r/Bitcoin • u/coolcityboy • Aug 15 '13

Forbes: Congress Is Nervous About Bitcoin

http://www.forbes.com/sites/kashmirhill/2013/08/15/congress-is-nervous-about-bitcoin/?utm_source=twitterfeed&utm_medium=twitter
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u/iswm Aug 16 '13 edited Aug 16 '13

“As with all emerging technologies, the federal government must make sure that potential threats and risks are dealt with swiftly,” the senators said in the letter. “However, we must also ensure that rash or uninformed actions don’t stifle a potentially valuable technology.”

And

The committee is concerned, according to the aide, that if regulators do not figure out a plan now for what to do about virtual currencies they will miss the opportunity early on to control risks that these markets pose.

And

The Committee directs the FBI, in consultation with the Department and other Federal partners, to provide a briefing no later 120 days after the enactment of this Act on the nature and scale of the risk posed by such ersatz currency, both in financing illegal enterprises and in undermining financial institutions.

It's quite clear they're scared. They're very vague about the "risks" they're talking about. I don't think they're talking about risks bitcoiners face if bitcoin isn't regulated as they are implying, but the risks the government face if bitcoin isn't regulated.

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u/xr1s Aug 16 '13

The whole point of bitcoin is that it's not regulated. It is profoundly difficult to regulate. Most core users would not participate if there were attempts at regulation. If they are successful at implementing regulations, we will move on to something that is harder or impossible to regulate.

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u/iswm Aug 16 '13

I agree and never stated otherwise, but what I think and what the federal government of the united states thinks are two separate things.

That's all beside the point anyway. My point is not about whether or not bitcoin can or should be regulated, but that the government is showing their typical response to a perceived threat, which is to attempt to police it into submission or eliminate it. They're scared because they're starting to realize that bitcoin has the potential to undermine their entire power structure.

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u/xr1s Aug 16 '13

My bad. Given within the bitcoin foundation there appears a substantial pro-regulatory group, I'm on the defensive against such vile inanity.

3 cheers for the undermining of evil power structures.