Is anyone else starting to become a bit worried? mod note in first post

stockshares

makeorbrake wrote: »

It's on at 10 am D.C. time here.

Great stuff, thank you

stockshares

makeorbrake wrote: »

It's on at 10 am D.C. time here.

Is anyone watching this now

makeorbrake

stockshares wrote: »

Is anyone watching this now

Yup. They're pressuring Marcus for a moratorium but FBIcoin won't yield. They want it classed as a bank and he's getting queries on how FBIcoin will comply with KYC/AML.

Bitcoin not getting a mention with the exception of statements before the hearing and on opening by congressman Henry - who said that he had no issue with Bitcoin and that it was here to stay.

The last guy has had to google "FIAT" (dufus!).

stockshares

makeorbrake wrote: »

Yup. They're pressuring Marcus for a moratorium but FBIcoin won't yield. They want it classed as a bank and he's getting queries on how FBIcoin will comply with KYC/AML.

Bitcoin not getting a mention with the exception of statements before the hearing and on opening by congressman Henry - who said that he had no issue with Bitcoin and that it was here to stay.

The last guy has had to google "FIAT" (dufus!).

Yeah Hoffenim I think, he seems clueless. They seem to want to trap or lead Marcus into saying Calibra are going to use banking services. The face on the Chairwoman, she has her mind made up.

stockshares

Mr Duffy has asked a good as. Will people have to meet Facebooks social guidelines to use Calibra. He's saying the Facebook could end up determining Social standards rather than Society determining what Facebook can do.

sexmag

Sherman just referenced 9/11 as innovation, WTF?

makeorbrake

sexmag wrote: »

He just referenced 9/11 as innovation, WTF?

Sherman has a hard-on for both Bitcoin/Crypto and Libra. He came out a couple of weeks ago saying Bitcoin would usurp the USD as the worlds reserve currency - and he wants it banned.

He's taking the same line with Libra - hiding behind the terrorist financing AML/KYC nonsense.

"If crypto is used to finance the next terrorist attack in america"......."this is an attempt to transfer enormous power from america to Faccebook". We need Zuckerberg here!

:rolleyes:

This is the usual horsesh1t that has been spun out for years - motivate people to your point of view through fear into compliance.

stockshares

sexmag wrote: »

He just referenced 9/11 as innovation, WTF?

Yeah Sherman has a Hard On for Zuckerberg. Talk about scaremongering. He's said the American people will have Zuck if crypto is used to finance the next terrorist attack on the US.

sexmag

The last guy there before the break really seems to know his stuff and the question he asked weren't judgemental but the questions that needed to be asked, he was good and neutral

sexmag

stockshares wrote: »

Yeah Sherman has a Hard On for Zuckerberg. Talk about scaremongering. He's said the American people will have Zuck if crypto is used to finance the next terrorist attack on the US.

They love to use terrorism as a mic drop for any kind of power move they want to make

makeorbrake

sexmag wrote: »

The last guy there before the break really seems to know his stuff and the question he asked weren't judgemental but the questions that needed to be asked, he was good and neutral

Agreed.

Time for the hang sandwiches and club orange

stockshares

sexmag wrote: »

The last guy there before the break really seems to know his stuff and the question he asked weren't judgemental but the questions that needed to be asked, he was good and neutral

Yes Foster, he's a Blockchain Programmer. It's a pity him and Marcus can't thrash the whole thing out between them. Sherman is a nutter, making out Facebook is a greater threat to the US than Bin Ladins Al Qaeda

stockshares

sexmag wrote: »

They love to use terrorism as a mic drop for any kind of power move they want to make

Once trailer trash America and the Gun nuts hear that they will be against crypto. It creates a lot of noise that they can use against crypto.

makeorbrake

stockshares wrote: »

Yes Foster, he's a Blockchain Programmer. It's a pity him and Marcus can't thrash the whole thing out between them. Sherman is a nutter, making out Facebook is a greater threat to the US than Bin Ladins Al Qaeda

I'd like to have seen him answer that properly. It's important that Libra can be exchanged for Bitcoin. I would think they cant stop that but not sure how these wallets will work exactly. Remains to be seen.


