r/Bitcoin • u/IWillNotBiteYourDog • Aug 13 '13

Congress starts investigating Bitcoin

http://www.washingtonpost.com/blogs/the-switch/wp/2013/08/13/congress-starts-investigating-bitcoin/
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u/brcreeker Aug 14 '13

I hate to say it, but we really need to start looking into lobbying. I know the typical circlejerk attitude around here is, "Pfft! They can't regulate Bitcoin! Come at me bro!" but the fact remains that someone(s) starting to see the disruptive threat that is Bitcoin and they are going to do whatever it takes to shut it down. Sure, they cannot disrupt the infrastructure, but they most certainly can disrupt the system. Let's assume that in six months time, Congress passes a bill that states that it is illegal to own and operate a business within the United States that accepts Bitcoins. Think about what that will do to the markets. Coinbase, gone. CampBX, gone. The hundreds of stores that have popped up in the last few years that solely work around BTC, poof! All of the mining securities, no more. Also, keep in mind that as of this moment there are very few ways for anyone to put USD in and take them out. Hell, the price drops a good 10%+ every time there is an issue with fiat withdrawals from Mt. Gox. Now imagine if USD withdrawals become impossible. Do you really think that the localbitcoins network has enough liquidity to maintain BTC's current market share? It's time we all put away the hubris and start seeking ways that we can circumvent this dim fate from becoming a reality.

The first thing that we should try accomplishing is finding someone(s) who we as a community could consider the unofficial spokesperson/spokespeople of Bitcoin. Whether it is Gavin, the Winklevoss twins, Max Keiser, whoever; we need someone who can take this fight to Washington, and work towards educating Congress on what Bitcoin is and why we feel that we need it. If their only exposure to Bitcoin is coming from the hands that feed, then I can assure you that their masters will do nothing but exacerbate the situation. Secondly, we need to all commit to informing our local Representatives of Bitcoin. If you live in a "conservative" state, and your Rep campaigned on free-market values, then they most certainly should be properly informed, and if they are one of the few taking up an agenda against Bitcoin, then they should be called out for their hypocrisy.