Bitcoin testimony to Canadian Senate

This is interesting for several reasons.

It shows how a bitcoin advocate can educate politicians about the potential of bitcoin, and the damage that traditional models of centralised regulation would do to a decentralised technology that handles risk and security in math, rather than trusted vetted regulated centralised structures, which fail regularly.

The officials raise the “but terrorists” (mentioning ISIS) argument several times, and this provides us with more ideas of the concerns politicians will have about SAFE/Safecoin and how to respond to those questions, because I think Antonopoulos answers these concerns very well. You will see all these issues raised in the first 20 mins if you don’t have time to watch it all.

Andreas M. Antonopoulos educates Senate of Canada about Bitcoin:


was going for the first 20 mins but then couldn’t stop :slight_smile:

he nails it with every answer. only criticism i have is that
he prays too much to the blockchain (as david would put it).
but that’s probably OK for that context…


Also the need for decentralized technology for bitcoin. He presents that bitcoin is fresh; there is still lots of room for improvement and innovation in terms of use cases.

One senator says that the younger members on the committee say “this is where we’re going” (about bitcoin)

“This system is non viable” (about current credit and financial system)

“You could build your own currency with your own monetary recipe”

“the current computer systems and environments are not ready yet for handling bitcoin on a large scale; and all bitcoins are stored on paper”

Senator complains about that there are still intermediaries in bitcoin so whats the big deal…
response: this technology allows for a redesign of the entire financial system; without intermediaries, where people can transact directly to people.

Senator asks about regulation reciprocity in G7 for example:
response “likely to be a patchwork of state local and federal regulation”
“bitcoin operates easily across borders and bitcoin companies could easily migrate to those places where bitcoins are friendly.”

“bitcoin industry is making 1000s of jobs unlike any of the other industries today”

Improvements such as decentralizing the internet for example with MaidSafe to add to the quality to for example bitcoin. Andreas also mentions the risks with centralized exchanges;