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Everything You Need to Know About the New York Hearings on Bitcoin
Coin Desk ^ | 28 January 2014 | Emily Spaven

Posted on 01/28/2014 7:50:49 AM PST by Errant

The New York Department of Financial Services is shortly to begin its hearing about bitcoin and other digital currencies.

Taking place in the 4th Floor Boardroom of 90 Church Street, New York, the hearing is set to begin at 11:30 (EST) today (28th January) and the second session will begin tomorrow at 10:00.

A live webcast of the hearings can be found here.

(Excerpt) Read more at coindesk.com ...


TOPICS: Business/Economy; Culture/Society; Government; News/Current Events
KEYWORDS: bitcoin; currency; hearings; regulation
Other News:

What arrests say about the future of bitcoin

Will America Follow Washington State’s Lead and Classify Bitcoin as ‘Money’?

New York Hearings Open in Shrem’s Shadow

Derivatives, Futures and Protecting Against Bitcoin’s Risks

Bitcoin Crime Risk Sparks Warning at Top Nordic Forex Bank

Black eye for Bitcoin: US arrests Bitcoin Foundation exec for money laundering day before hearings

1 posted on 01/28/2014 7:50:49 AM PST by Errant
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To: Lurkina.n.Learnin; nascarnation; TsonicTsunami08; SgtHooper; Ghost of SVR4; Lee N. Field; DTA; ...
Most of the news today is negative. After retreating to the bottom of $900 from above $1,000, the price is back to the mid $950s and holding while at one point reaching $989.


Click to be Added / Removed.

2 posted on 01/28/2014 8:00:29 AM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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Related:

Russian Bank Halts All Cash Withdrawals

Bundesbank calls for capital levy to avert government bankruptcies

Want To Reduce Income/Wealth Inequality? Abolish The Engine Of Inequality - The Federal Reserve

3 posted on 01/28/2014 8:08:28 AM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Errant
Thanks for your threads and links.
So if bitcoin is considered ‘money’, where can I buy or sell a futures contract for bitcoin”
Can we create a bitcoin derivative?
TWB
4 posted on 01/28/2014 10:00:18 AM PST by TWhiteBear (Sarah Palin, the Flame of the North)
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To: Errant

Watching this worries me, it seems the focus of the regulators is on money laundering, as if bitcoin is the only place laundering occurs, and these regulators want assurances laundering cannot happen at all which is impossible.

The gov’t will eventually over regulate destroying economic freedom, much like global banking has done now.


5 posted on 01/28/2014 10:06:17 AM PST by PoloSec ( Believe the Gospel: how that Christ died for our sins, was buried and rose again)
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To: PoloSec

If they are worried about “money laundering” they should start with Obama’s reelection campaign.


6 posted on 01/28/2014 10:21:28 AM PST by cpdiii (Deckhand, Roughneck, Mud Man, Geologist, Pilot, Pharmacist. THE CONSTITUTION IS WORTH DYING FOR!!!!)
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To: PoloSec

The government doesn’t care what it destroys as long as it has CONTROL.


7 posted on 01/28/2014 10:26:39 AM PST by Dead Corpse (I will not comply.)
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To: Errant
Bttt.

5.56mm

8 posted on 01/28/2014 10:36:17 AM PST by M Kehoe
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To: TWhiteBear
There are a couple of exchanges listed here (one for each; futures and derivative): http://www.coindesk.com/derivatives-futures-protecting-bitcoins-risks/

I haven't used either so have no idea of their reliability.

9 posted on 01/28/2014 10:38:15 AM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Errant

I enjoyed the positive tone of last 40 minutes of this panel, I hope the regulators see the future, they seemed a bit exited about bitcoin, towards the end.


10 posted on 01/28/2014 10:39:04 AM PST by PoloSec ( Believe the Gospel: how that Christ died for our sins, was buried and rose again)
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To: PoloSec
Yep, we're all feeling the effects of government overregulation with no end in sight. It's a good test for this new medium of exchange. Bring it on, IMO, let the free market make it or break it and the repressive governments of the world eliminate it, if they can.

