 Watching this event kind of felt like watching a courtroom proceeding, than a senate hearing. As if the fate of Bitcoin was resting on Peter Van Valkenburgh's shoulders. I came away after watching with questions in my head like Are Crypto Currencies and Blockchain technology useless because better Centralized systems are already mass adopted in the Fin-Tec ecosystem? Was the public's freedom to transact in all manners of way's without the need for an intermediary organization to settle transactions at risk of never happening? Is the upgrade to the internet really Blockchain? Now consider the timing here. Its October 11th and the price of bitcoin has suddenly dropped below $6,300 in the last 24hrs… So you can bet, I'm feeling kind of bummed.  And we have 2 witnesses testifying before the Senate in what seems like the first time the U.S. Government heard about blockchain and is trying to understand what this "thing" called Bitcoin is about.  At least for the handful of senators where actually at the hearing.  HERE'S MORE DETAIL: Senate Banking, Housing & Urban Affairs Committee Hearing on Cryptocurrencies and Blockchains Economist Nouriel Roubini and the Coin Center’s Research Director, Peter Van Valkenburg, testified at a Senate Banking, Housing and Urban Affairs Committee hearing on cryptocurrency and blockchain technology. The hearing focused on securing and regulating the crypto-industry. Full Hearing: https://www.banking.senate.gov/hearings/exploring-the-cryptocurrency-and-blockchain-ecosystem C-span Link: https://www.c-span.org/video/?452837-1/senate-banking-panel-explores-cryptocurrencies-blockchains WITNESSES  NOURIEL ROUBINI - PROFESSOR OF ECONOMICS AND INTERNATIONAL BUSINESS New York University Stern School of Business https://en.wikipedia.org/wiki/Nouriel_Roubini Quotes: First, Crypto is the mother or Father of all scams and bubbles. A bubble that’s finally got busted this year. Second Blockchain is the most over hyped technology ever and is no better than a glorified database. He was super open to the idea of Blockchain as an over-hyped fraud and Bitcoin as a useless form of anything it claims to do for people. He was very confident in his remarks to the senate, that Bitcoin is bad news, and there's no need for it to exist.  PETER VAN VALKENBURGH - DIRECTOR OF RESEARCH AT COIN CENTER. Coin Center is the leading non-profit focused on the policy issues facing cryptocurrencies like Bitcoin. https://coincenter.org Quotes: Bitcoin is the world's first globally accessible public money. Is it perfect no. Neither was email when it was invented in 1972. The mere fact that it works without trusted intermediaries, is amazing. It’s a computer science breakthrough. And it will be as significant for freedom, prosperity and human flourishing as the birth of the internet. And Bitcoin is just the beginning. He went on to detail multiple large scale frauds perpetrated on the public from Swift hacks to credit card frauds. He was mightily Bullish on Bitcoin and Blockchain to say the least. In my opinion this is one hearing to pay attention to if you have any concern over the current state of the market and U.S. regulators understanding of this evolving space. MEMBER STATEMENTS 1. Chairman Mike Crapo (R - ID) Statement: https://www.banking.senate.gov/download/crapo-statement-10-11-18 -PDF 2. Ranking Member Sherrod Brown (D - OH) Statement: https://www.banking.senate.gov/download/brown-statement-10-11-18 -PDF WITNESSES 1. Dr. Nouriel Roubini Testimony: https://www.banking.senate.gov/download/roubini-testimony-10-11-18 -PDF 2. Mr. Peter Van Valkenburgh Director Of Research Coin Center Testimony: https://www.banking.senate.gov/download/van-valkenburg-testimony-10-11-18 -PDF _____________________________________________________________________ SENATORS IN ATTENDANCE AT ONE POINT OR ANOTHER: https://www.banking.senate.gov// Sherrod Brown U.S. Senator (Class 1)[D] Ohio https://www.c-span.org/person/?5051 Mike Crapo U.S. Senator (Class 3)[R] Idaho https://www.c-span.org/person/?26440 Doug Jones U.S. Senator (Class 2)[D] Alabama https://www.c-span.org/person/?1023023 John Neely Kennedy U.S. Senator[R] Louisiana https://www.c-span.org/person/?1011723 Catherine Cortez Masto U.S. Senator (Class 3)[D] Nevada https://www.c-span.org/person/?105698 Pat Toomey U.S. Senator (Class 3) [R] Pennsylvania https://www.c-span.org/person/?7958 Chris Van Hollen U.S. Senator[D] Maryland https://www.c-span.org/person/?20756 Elizabeth Warren U.S. Senator (Class 1)[D] Massachusetts https://www.c-span.org/person/?1023023 RELATED VIDEO • JULY 18, 2018 Virtual Currencies - The House Financial Services Subcommittee on Monetary Policy and Trade held a hearing to consider the uses, benefits… https://www.c-span.org/video/?448611-1/house-panel-examines-digital-currency
author | evolvepi |
---|---|
permlink | exploring-the-cryptocurrency-and-blockchain-ecosystem |
category | bitcoin |
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