That definition . Its easier to say you can have competitive effort. Whatever it comes to the domestic budget we can do this but we have to get back on this. We can do it cheaper by doing things this way. Whenever we try to cut the budget, its not doing it differently and getting the same results. Its always we have to cut something. Why is it always the we have to cut Something Else instead of growing the ceiling. Host is that your concern with just the republican budget . Caller its both. As an independent, i watched both over the years. Its in both budgets. Its the same way with every budget. Host thanks for the question. Guest there are a couple of good points there. Government doesnt look enough at doing things better. They tend to look at budget totals and not review programs and do whats called oversight. One of the things we have advocated over the years is to cf you could appropriate the money and see if the programs are working. One way to do things and save money is to do th
Illicit activities. If bit coin continues to attract attention, mostly as a way to finance purchases on websites like silk road, its going to find itself in the digital waste land. So in order for the legitimate uses of Technology Like bit coin to flourish, its imperative that his accepted uses must be addressed. There must be a way to separate the weak from the chaff. Bottom line is very simple, i would ask mr. Gal ipy gal ipy i would ask mr. Gal ipy, do you have any specific suggestions of how we separate the weak from the chaff. What would you suggest to the witnesses on panel one to ensure that we address legitimate Law Enforcement concerns, without duly inhibiting the development of these promising new technologies . Yes, thank you, senator schumer. I think you first have to understand there are multiple parts of bit coin. The low level protocol, the bits and bites that make it work, and the application and Service Layer that businesses and consumers can engage in. This is where y
Im pleased to cochair this hearing on the present and future impact of Virtual Currency. My friend senator merkel and i appreciate the work senator heller has done and senator kirk will be joining us as well. Were going to do this a little different because its a joint subcommittee hearing i will chair the first panel and the senator will chair the second. The uses of Virtual Currencies have proliferated in recent years. My hope for this hearing is to educate the Senate Members and others and start the education of the public about Virtual Currencies, including the potential and drawbacks. I also hope to explore how regulators are keeping up with this technological innovation to protect consumers. Ive got a full statement here but i actually have to acknowledge that ive been following this development of bit coins for the last two months. I would think im only starting to wrap my head around the potential upside, downside, regulatory issues, Monetary Policy issues, taxation issues, Con
This case, because to me, the anonymity that is associated with users and their wallets would suggest, i really dont need to try to cover who owns the money. Se, thank you. Im out of time. So were going to pass this on to our ranking member. Thank you. We id love to be at your home as e youre explaining to your wife how your Virtual Company gave you a virtual paycheck, using virtual money, but that being ry the case, i assume your business wants more consumers than investors. We are just a merchandise acquirer. We only facilitate payments for the merchants. Were strictly focusing on business acception and adoption of bit coin. T would im just wondering what woulr happen if someone like senator warner cornered the market on vi virtual coins. How would that impact the consumer marketplace . We l its interesting. We look at bit coin being traded in open markets today. Very and china is getting very aggressive in the open market. If we want america to remain a w leader in technology and in
Opportunity. I think theres a lot to what you say, senator, that if we regulate, we do legitimize. Some of todays witnesses have talked about trust and trust is a very important factor particularly with Financial Products and services. So there is that risk. There is a bone in my body that says, i think thats a risk worth taking. And i think its particularly worth taking as we think of these Virtual Currencies as having functions that are a lot like credit cards or debit cards in this respects. Wouldnt you agree that right now, without any form of intervention, without legitimizing it, every buyer out there has to be careful and that has restricted or limited or tapped down the willingness of people to participate . And you really are, its kind of ironic because we want all the Free Enterprise system, but the regulatory scheme and saying ive adapted to that, buys you the opportunity to participate in the market in a way that the other Financial Institutions participate . I couldnt agre