We told you so... Senator calls for ban of bitcoin

Toggle sidebar Toggle sidebar
DrPizza

DrPizza

Administrator Elite Member Goat Whisperer
Mar 5, 2001
49,601
167
111
www.slatebrookfarm.com
Heads up:
Washington, D.C. – Today, U.S. Senator Joe Manchin (D-W.Va.) sent a letter to federal regulators seeking a ban on Bitcoin, the virtual currency that is unregulated and unstable, and has been used in illicit activity, including drug trafficking and money laundering. Senator Manchin expressed concerns about the negative effect Bitcoin could have on America’s economy if this crypto-currency remains unregulated. The letter was sent to Secretary Lew, Chairwoman Yellen, Commissioner Curry, Acting Chairman Wetjen, Chairman Gruenberg, and Chairwoman White.
Click to expand...
It appears that bitcoin has attracted the attention of the US Government, and not in a positive manner. Tick tick tick tick tick tick... Imho, anyone who thought this was going to make it long term, without it being banned, was a bit naive. Also, imho, if I had been doing this and had value tied up in bitcoins, I'd get out before the value started crashing on this news.\

http://www.manchin.senate.gov/publi...eases?ID=237cbd66-6a26-4870-9bcb-20177ae902b0
 
Rakehellion

Rakehellion

Lifer
Jan 15, 2013
12,181
35
91
It's basically a pyramid scheme that robs naive hopefuls of their life savings. I say ban it.

The stock market and other legitimate businesses are highly regulated to prevent fraud. Bitcoin is just smart people against dumb people and needs some checks.
 
IronWing

IronWing

No Lifer
Jul 20, 2001
72,926
34,086
136
This will extend the life of Bitcoin by a bit. The true believers now have someone but themselves to blame. To the ramparts!
 
DrPizza

DrPizza

Administrator Elite Member Goat Whisperer
Mar 5, 2001
49,601
167
111
www.slatebrookfarm.com
IronWing said:
This will extend the life of Bitcoin by a bit. The true believers now have someone but themselves to blame. To the ramparts!
Click to expand...
I think there are a lot of people in bitcoin who knew it wouldn't last, but figured they'd get their "free" money while they could. The true believers will be the ones left holding the bag.

It's almost like "hey, we're about to ban online casino gambling. The moment we do, your money is gone." Though, I suppose people can argue that it might still function in the background. But, with its ban, no legitimate stores are going to accept it. Apple already ditched the bitcoin wallet apps; Android based apps would end up following.
 
SSSnail

SSSnail

Lifer
Nov 29, 2006
17,458
83
86
I said this in the mt. gox thread, but digital currency is essentially trying to legitimize counterfeiting, if you think about it just a bit.
 
P

Phanuel

Platinum Member
Apr 25, 2008
2,304
2
0
How exactly do you ban bitcoins? Is this like banning pirating or smoking marijuana?
 
DesiPower

DesiPower

Lifer
Nov 22, 2008
15,299
740
126
Some commented on the death of Autumn Radtke news... So maybe Joe Manchin is a Free Mason?

Latest news coming out of Singapore is that Illuminati symbolism was found around the house of Autumn Radtke. Bitcoin and Illuminati have serious ties and this goes much deeper than just the established bank system. This is purely a public display of the power of the free masons and their obvious distaste toward the illuminati cause. Those who trade Bitcoins, tread lightly. You are entering a war old as time, and much larger than you can even imagine.
Click to expand...
 
Bubbleawsome

Bubbleawsome

Diamond Member
Apr 14, 2013
4,834
1,204
146
I'll hold on to my altcoins. I spent $1.00 on electricity, I may as well see where it goes.
 
KB

KB

Diamond Member
Nov 8, 1999
5,406
389
126
Phanuel said:
How exactly do you ban bitcoins? Is this like banning pirating or smoking marijuana?
Click to expand...

You can ban businesses from accepting them, ban trading houses from trading them, ban tranasction processors from transactioning them. Ultimatey bitcoin has to be converted to the dollar somewhere or its useless. You just ban that process. For example Overstock isn't really do business in bitcoin, they are really doing it in the dollar. They use a transaction processor to convert the bitcoins to dollars ASAP so they don't have to worry about the changing price of bitcoin when they sell goods. Banning mary jane hasn't worked because the medium of exchange is already in dollars, no converting needed.
 
Gunslinger08

Gunslinger08

Lifer
Nov 18, 2001
13,234
2
81
Bitcoin doesn't make sense to me as anything other than a thought experiment. Security, fraud, client errors, etc. Even the anonymous aspects seem overblown, since you can basically trace the transactions back forever. It seems much simpler to deal in cash if you're a criminal or anything else if you're not.
 
Last edited:
GagHalfrunt

GagHalfrunt

Lifer
Apr 19, 2001
25,284
1,998
126
KB said:
You can ban businesses from accepting them, ban trading houses from trading them, ban tranasction processors from transactioning them. Ultimatey bitcoin has to be converted to the dollar somewhere or its useless. You just ban that process. For example Overstock isn't really do business in bitcoin, they are really doing it in the dollar. They use a transaction processor to convert the bitcoins to dollars ASAP so they don't have to worry about the changing price of bitcoin when they sell goods. Banning mary jane hasn't worked because the medium of exchange is already in dollars, no converting needed.
Click to expand...

You can ban AMERICAN BUSINESSES from accepting them. You can't ban foreign merchants and you can't ban them underground. So you legally ban bitcoins in the USA which is the only place the USA can ban them....

Guy in USA pays bitcoins for marijuana delivery. USA marijuana seller clears them through France or England or Burkina Faso and that currency is then legally converted to dollars. Unless the whole world adopts the ban then banning them here only adds one tiny step to the process. It's meaningless.
 
KeithTalent

KeithTalent

Elite Member | Administrator | No Lifer
Administrator
Nov 30, 2005
50,231
118
116
I assume they will try to ban this in the same way they banned US people from doing online/offshore gambling? Not sure how effective it is, but it seems at least somewhat similar.

KT
 
CPA

CPA

Elite Member
Nov 19, 2001
30,322
4
0
While I don't use bitcoins or even know how to procure them, how is using bitcoins any different than bartering? You don't have to accept them if don't want to, but if you're going ban bitcoins you should ban anything that could be used as consideration - which is anything.

Oh, and another Democrat wanting regulation of something, something most likely he doesn't understand. Why am I not surprised.
 
Last edited:
Eug

Eug

Lifer
Mar 11, 2000
24,158
1,806
126
CPA said:
While I don't use bitcoins or even know how to procure them, how is using bitcoins any different than bartering? You don't have to accept them if don't want to, but if you're going ban bitcoins you should ban anything that could be used as consideration - which is anything.

Oh, and another Democrat wanting regulation of something, something most likely he doesn't understand. Why am I not surprised.
Click to expand...
I guess it's pretty hard to launder big money in pork bellies. The way to do it is to buy a car wash, or else a chain of car washes.

It's also pretty hard to steal pork bellies electronically esp. with nobody noticing.
 
You must log in or register to reply here.

TRENDING THREADS

COMPANY
RESOURCES
FOLLOW
Top Bottom