As regards the terrorism stuff, that's going to be the excuse used to clamp down on any of this stuff (and more particularly Bitcoin). They're not bothered too much about decentralised crypto as it's not that big of a threat just yet. Libra is much more immediate.

stockshares

Back on. Mrs Beatty is thick. She hurried Marcus into answering her question yet it took her ages to ask her question. Americans use 10 words where one will do.

q85dw7osi4lebg

"Rep. Brad Sherman (D-CA) — who made headlines when he called Bitcoin a “crock” during Wednesday’s hearing — has received more campaign donations during the current fiscal year from a digital payment processor than any other company, according to the Center for Responsible Politics."

https://www.google.ie/amp/s/www.ccn.com/bitcoin-is-a-crock-politician-received-biggest-donation-from-company-at-crypto-risk/%3famp

makeorbrake

Gerald Obedient Manicurist wrote: »

"Rep. Brad Sherman (D-CA)— has received more campaign donations during the current fiscal year from a digital payment processor than any other company, according to the Center for Responsible Politics."

When it suits, right!?

stockshares

Gerald Obedient Manicurist wrote: »

"Rep. Brad Sherman (D-CA) — who made headlines when he called Bitcoin a “crock” during Wednesday’s hearing — has received more campaign donations during the current fiscal year from a digital payment processor than any other company, according to the Center for Responsible Politics."

https://www.google.ie/amp/s/www.ccn.com/bitcoin-is-a-crock-politician-received-biggest-donation-from-company-at-crypto-risk/%3famp

Good find.

The repetitive Qs are putting me off. It's like when PAC questioned John Delaney. Can they not coordinate their questions so that they can actually get the answers they are looking for.

grindle

Mr. Sherman wrote:

46% of transactions are for illegal activities

That study he references spanned 2013 to 2016. What a pleb.
In other news: Napster vs the music industry - what will happen next?

Mr. Sherman wrote:

We went from the US dollar being linked to gold and we only printed number of dollars equal to the gold we had, to the dollar becoming valuable in and of itself and now we can print - how many dollars we print has nothing to do with how much gold we have in store

Valuable in and of itself. Funny turn of phrase, implies pure faith.

"Hey Brad, what backs the dollar?"

"Itself."



I'm loving these hearings, they should become a weekly thing.

stockshares

grindle wrote: »

That study he references spanned 2013 to 2016. What a pleb.
In other news: Napster vs the music industry - what will happen next?



Valuable in and of itself. Funny turn of phrase, implies pure faith.

"Hey Brad, what backs the dollar?"

"Itself."



I'm loving these hearings, they should become a weekly thing.

They're great craic altogether. Id love to see Sherman versus Zuckerberg, it's Pay per View TV.

Shermans nuts for the Zuck Buck. I was trying to imagine him on the Iran Sanctions Committee. I'd say he wants to bomb it into oblivion. Thank God they're not all Hawks.

Foster is involved in Blockchain and Loudermilk is in Cybersecurity. Surely they could put the other Senators straight on what's going on.

The Party's have their own Agenda and some Senators were grandstanding.

Karma might get Facebook yet.
Libra might be a great thing but it might be stopped because of Facebooks previous misdemeanours with Privacy breaches and Tax evasion. They're not a well liked company and it appears some Politicians have it in for them.

sexmag

stockshares wrote: »

Shermans nuts for the Zuck Buck. I was trying to imagine him on the Iran Sanctions Committee. I'd say he wants to bomb it into oblivion. Thank God they're not all Hawks..

He reminds me of a certain someone here in this thread with his sound bites

stockshares

I just checked back and the hearings are still on. There's a Ms Demirors on now talking about BTC.

She's pro BTC and against Libra.

She's quite impressive in being an advocate for BTC.

One thing that's noticeable from this section of the hearing is how seriously the Politicians are taking crypto now and they seem genuinely interested in it if a little concerned. It seems Facebook is the enemy for all and the Politicians real concern is how to get control of Crypto and take control out of the hands of other countries and Facebook.

grindle

stockshares wrote: »

I just checked back and the hearings are still on.

5+ hours! The vast majority of negative comments are (justly) about Facebook being a scumbag company - most comments barring Sherman's have been positive or neutral towards crypto. Me likey.

I'm glad Mr. Gonzalez probed Marcus on the supposed push into a "permissionless" network. Can't happen because: Marcus said it wouldn't happen.

