Video Of The Week: The NYS DFS Virtual Currency Hearings
Apparently there is a Netflix documentary on Bitcoin that recently came out.
I’ve been hearing from a lot of friends that my NYS DFS testimony from almost four years ago is featured in that documentary.
This took place in January 2014 and it’s worth going back and seeing what the questions were at that time and which of them have been resolved and which have not.
My statement (unprepared) starts at 21mins in.
Comments (Archived):
Interesting. I remember those hearings.Here’s the Netflix Documentary link. The film is called Banking on Bitcoin. I’m going to watch it this week-end.https://www.netflix.com/tit…
Thanks!
William Mougayar:We were meaning to request your current valuable thoughts on BCC price point and if you think it will be gone or return in price. ThanksShould have asked on your dedicated blog.
Sorry, I haven’t been interested in BCC nor following it closely, so I don’t have an informed opinion on it. There are hundreds of currencies now, and I try to stay on top of most of the top 100, but not all of them.
William Mougayar:Thanks for reply.
Thanks will cue it up for sometime soon.
when governmental regulation of the blockchain space comes it will be global, and it will be written deliberately to make many and most blockchain networks instantly non-compliant, and in ways that will make it difficult for them to become compliant. the established elite will then be able to assert their divine right to rule through this new technology that they then use to continue to control markets.EDIT 15:55 GMT;I must by default assume that the chair is now working for Goldman Sachs.
I’m up with you until thinking the established elite will have any real control over it. If a crypto-asset is to become an actual currency, a legitimate crypto-currency, then it will will be good for all society – assuming it removes the Ponzi-like scheme structure to it.A scarier version is that the ones who own the most crypto-assets of choice then promise or give a fortune 2x the size of certain elite’s current power and resources, if only they support the current incarnations that are bad for society.
I disagree with that outcome. Entrepreneurs are operating at the global level, whereas regulators are stuck at the local level. Clash is coming.
.Promoters are operating at a distance from regulation to purposely avoid the implications of, in many instances, sound regulation.JLMwww.themusingsofthebigredca…
Sound regulation is subjective at the moment. The field is developing, so better to wait a bit longer to see the whole shape of it.
I agree that a clash is coming. Blockchains need to get real about the ultimate power of governments, and get themselves compliant in every facet of their operations. Those that do will have a competitive advantage in the long run.
.Banks, as an organism, preach and desire control. They are the ultimate control organisms. They are also the legacy organizations which BC has put a bullseye on.The banks can either wiggle into crypto and control it from within or do what large financial institutions have always done — get the gov’t to exert control on their competitors and thereby pick winners and losers.If anybody has ever applied to start a bank or otherwise obtained a bank charter, they know what I am talking about. Virgin birth is an easier proposition than obtaining a bank charter these days.There is a reason why the Treasury Dept is filled to overflowing with Goldman grads. It is a sabbatical before they return to fleece widows and rob orphans.Gov’ts do not like anything they cannot control, dictate terms of surrender to, discipline, deliver political favors to, solicit contributions from, or tax.The SEC, which thinks it invented sex, hates anything which does not feel like the Missionary position.The SEC hates anybody who is not subservient to them and who does not submit themselves to be regulated like a Russian peasant.The SEC defied Pres Obama for almost 4 years on the implementing rules for the JOBS Act and he did nothing to discipline them. This has just encouraged them.JLMwww.themusingsofthebigredca…
Hi, I Agree with you about Banks, they are the telephones companies in the intenet-blockchain analogy…. But they are way more powerful , I am sure they will not be able to kill this new technology but yes delay mass adoption …so my doubt is when they will make a move….so far I see them sleeping with the enemy (JP Morgan quorum , etc)
Agreed. If crypto-currency position’s itself (as it often does) as a bunch of rebels out to destroy big finance for the common good – they are done. I really don’t see any group doing a good job changing this image or adding transparency at any level.Even the name sounds mysterious and hidden. And the coin “splits” into bitcoin free and bitcoin classic (bitcoin Lite) just make it more mysterious. Since when does money split? (Usually after I invest it in something…)
It seems to me that one of the the most interesting areas will be D-Wave’s warp speed ability to unlock “complex institutional regulation angles” D-Wave systems can/will conceptualise and redefine indeterminacy / divine right to control.
“unprepared” but not uninformed. i admire you for delivering your thoughts in that way. it comes across as just so much more authentic and sincere, and not self serving.so three and one half years later where’s NY regulation now at?
CONTRIBUTORS:Smart money knows without supporting some form of regulation BTC and crypto-currency trading, exchanges and what will eventually be created on the architecture will be harder to achieve and their returns on the bet would become uncertain.At time point 35 minutes Jeremy Liew and Fred provide a clear view of how smart money views crypto-currency and the Blockchain. We really feel Jeremy Liew of LSV articulated with Fred best.Fred impromptu testimony provides insight how Fred has a command on what he speaks about. Fred lives what he invests in. (Fred is best on being unpredictable and thinking aloud. Fred’s thoughts are very organized and doesn’t require pen and paper. Two end panelist prepared testimony and were reading off it and still fumbled talking, picture that)That quality can also become detrimental to investing . Following fundamentals will allow a person to know when to divest and minimize using valuable energy into any failing investment.
Would love to hear Fred or William’s view(s) on the progress made over the past 4 years in virtual currency development and markets. Specifically, what do you identify as the major milestones in areas of product, distribution and/or consumption.
It was fantastic. I was like I know that guy and he needs sleep. and Barry needs a better haircut 🙂
Fred got out of the weeds and painted the big picture. Nicely done.Those other guys are better looking, though. I should have been on the Harvard rowing team instead of the MIT Golf Team. Who knew?
was this hearing convened before the W twins applied for their bitcoin ETF?
Remarkable the correlation between ‘unprepared’ and ‘authentically-delivered,’ especially if you watch the Winklevii read what they ‘prepared’ directly after Fred’s remarks.
Great job – thanks for sharing. Already interesting to look back at this, and will be amazing in years to come.