discuss Bitcoin & Crypto Currency Update! What Does This Mean?

[Silentptnr]

I just got this memo regarding a meeting tomorrow with the US Financial Services Commission...

"The Terrorism and Illicit Finance Subcommittee will hold a hearing entitled “Virtual Currency: Financial Innovation and National Security Implications” at 10 a.m. on Thursday, June 8, 2017, in Room 2128 of the Rayburn House Office Building.

This will be a one-panel hearing with the following witnesses: • Jerry Brito, Executive Director, Coin Center • Scott Dueweke, President, The Identity and Payments Association • Kathryn Haun, Lecturer, Stanford Law School • Jonathan Levin, Co-Founder, Chainalysis • Luke Wilson, Vice President, Business Development-Investigations, Elliptic.

This hearing will explore terrorists and illicit use of financial technology (FinTech), the national security implications of virtual currencies such as Bitcoin, and the use of “blockchain” technologies to record transactions and uncover illicit activities.

Witnesses will provide testimony about the exploitation of virtual currency by terrorists and transnational criminal groups, as well as provide risk assessments and policy considerations to mitigate illicit financing but not to impede the development of FinTech innovations."

I have attached a copy of the actual memo. What does this mean?

 

[urlurl]

within Canada we can email money within the major banks, deposit cheques by taking a picture of it and transfer to paypal - thats good enough for me

 

[1Darko]

Just recently the japanese government recognized bitcoin as a legal payment method:

http://www.businessinsider.com/bitc...ecognizes-it-as-a-legal-payment-method-2017-4

 

[WhoaDomain.com]

The "problem" with certain cryptos is what makes them some awesome. You are talking a about something that is going to hold value.

And you are going to open source it so everyone and their uncle has access to it's code? So you develop new things from it?

Never sounded like safe to me.

This always bothered me.

It's like saying you've built the perfect unpenetrable vault and then post the schematics online.

Really?

Plus how there are "miners" all around the world trying to "crack" some mathematical equation to open a "block" in a chain using powerful computers.

They say it's "impossible" to hack a blockchain and steal your crypto.

Really? Give me a quantum computer, gum,jolt cola, and constant supply of hot pockets and put a gun to the heads of my family and I can guarantee you nothing is impossible.

What one man creates another can destroy.

This basic stuff you learn from the playgrounds as child.

 

[bobbarato]

It's like saying you've built the perfect unpenetrable vault and then post the schematics online.

I get what you are saying but if it really is "perfect unpenetrable" then sharing the design doesn't matter. Those that can see the vulnerabilities in open source that no one else can see are good enough to breach closed source...

Aren't certain Linux distros more secure than MS Windozes? (I am very bias )

 

[campout]

but not to impede the development of FinTech innovations

Quote is the key line here IMO. Most governments, including the US, seem to view Bitcoin, etc. in a positive light, and are not seeking to ban it.

 

[WhoaDomain.com]

hey I wanna buy an ounce of weed. how much will that be?

.00000000005 BTC? lol

Lol BTC "BUY THAT Chronic! Lol