"Oh it'll be permissionless in the sense that permission must be seeked."

I'm fúcking sick of the word 'gentlewoman' at this stage - there are so many more women in government these days and I think I've found good reason to halt that progress. So clunky-sounding when it's said every 10mins.

stockshares

grindle wrote: »

5+ hours! The vast majority of negative comments are (justly) about Facebook being a scumbag company - most comments barring Sherman's have been positive or neutral towards crypto. Me likey.

I'm glad Mr. Gonzalez probed Marcus on the supposed push into a "permissionless" network. Can't happen because: Marcus said it wouldn't happen.

"Oh it'll be permissionless in the sense that permission must be seeked."

I'm fúcking sick of the word 'gentlewoman' at this stage - there are so many more women in government these days and I think I've found good reason to halt that progress. So clunky-sounding when it's said every 10mins.

Gensler has just said that he thinks Libra is an ETF and recommended that if the Senate needs to find a gap to declare it an ETF then they should do so.

I missed his introduction so not sure what weight he has or what his background is.

makeorbrake

grindle wrote: »

5+ hours! The vast majority of negative comments are (justly) about Facebook being a scumbag company - most comments barring Sherman's have been positive or neutral towards crypto. Me likey.

For what it is and who it involved, it's as much as I would or think I should hope for. There were a few tech savvy congressmen that seem pro (actual) crypto.

Sherman - not so much! Auntie Maxine - not so much.

A lot of the rest of them were grandstanding and giving Facebook a few kicks in the nuts. However, I think its odds on that they will get it over the line...and later they can make changes.

grindle wrote: »

I'm fúcking sick of the word 'gentlewoman' at this stage - there are so many more women in government these days and I think I've found good reason to halt that progress. So clunky-sounding when it's said every 10mins.

How about 'I'll yield to the chair' ?

stockshares

The Chair Ms Waters and Mr McHenry gave a good closing statement. I had her wrong earlier, she seems fair but steely and more open minded than I thought.

Waters wants more hearings and to get Zuckerberg in. She wasn't pleased that Marcus didn't answer her question on a Moratorium or if he would accept regulation.

McHenry is positive on crypto and asked good Qs today and also pulled up Sherman on comparing the crypto threat to terrorism.

DeMirors did a good job on explaining BTC and how it differs from Libra.

I think it was good for crypto but early days. I'd love to see them get Zuck in. He won't get the easy ride he got previously from others.

makeorbrake

This guy came across as the most pro crypto of the bunch. ...followed by McHenry and a couple of the more tech savvy congressmen.

stockshares

makeorbrake wrote: »

This guy came across as the most pro crypto of the bunch. ...followed by McHenry and a couple of the more tech savvy congressmen.

Thanks for this, I missed him earlier. Its good to see Politicians get behind it and that the Hearing allows people to see this.

Now after they get Zuck all they need to do is take down Tether

makeorbrake

stockshares wrote: »

Now after they get Zuck all they need to do is take down Tether

Getting Zuckerberg back in will just be political theatre.

As regards Tether, be careful what you wish for. It still serves a purpose in the industry and whilst we have moved on from the level of importance it had some 18 months ago, I'd like to see the sector expand further before they get taken out.

It remains a bit of a conundrum as there needs to be someone in the industry fulfilling that purpose. How we get that whilst still having certain checks and balances in place, I'm unsure of.

stockshares

makeorbrake wrote: »

Getting Zuckerberg back in will just be political theatre.

As regards Tether, be careful what you wish for. It still serves a purpose in the industry and whilst we have moved on from the level of importance it had some 18 months ago, I'd like to see the sector expand further before they get taken out.

It remains a bit of a conundrum as there needs to be someone in the industry fulfilling that purpose. How we get that whilst still having certain checks and balances in place, I'm unsure of.

Surely USDC, Pax or Dai are better options.

Btw Meltem Demirors has a Podcast that's in the top 20 Business Podcasts.

It's on @WGMGpodcast on Twitter. You can find the link to the podcasts there.

I wasn't aware of her before today but she was impressive. Given her prominence today I think she's worth following.

I'll try and find some articles by McHenry, Lammer, Foster, Loudermilk etc. They were good today also.

