Re:Senate hearing on Bitcoin [video]
by maxerickson on Monday November 18, 2013 @06:09PM
(#6757986)
They wouldn't care if those coins were worth $5 billion. The federal budget is silly compared to a few hundred thousand bitcoins. Or maybe that's the other way around.
[ Parent
| on HN ]
The FBI and CIA can use Bitcoin to anonymously pay off foreign informants though
We'd see them spend it and ask what they've spent it on.
I'd expect the CIA to know how to launder money competently. It seems like a ridiculously obvious thing for them to learn how to do.
Given bitcoin's current quasi-legal status, I don't think they'd be under any obligation to answer that question until the coins become legal tender
And they would say "none of your business."
Re:Senate hearing on Bitcoin [video]
by maxerickson on Monday November 18, 2013 @06:56PM
(#6758211)
Do you think that possibility translates into enthusiasm in the Senate?
Maybe... or "The FBI can’t investigate terrorists and fraudsters due to budget cuts" http://www.washingtonpost.com/blogs/wonkblog/wp/2013/09/30/t...
The FBI budget iirc is ~8 billion, if they get everything from silk road it could be over 10% of their budget.
Re:Senate hearing on Bitcoin [video]
by icebraining on Monday November 18, 2013 @06:56PM
(#6758215)
The commissions earned by Silk Road were just shy of $80 million over more than two years. Where did you get $800 million from?
By some reports they were looking at 600,000 bitcoins[1], read some headlines today that bc was at $750[2], make more people comfortable with them...
[1]FBI struggles to seize 600,000 Bitcoins from alleged Silk Road founder by Alex Hern http://www.theguardian.com/technology/2013/oct/07/fbi-bitcoi...
[2]Bitcoin hits $750, up 107% in a week By: John Phillips http://www.cnbc.com/id/101205416
Re:Senate hearing on Bitcoin [video]
by ars_technician on Monday November 18, 2013 @10:03PM
(#6758985)
Some coins selling at $750 doesn't mean someone is willing to pay $750 for 600,000 coins.
That's true now but legitimize it and get some real capital guarantees and that could change.
[deleted]
Re:Senate hearing on Bitcoin [video]
by dangrossman on Monday November 18, 2013 @07:04PM
(#6758247)
There's a way to convey that information without the condescending tone.