make a healthcare plan what makes you think this will go anywhere?

21 points by elmar 9y ago

Sounds like they might be trying to push a special interest bill. Wonder what company has a "compliant" crypto currency waiting in the wings while they try to get this law passed to give it an advantage in the marketplace.

ringaroundthetx 9y ago
let's see: - Blockstream pushing AML complaint payment channels over the Lightning Network (bitcoin, any bitcoin fork) - Goldman Sachs who has a filed a patent on basically a bitcoin-clone - Ripple - maybe Waves
- kobeya 9y ago
  > - Blockstream pushing AML complaint payment channels over the Lightning Network (bitcoin, any bitcoin fork) Whaaaaat? What are you talking about here? I've done a bunch of google searches and I can't find any information about what you're talking about. The idea that Blockstream, who does more work on improving frangibility than anyone else in this space, would be involved in an AML/KYC compliant overlay network is crazy.
  - pmorici 9y ago
    fungibility is not the same thing as KYC / AML.
    - kobeya 9y ago
      Yes, it is the opposite.. which is my point.

kobeya 9y ago

> This would be a new digital currency, by the look of things, and not Bitcoin itself. Moreover Bitcoin itself is not of interest to Washington right now. Well, the good thing is that Bitcoin doesn't need their permission. Indeed, that is quite the point.

fweespeech 9y ago
It does to convert from Bitcoin to Fiat currency. That conversion gets blocked in an entire country/currency and its effectively useless unless you travel.
- PierreRochard 9y ago
  That seems to imply that there are no grey or black markets for currencies. This is contrary to what has been observed in history and in some countries today.
  - pixelcloud 9y ago
    localbitcoins was a thing long before you could use exchanges in lots of countries.
  - PeanutCurry 9y ago
    That doesn't negate the damage though. Requiring a grey or black market to use the currency in a nation of economic significance restricts bitcoin's utility. This will be a value hit when competing against any potential currency that can overcome those hurdles.
  - fweespeech 9y ago
    > That seems to imply that there are no grey or black markets for currencies. This is contrary to what has been observed in history and in some countries today. Grey and black market currencies exist but the exchange rate is very painful. Its mostly only viable when the fiat currency is unstable (or in the black market) for that reason. Either way, its largely useless in the country it has been grey/black market'd and they are relying on their ability to convert it elsewhere.

gwbas1c 9y ago

Returning a 503, can anyone link to a mirror?

T-A 9y ago
Just a confused and nearly content-free comment on http://dailycaller.com/2017/08/19/congress-considering-validating-bitcoin/ http://dailycaller.com/2017/08/19/congress-considering-valid... which would be a better link.

johnrichardson 9y ago

Also see: http://dailycaller.com/2017/08/19/congress-considering-validating-bitcoin/ http://dailycaller.com/2017/08/19/congress-considering-valid... I've been expecting digital currencies to be co-opted (or at least, try to be co-opted) by centralized authorities for a while now. Looks like we're seeing the first genuine attempt.

crisopolis 9y ago

Members of the US Congress can't even make a healthcare plan what makes you think this will go anywhere?