Gensler although skeptical was measured and fair and seemed to really know his stuff.

makeorbrake

stockshares wrote: »

Surely USDC, Pax or Dai are better options.

Remains to be seen...

stockshares

Summary and replay of the hearing here
https://www.coindesk.com/lawmakers-amp-up-pressure-on-facebook-to-halt-libra-cryptocurrency-development

sexmag

stockshares wrote: »

Summary and replay of the hearing here
https://www.coindesk.com/lawmakers-amp-up-pressure-on-facebook-to-halt-libra-cryptocurrency-development

"Finally, in a historic moment for bitcoin culture, Rep. Warren Davidson (R-Ohio) uttered the word “****coin,” almost certainly the first time a lawmaker has done so in the halls of Congress."

Lol

stockshares

Im trying to catch up on reaction to the Hearing.

Apparently Facebook have not contacted the Swiss Regulator yet but at the hearing they said the Swiss would be regulating Libra.
https://cointelegraph.com/news/cnbc-facebook-has-not-contacted-swiss-regulators-on-libras-registration

Bob24

stockshares wrote: »

Im trying to catch up on reaction to the Hearing.

Apparently Facebook have not contacted the Swiss Regulator yet but at the hearing they said the Swiss would be regulating Libra.
https://cointelegraph.com/news/cnbc-facebook-has-not-contacted-swiss-regulators-on-libras-registration

Yeah I saw that but I don’t think it’s a big deal at all. They basically said they will be regulated in Switzerland purely based on the fact that the association will be based in Switzerland, which is a fair comment to make. And on the other hand they are still too early in the projet to have started actual regulatory engagements, which seems very possible as well.

The Swiss regulator actually didn’t express any concern and just said they will be ready to work with Facebook if/when the time comes.

stockshares

Bitmex under investigation
https://www.trustnodes.com/2019/07/19/rumors-cftc-investigating-bitmex-amid-speculation-of-market-manipulation

stockshares

Bitmex under investigation
https://www.trustnodes.com/2019/07/19/rumors-cftc-investigating-bitmex-amid-speculation-of-market-manipulation

https://www.bloomberg.com/news/articles/2019-07-19/u-s-regulator-probing-crypto-exchange-bitmex-over-client-trades

techteacher

stockshares wrote: »

Bitmex under investigation
https://www.trustnodes.com/2019/07/19/rumors-cftc-investigating-bitmex-amid-speculation-of-market-manipulation

this could very interesting and may cause a hit if it develops further!!!
ps has anybody looked at tixl would be interested to hear?

JohnnyFlash

Pray for Justin Sun.

stockshares

Justin Suns kidney stones
https://www.cryptoglobe.com/latest/2019/07/kidney-stones-force-justin-sun-to-postpone-lunch-with-warren-buffett/


Other news:
Uk Mps to look into Libra

https://www.fnlondon.com/articles/mps-to-scrutinise-facebooks-new-cryptocurrency-20190722

JohnnyFlash

https://decrypt.co/7993/uproar-over-possible-plustoken-exit-scam

Plustoken? Has anyone heard of it, or invested in it? Seems to be mostly Chinese victims. 3 billion is a lot of money if the story is true (and decrypt is a reliable crypto news site).

There’s also a rumour starting to emerge that Justin Sun is under investigation by the Chinese authorities, and that is the reason he cancelled his lunch with Warren Buffett.

Bob24

JohnnyFlash wrote: »

https://decrypt.co/7993/uproar-over-possible-plustoken-exit-scam

Plustoken? Has anyone heard of it, or invested in it? Seems to be mostly Chinese victims. 3 billion is a lot of money if the story is true (and decrypt is a reliable crypto news site).

Never heard of it and while it does appear on Coingecko it doesn’t seem to be listed on any exchange they are referencing: https://www.coingecko.com/en/coins/plustoken#panel

Looks like to me it is more a scam website than a cryptocurrency?

el diablo

JohnnyFlash wrote: »

https://decrypt.co/7993/uproar-over-possible-plustoken-exit-scam

Plustoken? Has anyone heard of it, or invested in it? Seems to be mostly Chinese victims. 3 billion is a lot of money if the story is true (and decrypt is a reliable crypto news site).