If people are to ever wrestle control of the currency back from government and banksters, it will take a currency (medium of exchange) proven capable of withstanding anything that can throw at it.

11 posted on 01/28/2014 10:59:03 AM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Errant

For tomorrows broadcasts this could be a live thread, the info I’ve seen so far has been very enlightening, thanks for the thread, I think you will see this list grow very large in the next few months.

My enthusiasm for bitcoin is encouraged.


12 posted on 01/28/2014 11:01:52 AM PST by PoloSec ( Believe the Gospel: how that Christ died for our sins, was buried and rose again)
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To: PoloSec

Noted. And speaking of encouragement, I’m also encouraged by how well the price of Btc bounced back after the negative news of Bitinstant’s executive being arrested on money laundering charges. That was quite a shock to the entire community.


13 posted on 01/28/2014 11:10:24 AM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Errant

True like in the stock market, negative news can be a buying opportunity, BTW I’ve noticed that the best price points for buying occur between 1am and 3am est, that observation has only been 3 days, I’m going to watch for a while to see any consistency.


14 posted on 01/28/2014 11:23:56 AM PST by PoloSec ( Believe the Gospel: how that Christ died for our sins, was buried and rose again)
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To: PoloSec

A panel of lawyers this should be interesting.


15 posted on 01/28/2014 11:39:30 AM PST by PoloSec ( Believe the Gospel: how that Christ died for our sins, was buried and rose again)
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To: PoloSec

Yep, interesting and encouraging. Let’s change the emphasis from “regulation” to simply the ability to audit for illicit transactions and taxing purposes. I don’t have a problem with that, as long as “control” over this new medium of exchange resides with the people and NOT with governments or banksters. It’s time people of a land actually do control the purse.


16 posted on 01/28/2014 11:52:25 AM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Errant

The arrest was pure political theater, fly shit in the pepper. The indictment read like a story in the National inquirer.
Bitcoin will Honey Badger on!


17 posted on 01/28/2014 11:55:02 AM PST by TsonicTsunami08
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To: TsonicTsunami08
Indeed! Shrem is out on 1M dollar bail. Pretty excessive if you ask me.

Pretty interesting testimony going on live now in NYC at this link: http://www.totalwebcasting.com/view/?id=nysdfs

18 posted on 01/28/2014 11:59:15 AM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Errant

Oh no have the gov’t join the network to protect it, lawyers are dangerous.


19 posted on 01/28/2014 12:07:06 PM PST by PoloSec ( Believe the Gospel: how that Christ died for our sins, was buried and rose again)
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To: PoloSec
Lots of lawyer in government.

I'm liking the LTC guy on the panel of witnesses...

20 posted on 01/28/2014 12:11:16 PM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Errant

Excellent program, I couldn’t buy the education I got today, can’t wait for tomorrow.


21 posted on 01/28/2014 1:09:49 PM PST by PoloSec ( Believe the Gospel: how that Christ died for our sins, was buried and rose again)
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To: TWhiteBear
So if bitcoin is considered ‘money’, where can I buy or sell a futures contract for bitcoin”

I use an exchange called btc-e.

There is a .2% transaction fee on all buying and selling but that's it.

