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U.S. Elected Officials speak up on BTC Update: FedReserve has no authority!

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eaglescouter

eaglescouter

Frustrating Senior SETI Nut!
​
Joined
Dec 9, 2002
Location
CA- Not far from the Allen SETI array
Are they pleading to become relevant?
Are they working to protect us?
Are they trying to get a clue?
Or are they simply afraid of what they do not control or understand?

http://news.cnet.com/8301-13578_3-5...-senator-demands-complete-u.s-ban-on-bitcoin/

Sen. Joe Manchin, who has not exactly been a booster of the cryptocurrency, is asking federal regulators to "ban" Bitcoin
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http://www.newsworks.org/index.php/...n-exchange-collaspe-concerns-delaware-senator

Carper added he is working with his staff and federal agencies to determine what lessons can be learned from this failure so that this does not happen here in the United States.
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They don't like anything they can't make money off of.

Sen. Joe Manchin wants to ban it because:
while also being highly unstable and disruptive to our economy.
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:facepalm: Can't the same be said of the internet?

The collapse of one of the major bitcoin players has U.S. Senator Tom Carper, D-Del., concerned.
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Why? Based on the price of bitcoin nobody else seems bothered.

Carper added he is working with his staff and federal agencies to determine what lessons can be learned from this failure so that this does not happen here in the United States.
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As long as he doesn't want to bail them out...
 
The_Programer said:
As long as he doesn't want to bail them out...
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If anything can't you say the lesson to be learned from this is to cut the rotten limb? Gox died (or is still dying), and some people are losing a lot of money, but the market survives and will rebound on it's own.
 
KonaKona said:
If anything can't you say the lesson to be learned from this is to cut the rotten limb? Gox died (or is still dying), and some people are losing a lot of money, but the market survives and will rebound on it's own.
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That was precisely what I was trying to say.
 
US government officials and the major financial institutions in the United States have never been fond of truly unfettered and open markets. They'll find a way to regulate Bitcoins somehow I'm sure.
 
JeremyCT said:
US government officials and the major financial institutions in the United States have never been fond of truly unfettered and open markets. They'll find a way to regulate Bitcoins somehow I'm sure.
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They better not. :temper: :mad:
 
i will... The RBB shal eliminate bitcoins from the USA. wucha gonna do?


edit: i mean im gonna slowly steam millions and stash them for a long time then all the sudeen be like dafuq? wut happen? who hax us? omfg.
 
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Yes.

Like children, you see if they can get along by themselves without supervision, if not, you step in and correct the issue. If a couple of these major exchanges crap out like Gox did (being shady) it can potentially dissolve the entire Crypto concept IMO. So regulation may be needed to set things straight to move forward. Not saying the US government or anything, but someone that can put things in line and have accountability will help.
 
In a truly open and competitive marketplace, problems like Gox are self-correcting and regulation isn't required. The problems come when companies either don't actually compete and simply co-exist or regulations make it such that they can't effectively compete and are forced to co-exist instead.

The problem with regulation is that once they get their paws on something, they never relax that grip except when it's to their direct advantage. A light grip generally steers the ship more confidently and serenely, but federal regulations aren't particularly known for that approach.
 
JeremyCT said:
In a truly open and competitive marketplace, problems like Gox are self-correcting and regulation isn't required. The problems come when companies either don't actually compete and simply co-exist or regulations make it such that they can't effectively compete and are forced to co-exist instead.

The problem with regulation is that once they get their paws on something, they never relax that grip except when it's to their direct advantage. A light grip generally steers the ship more confidently and serenely, but federal regulations aren't particularly known for that approach.
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Did you read my mind? :p
Exactly my same thoughts.
 
If the US wants to control and regulate it they'll need to own a ton of it. And that idea, imho, isn't that far fetched. I'm sure we have people capable of hacking sites for btc....
 
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