US Senate Launching Virtual Currency Probe

Discussion in 'HardForum Tech News' started by MajorDomo, Aug 17, 2013.

  1. MajorDomo

    MajorDomo [H]ard as it Gets

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    A Senate Committee is beginning to gather information on Bitcoin and its uses for recommendations of possible government regulation of the virtual currency. They should just check the NSA files, much quicker. :D

     
  2. goodcooper

    goodcooper [H]ardForum Junkie

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    lol government regulation...

    well that study should be over pretty quick....
     
  3. Skripka

    Skripka [H]ardForum Junkie

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    I mean really, what is BitCoin without the ability to have users accounts hacked or the exchanges themselves and all their currency untraceably stolen?
     
  4. collegeboy69us

    collegeboy69us [H]ardness Supreme

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    It's been well established that nobody in Washington has a brain.... but REALLY

    So the US government thinks they can regulate a virtual currency that's designed from the ground up to be controlled by NO ONE.

    They only form of control they will have is on banking institutions in the US that service companies that do exchanges. And any form of regulation is only going to cost the end user time and money.

    Net result -- any and all money wrapped up in bitcoin will slowly move away from any US based exchanges. Why do business with a country that for no reason sticks it's hand out and demands a cut of the action.

    If bitcoin was anything near stable -- you can bet your ass more than a few politicians would have their illegally acquired funds hiding out in an account online that's not traceable at all. (sure you can poke around the block chain and see the transactions but it's not useful for knowing who/what/where type of information.

    They are investigating it because it's "new and scary" - and has the potential at least to be a thorn in their side when it comes to financial control. If they had their way, they would know where each and every dollar was at all times and what it was being used for.

    Just like every other program or system they have touched -- it will turn to shit if the government gets ahold of it.
     
  5. collegeboy69us

    collegeboy69us [H]ardness Supreme

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    Edit: the funny part is they want to be able to "regulate" things like this, but if you ask for information about the money we send overseas as aid, military spending, salaries, government contracts, there is a whole lot *less* accountability. Personally the approach of "do as we say, not as we do" crap is really tiring. I'd have no problem firing EVERY single person instantly who has a public federal job. (if you are great at the job, feel free to re-apply, if you are caught stealing or misusing the powers given to you, you will be publicly hung.) Simple rules that would ensure a lot less BS.
     
  6. Kor

    Kor 2[H]4U

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    Amusing how US officials believe that the US global Hegemony also applies to the internet.
     
  7. bacon

    bacon [H]ard|Gawd

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    Oh you really think the government is doing it for the good of the people, and not because its something the currently have no control over. Thats really cute.
     
  8. Scythe5

    Scythe5 Limp Gawd

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    BOHICA! (Bend over, here it comes again)
     
  9. Retronym

    Retronym Something big is coming.

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    can't have the surfs being self reliant...
     
  10. sfsuphysics

    sfsuphysics I don't get it

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    Shocking anyone? Really? When Barry Bonds was about the break Roger Maris' home run record they argued the tax implications of someone catching a ball that could be worth millions. So now they're looking into something else that has value on a large scale, no biggy.
     
  11. jojo69

    jojo69 [H]ardForum Junkie

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    good luck with that DC
     
  12. Max Mike

    Max Mike Limp Gawd

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    Handling the serious issues.. virtual currency and rodeo clowns.
     
  13. reimann3

    reimann3 Limp Gawd

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    Senate probes don't have the same meaning since Ted Kennedy passed away
     
  14. PeaKr

    PeaKr Gawd

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    There just pissed off because they can't DEVALUE it by 98% and rob the shit out of everyone on the planet like they did with the dollar.
     
  15. atp1916

    atp1916 [H]ard|DCoTM x1

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