The Bitcoin Group #129 – Money Laundering, Rising Prices, Bitcoin ETF and Quasicoins

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Tone Vays ( )
Gabriel D Vine ( )
Theo Goodman ( )
Jeffery Jones ( )
and Thomas Hunt ( )


Exclusive: Big U.S. banks to push for easing of money laundering rules

Bitcoin price rises as third Chinese exchange halts withdrawals

Bitcoin ETF Approved In March 2017: A Black Swan With Asymmetric Risk/Reward

Why Onecoin and Bitcoin Appear On Same Warning List, Again

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34 thoughts on “The Bitcoin Group #129 – Money Laundering, Rising Prices, Bitcoin ETF and Quasicoins

  1. Winklevii claims to have 1% of all BTC. That means that if there are now 16 M BTC, they have 160,000 BTC. If we assume that the 1% is regarding total number BTC ever, that means 1% of 21 M BTC, which is 210,000 BTC. Until next time, byeee byeeeeeee

    1. spartakus warrior yes this makes sense, the math was easy and I clearly recall them having only 100k cause at the time they announced it it was about 1% I highly doubt they bought more coins so it’s prob only 0.75% now. if they do own more it’s prob them holding it on behalf of others.

    1. martinjamescox yes this makes sense, the math was easy and I clearly recall them having only 100k cause at the time they announced it it was about 1% I highly doubt they bought more coins so it’s prob only 0.75% now. if they do own more it’s prob them holding it on behalf of others

  2. Tone, SEC can’t punt the decision this round. no decision = yes. thanks for all the great content and work you put in. is there a podcast you aren’t on? 🙂

  3. I cannot see how abolishing money laundering laws will be bad for Bitcoin. Your Coinbase (and any other service tied to ACH) transactions will still be taxable as sales. But if I sweep a cold wallet to my Bitcoin node and send to another address then yes there is an IP address and a send operation but no report to the robbery service

    1. you must be new to Bitcoin. Please review the current use cases of Bitcoin that are providing the circular economy and is the only thing preventing Bitcoin from being a pump & dump like Dogecoin or Onecoin. Speculation can only take you so far. Without Money Laundering Laws or laws on Money in General all these use cases go away except maybe CryptoLocker (but that one has been around since 1989):

    2. nontheistcapitalist
      I am sorry, that is a broken link. I know it is in your web site because I cut and pasted the link to my browser. One use case is asset forfeiture and I see Trump is still in favor. In the last week he threatened a Texas sheriff for opposing asset forfeiture. I know that is not the only use case. But capital gain taxes is another use case. The tax will still exist for my stock brokerage account but if I buy a Bitcoin from a local trader today and next year Bitcoin is at $1500 and I sell it for cash as a local trader, where is the 1099? Excuse me for my naivity…

    3. +nontheistcapitalist I agree but you are again talking about a speculative potion on the appreciation of Bitcoin which need underlying use cases. If Trump lowers the taxes like he promises there might be no reason to hide your wealth in Bitcoin. If all drugs become legal and you can buy them with ACH then Bitcoin price falls by 50% at least. Same goes for gambling the prostitution. My biggest case is cross boarder value transfer but if there are no ML always you can just put cash in a suitcase and go on the airplane or you would just transfer to a foreign bank account which is hard today.

    4. I sincerely doubt the $10,000 limit on transferring money across borders (without required reporting) will end, also there will still be other countries with lots of use cases. Venezuela is one. But more financial crises are a given, due to the nature of fiat money and Keynesianism.

    1. It’s obviously not the same right. Some anonymous 14 yr old cannot steal the Gold behind GLD and then liquidate it on the open market within minutes from somewhere in Siberia. (Obviously not all of it will be liquidated within minutes cause that would crash the price but enough to never have to work again)

    2. Tone Vays if a 14 yr old can crack a cold storage multisig, he can also heist a God vault. Plus all he’d need to do is hack the db that records the ownership of GLD shares.

    3. Degenbet right, it’s not crazy. Silbert will do the etc trust, but that’s different than an ETF. But… The group of possible altcoins are all centralized, especially ethereum, which is more similar to shares in private company than a commodity. The ETF process would be much longer imo. Plus, where a HF is an outside possibility with btc, it’s guaranteed for eth and others. It’d be like an etf for a stock that guaranteed to spin off value parts of the business. I’m going to be talking about this more in this week’s podcast.

    4. yea I agree, I just mean that there is enough money in altcoins like eth
      etc to go through with an attempt at a real etf if the winkel one gets
      approved. The winkel would have done the ground work and you just need
      to cut and paste and then adjust according to whatever rules get thrown
      at you.

  4. A rule change proposal is just that the ETF may be listed at BATS. The notice of effectiveness can be postponed, which is not uncommon, but probably isn’t going to be delayed for more than a few months.

  5. Your show and your panelist are commendable. How you managed to find four panelist of whom there is not one idiot..they all are really thoughtful thinkers/speakers…that’s got to be some type of Youtube record…four contributing panelist and not one moronic ditz in the group…Wow. There is so little intelligence left in Youtube so you guys really stand out. Keep up your good effort. I’m not even a coin owner yet due to not available where I live and yet I think your tubes are so informative that I listen to each one twice. BTW: I love the McLaughlin Group Theme…I watched TMG for many years before the age of Babel took over. I miss Brinkley more if you get bored with TMG theme do David Brinkley ‘This Week’ theme…cool.

  6. Hello all! Is there a possibility for the Winklevoss brothers’ bitcoin ETF to be just a move in order to rise the price of Bitcoin so they can exit their position at all-time highs?

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