Anyway, you might take solace from a random congressman seeking cheap coverage for his passion for innovation. I personally prefer to listen to those who actually understand the subject.
Random? I watched the whole hearing. There were quite a few that were extremely knowledgeable on the subject. As regards innovation, you misunderstand completely. If it wasn't for the innovative angle, they'd have shut this down long since. Say what you might about the yanks but they are savvy enough never to stymie innovation.
Of course Bitcoin magazine is a big evangelist of said currency and sees this consensus of the economics community as tantamount to persecution.
You quoted something from 2016? 2016 your dukeness? You realise this space moves fast right? I've seen attitudes change considerably over the past 12-18 months - never mind 3 years.
The second YouTube link had a very relevant observation. The guy was pointing out that if Bitcoin ever gained escape velocity (and became a true global currency) the authorities would shoot it down, and oh yes it would still have an existence in the Dark Web.
This is the guy (McHenry) who said that Bitcoin was unstoppable? I made the point that they find the greater urgency with Libra as Facebook has the 2.4 Billion users that they can pimp this to. But there was also an understanding that to ban it will mean that innovation moves off shore.
1. Yes indeed, if the authorities act they can severely curtail internet activity. I should know, I spend a lot of time in France and find it nearly impossible to get a bet on the internet without using the State run PMU.
And you arent savvy enough to use a $3/month vpn? Curtailed, yes. Stopped - no. They recognised that it's "unstoppable". They also recognised that they would be throwing the baby out with the bathwater (i.e. doing away with innovation in the process).
2. That there has been 10 years and no real attention paid by the authorities to bitcoin, shows that they are quite complacent about bitcoin ever achieving escape velocity. It is the bigger threat of Libra that is grabbing their attention.
There's a couple of things here. First, I made this point myself - i.e. that Libra becomes the more immediate concern as Facebook have the 2.4 billion users to onboard with this. Isn't that the whole point? Second, yes they've been complacent. Congressman Enmer said exactly that - that they were both complacent and behind the times. They got the message that Switzerland was the choice for the Libra Foundation because the U.S. is behind in putting in train up to date and fit for purpose regulation. Securities laws from the 1940's are not going to be fit for purpose for a technology and fintech innovation that has come along decades later. Many of them get this as some of them are backing legislation to address this.
3. But as the commentator pointed out if it ever showed signs of achieving that breakthrough the authorities (representing you and me) would shoot it down.
'Shoot it down' appear to be your words. How would that commentator come up with that when he actually said that Bitcoin was 'unstoppable'? Sure, there's going to be a level of a battle on this KYC/AML nonsense but not to the extent that they will ban it. They know that will be an own goal.
4. With less than 1% of transactions actually buying things I would say bitcoin has scarcely reached the top of Hill 16, never mind achieving escape velocity.
Over the past month, it has achieved a trading volume of $770 billion. In terms of consumer transactions, sure its a drop in the ocean. That is but one use case. Secondly, as needs to be mentioned with you in every instance, because it can't do it today doesn't mean that it won't and isn't getting there (overall - in terms of a number of use cases). It's been widely understood that applications wouldn't be built on the Bitcoin network which makes sense as its programming language is very limited in that respect. And yet, technologists are finding a way to do exactly that too. A recent example is Microsoft's project to develop a digital identity system on top of the Bitcoin blockchain network.
AI has been a coming force for years and years. If we were to take your view with it, then it would have been killed off at birth. Yet, right now - there are nothing but profound life changing use cases emerging right now - implicating the use of that technology. Technology needs a certain time and space to develop in - something that you're not prepared to allow it - it seems. That's a mistake on your part.
My takeaway from that hearing is very bullish and that's the view right throughout the sector.