I actually bought a few litecoins yesterday on a buy order while I slept. Got up this morning and sold them for $1.80/coin profit.
22 posted on 01/28/2014 1:48:36 PM PST by mmichaels1970
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To: mmichaels1970
Thanks, and the BTC-E link was informative and has a spirited chat room.
A .2% fee(two tenths of a percent)is a lot less than credit card or commercial bank transactions(all fees included.
Can the .gov tell if you own or have used a bit coin?
TWB
23 posted on 01/28/2014 2:31:15 PM PST by TWhiteBear (Sarah Palin, the Flame of the North)
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To: PoloSec
I was actually surprised by how well some of these NY officials conducted themselves and by the questions they were asking. In all, a better job than a lot of the US Congress or Senate could have done were the idiot factor is high with more than a few.
24 posted on 01/28/2014 2:47:09 PM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: PoloSec; All
Article summarizing today's meeting: Bitcoin Investors Ask For 'Safe Harbor' Exceptions In Proposed 'BitLicense' Regulations [Forbes]
25 posted on 01/28/2014 2:55:46 PM PST by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: TWhiteBear

‘So if bitcoin is considered ‘money’, where can I buy or sell a futures contract for bitcoin”’

Good question. The answer?

Sort of.

Bitcoin isn’t like other fiat currencies. With bitcoin, anyone using bitcoin can download the books to see how much bitcoin actually exists. Bitcoin is ‘mined’ using computer algorithms that incentivize many different computer nodes exist in order to ensure these books remain open, and that the total amount of currency available remains stable as more people exchange it.

If you look at the bitcoin to dollar exchange rate, it doesn’t reflect the buying power of bitcoin at all.

If an apple, say, cost .0005 bitcoin today, then 10 years from now, that same apple will cost .0005 bitcoin.

However, buy an apple today at $1.25 an apple, and in 10 years it will likely be in the neighborhood of $4.00.

This is because the Fed is printing $80B a month. The Oregon state budget was $30B last year, if I recall correctly.


26 posted on 01/28/2014 3:02:36 PM PST by RinaseaofDs
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To: Errant

Who here on FR has signed up for bitcoin? Any advice would be appreciated. Thanx.


27 posted on 01/28/2014 3:22:50 PM PST by Jumper
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To: Errant
Yep, we're all feeling the effects of government overregulation with no end in sight. It's a good test for this new medium of exchange. Bring it on, IMO, let the free market make it or break it and the repressive governments of the world eliminate it, if they can.

If people are to ever wrestle control of the currency back from government and banksters, it will take a currency (medium of exchange) proven capable of withstanding anything that can throw at it.

You nailed it. This is exactly how I feel.

28 posted on 01/28/2014 6:49:53 PM PST by deltanine
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To: Jumper

I’ve been invested in Bitcoin for 2 1/2 years and believe we are a long way from the top.

If you are thinking the Bitcoin protocol is simply a currency you are already behind the curve. It’s real power is in its decentralizing characteristics which can extend to contracts, wills etc. etc. Imagine eliminating the need for third parties like large corporations, large governments and expensive attorneys with the use of mathematical algorithms.

If anyone is curious about Bitcoin this is one of the guys that explains it plainly and extensively:
http://www.youtube.com/watch?v=O0oDDIy0P2s
http://www.youtube.com/watch?v=-CI7XXzJDqo
http://www.youtube.com/watch?v=q6MGcE68-8g

For an idea of the greater roadmap ahead of us, see this:
http://ethereum.org/


29 posted on 01/28/2014 7:10:51 PM PST by deltanine
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To: deltanine

Nice. Thanks for posting this.


30 posted on 01/28/2014 7:15:26 PM PST by alrea
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To: TWhiteBear
Can the .gov tell if you own or have used a bit coin?

Unfortunately, I'm not that far into the learning process yet.
31 posted on 01/29/2014 4:07:31 AM PST by mmichaels1970
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To: Jumper
Who here on FR has signed up for bitcoin? Any advice would be appreciated. Thanx.

I'm currently mining Litecoin (bitcoin's little brother I suppose), which can be converted into bitcoin or USD. Check my posting history and I have several links you can follow to learn more.
32 posted on 01/29/2014 4:09:44 AM PST by mmichaels1970
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To: TWhiteBear
Can the .gov tell if you own or have used a bit coin?

Only if they connect you to your Bitcoin public key.

33 posted on 01/29/2014 9:32:20 AM PST by deltanine
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