5 ms·

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

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.

yeukhon 13y ago
Sure and also money laundering and underground economy.
- dr_doom 13y ago
  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.
  - yeukhon 13y ago
    Yeah. I also wonder if in the future people will use bitcoin to keep their cash since Swiss banks are not as independent as they used to be anymore.
  - rhizome 13y ago
    They may also throw in a little 'anyone can anonymously fund terrorists!' "...just like Peter King."
narrator 13y ago
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.
- wernah 13y ago
  Piratebay isn't down?
- drewblaisdell 13y ago
  They'll take it down just like Pirate Bay, etc. I think you have unintentionally predicted exactly what will happen.
  - vyrotek 13y ago
    Sure, you're not going to completely squash it but it will then be considered a "dirty" service and only be used for illegal activities. No U.S. business will ever touch it again.
    - dublinben 13y ago
      The recent shutdown of Liberty Reserve, another digital currency favored by criminals, shows the extent to which the U.S authorities are willing to go in cases like this. Nowhere on earth is safe if you are running/facilitating a multi-billion dollar money laundering operation.
      - ensignavenger 13y ago
        Unless your a large bank "too big to fail"... Or give any serious punishment to for money laundering.
  - deleted 13y ago
    [deleted]
- MacsHeadroom 13y ago
  Are you trolling? The Pirate Bay is doing better than ever.
  - 2muchcoffeeman 13y ago
    But it's not a legitimate method of obtaining (a lot of) data. The only legitimate uses I for BT I've used are WOW updates and maybe getting Linux distros. The Pirate Bay may still be up, but it's a shady corner of the internet. If businesses can't legitimately use BC, it doesn't matter if I can still do shady things with it.

yeukhon 13y ago

Sure and also money laundering and underground economy.

dr_doom 13y ago
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.
- yeukhon 13y ago
  Yeah. I also wonder if in the future people will use bitcoin to keep their cash since Swiss banks are not as independent as they used to be anymore.
- rhizome 13y ago
  They may also throw in a little 'anyone can anonymously fund terrorists!' "...just like Peter King."

narrator 13y ago

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.

wernah 13y ago
Piratebay isn't down?
drewblaisdell 13y ago
They'll take it down just like Pirate Bay, etc. I think you have unintentionally predicted exactly what will happen.
- vyrotek 13y ago
  Sure, you're not going to completely squash it but it will then be considered a "dirty" service and only be used for illegal activities. No U.S. business will ever touch it again.
  - dublinben 13y ago
    The recent shutdown of Liberty Reserve, another digital currency favored by criminals, shows the extent to which the U.S authorities are willing to go in cases like this. Nowhere on earth is safe if you are running/facilitating a multi-billion dollar money laundering operation.
    - ensignavenger 13y ago
      Unless your a large bank "too big to fail"... Or give any serious punishment to for money laundering.
- deleted 13y ago
  [deleted]
MacsHeadroom 13y ago
Are you trolling? The Pirate Bay is doing better than ever.
- 2muchcoffeeman 13y ago
  But it's not a legitimate method of obtaining (a lot of) data. The only legitimate uses I for BT I've used are WOW updates and maybe getting Linux distros. The Pirate Bay may still be up, but it's a shady corner of the internet. If businesses can't legitimately use BC, it doesn't matter if I can still do shady things with it.