Everything You Need to Know About Today’s New York Hearing on Bitcoin [Day 2]

Coin Desk ^ | 29 January 2014 | Emily Spaven

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UPDATE (29th January, 13:14 GMT): Read CoinDesk’s report on yesterday’s hearing here. You can watch the full video here.

Stay tuned to CoinDesk for more updates on today’s hearing, and be sure to follow us on Twitter for live tweets on the proceedings.

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Direct link to video of today's hearings: http://www.totalwebcasting.com/view/?id=nysdfs

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Click to be Added / Removed.

[PoloSec]

Law enforcement sounds like they do not like bitcoin, and would have it over regulated.

[RightOnTheBorder]

Feds no likey when they can’t control, regulate, and grift the commerce of commoners.

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Other News:

•CoinTerra Ships First Terahash Bitcoin Mining Rig

•Vera&John Becomes First Licensed Casino to Accept Bitcoin

•Bitcoin transformative as the Web, venture capitalist says

•Bitcoin may be a bust on the Las Vegas Strip

•A Surprisingly Large Number Of IT Professionals Want To Get Paid In Bitcoin

•Meet The 'Bitcoin Millionaire' Arrested For Allegedly Helping Silk Road Launder $1 Million

•The Bitcoin ATM Has a Dirty Secret: It Needs a Chaperone

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Thinking the same thing as you this morning.

[DJ MacWoW]

Click The Pic To Donate

"I believe that banking institutions are more dangerous to our liberties than standing armies.
Already they have raised up a moneyed aristocracy that has set the government at defiance.
The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."
Thomas Jefferson

[Errant]

Exactly. Change is coming though. Technology can be used for surveillance and control and oppression as well as freeing those dependent on government and monopolies to become self-sufficient and independent in every area (e.g., education, publishing, 3d printing, banking, exchange, medical, and more).

[Errant]

I surely like the portrait of Thomas Jefferson and his words warning about banksters way more than the Tinkerbell “fairy dust” one you posted several days ago.... lol

[DJ MacWoW]

Every once in awhile, ya just need silly. ;-)

[Errant]

True! lol

[PoloSec]

Well that was discouraging, however the regulators seem to be smart people, and open minded, but who really knows, they do exist to regulate.

[Errant]

Well worth repeating:

"The issuing power should be taken from the banks and restored to the people, to whom it properly belongs." - Jefferson

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Despite their virtues as individuals, when push comes to shove the system reduces them to automatons carrying out the orders of higher ups. Case in point, IMO: Charlie Shrem Released on $1m Bail After Silk Road Money Laundering Arrest

Meanwhile, the real criminals on Wall Street are too big to bust.

[PoloSec]

So true given the freedom and opportunity entrepreneurs, such as in the next panel will demonstrate, will regulate themselves to ensure long term profitability and growth.

When the gov’t regulates they screw everybody and everything, it is just the base nature which corrupts gov’t such as we have, the worst criminals are in gov’t.

Fred Ehrsam will be on the next panel, he was also on the first panel yesterday, he is the founder of the bitcoin wallet I use, Coinbase.

[Errant]

Just the fines that JPM will pay under Jamie Dimon’s leadership is almost twice the value of all Bitcoins mined to date. I imagine about of fourth of those fines their way into the pockets of whatever organization Acorn as morphed into via some mechanism our illustrious AG ( Eric Holder ) has put in place. O will then have something to smile about besides golf or his next visit with Reggie.

[Dutch Boy]

While trying to figure out what Bitcoin is I stumbled across stories of earlier attempts at a virtual currency. I had never heard of these before.

http://money.usnews.com/money/personal-finance/slideshows/6-virtual-currencies-that-went-bust>

http://www.ft.com/intl/cms/s/2/6d51117e-5806-11e3-a2ed-00144feabdc0.html

[Errant]

Thanks for the links, will check them out.

[Errant]

I did know about e-gold. What makes Bitcoin different is its P2P distributed ledger.

[Dutch Boy]

I am so removed from these things... I was even late to even hearing about Bitcoin. I guess technology is passing me by.