There’s also a rumour starting to emerge that Justin Sun is under investigation by the Chinese authorities, and that is the reason he cancelled his lunch with Warren Buffett.

The same scammers now have another scam on the go called Cloud Token. There is zero evidence of any trading and looks like a 100% Ponzi scam.

makeorbrake

el diablo wrote: »

The same scammers now have another scam on the go called Cloud Token. There is zero evidence of any trading and looks like a 100% Ponzi scam.

It appears that fraudulent projects are far more likely to get pimped in emerging/developing countries where there are many more less sophisticated victims to prey on.

People still have a duty to do their own due diligence and otherwise, fraudulent projects don't define the space. Despite all the bad press, ICO's were an interesting approach to fund raising and IEO's have the potential to improve upon that. That's probably not where it stops. And it can be regulated - but the regulation needs to be workable or otherwise, the innovation gets destroyed.

Dohnjoe

South Korea Estimates 2-Year Losses From Crypto Crimes at $2.3 Billion

https://www.coindesk.com/south-korea-estimates-2-year-losses-from-crypto-crimes-at-2-3-billion

Not including exchange hacks

Nearly 2.7 trillion won ($2.3 billion) have been lost to crimes involving cryptocurrency in the last two years, according to South Korean government data.

Figures provided by the country’s justice ministry on Sunday indicate that losses from crypto scams, Ponzi schemes, embezzlement and illegal exchange transactions came to 2.69 trillion won from July 2017 to June 2019.

The government has a mandate to protect the public from scams/ponzis/fraud/etc, so regulation is only a question of when, not if

makeorbrake

No problem with regulation so long as its reasonable and not heavy handed or an innovation killer. Governments and regulators might also get busy with the $2 Trillion pa that's laundered through the conventional banking system.

Dohnjoe

makeorbrake wrote: »

No problem with regulation so long as its reasonable and not heavy handed or an innovation killer. Governments and regulators might also get busy with the $2 Trillion pa that's laundered through the conventional banking system.

They are, it's called AML and compliance. Without it, that figure would be far, far higher. It's also a constant war, as soon as one new detection system is put in place, then fraudsters develop another.. and so on, it's very fluid, requiring constant tweaks, refinements and new controls

All of this will be coming to crypto, and hopefully should reduce crypto fraud/scams/ponzis, which should in turn improve the image and optics of crypto

makeorbrake

For ICO's and ponzi projects, sure - have at it. Those guys are on a circuit in any event. They'll move on to some other scam that hangs off the shirt tails of some other industry the moment they see an opportunity.

Other than that, I hope the crypto ecosystem can muster its way up to a level that makes it workable from within (as the criminals use X, thus anyone that uses X either can't OR they'll be put threw the ringer in doing so I want no part of and there are plenty that feel the same way).

JohnnyFlash

Dohnjoe wrote: »

They are, it's called AML and compliance. Without it, that figure would be far, far higher. It's also a constant war, as soon as one new detection system is put in place, then fraudsters develop another.. and so on, it's very fluid, requiring constant tweaks, refinements and new controls

All of this will be coming to crypto, and hopefully should reduce crypto fraud/scams/ponzis, which should in turn improve the image and optics of crypto

Excellent post. Crypto also won’t move forward while proof of work coins are the norm. Just doesn’t mix with the reality of climate change. That starved looking lad over ethereum should realise he’s sitting at a poker table with a short stack. Time to go all in on proof of stake. See how the cards are dealt. Cause the libertarian woo of the bitcoin maximalists is coming to an end.

Bob24

JohnnyFlash wrote: »

Crypto also won’t move forward while proof of work coins are the norm. Just doesn’t mix with the reality of climate change.

A lot of things are way more contradictory with environmental and climate protection and are still easily accepted. See the CETA trade agreement currently being ratified by European parliaments and the one with Mercosur the EC just signed. Instead of eating local food those will facilitate for people to eat the same products but which came for across the world on super polluting container ships ... pretty much no one would argue against the fact that the environmental impact is a disaster, but yet world leaders and their citizens are letting these things go ahead.

Not saying it is good thing to ignore climate change of course, but just stating that in reality there is a lot of hypocrisy around this and it does happen (yesterday in France, the same day the parliament did a big media show about hosting environmental activists, they much mor quietly voted in favour of CETA a few hours later!)