Senator Demands Complete U.S. Ban On Bitcoin

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A ban on bitcoin because it is "disruptive to our economy?" If that is the case, we need to ban every damn lawmaker in this country for the same reason. :rolleyes:

A Democratic U.S. senator is asking the federal government to take this remarkable step: completely ban Bitcoin. Sen. Joe Manchin of West Virginia sent a letter today to the Treasury Department, the Federal Reserve, and other regulators characterizing the virtual currency as encouraging "illicit activity" as well as being "highly unstable and disruptive to our economy."
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So much for land of the "free"

America needs to step up and realize that the people we vote in to represent us are all working for the same old corporate agenda.
 
Bitcoin is one of the dumbest ideas of the 21st century. This is going to go down as one of the biggest failures in the intertubes history.

It just makes no damn sense.

-fro
 
While I personally hate the idea crypto-currencies, they are hardly at the scale neccessary to be disruptive to an economy with a $16 trillion GDP...
 
Flaming idiot. He doesnt know I bought a 770 GTX in December for.56 BTC :D My gaming is putting a dent in his bribery racket !!!
 
I guess then we should ban all cash too, as it "encourages illicit behavior" as well :p
 
Crypto currencies and their fan boys generally implode it themselves via exactly whats happening lately. Just give it time and enough exchanges and exploits that rip people off. It will come...
 
Which should spark a campaign finance investigation into this guy, to see who is paying him to represent their interests, since it sure as hell isn't the American people.
 
A decentralized currency needs decentralized exchanges; definite weakness.... but already has bounced back. Haters gonna hate :)
 
I'm quite sure I don't understand all the intricacies of currencies or global economies, but I'm not sure I understood how crypto-currencies actually started. All I mean by that is that generally governments won't recognize standard international currencies. All they have to do is ban any crypto-currency, and it's over. I'm sure I don't know how it even got this far. :confused:
 
she's a democrat... We are all idiots who need elites like her to tell us when to eat and when to shit in order to be happy serfs
 
Shotglass01 said:
I'm quite sure I don't understand all the intricacies of currencies or global economies, but I'm not sure I understood how crypto-currencies actually started. All I mean by that is that generally governments won't recognize standard international currencies. All they have to do is ban any crypto-currency, and it's over. I'm sure I don't know how it even got this far. :confused:
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It's actually not a terrible concept, it just lacks backing. As it stands it's like buying shares in nothing, that's the problem. While the current crop is utterly doomed, there is a real potential for world trade in the crypto currency concept, it just needs maturation time and some actual economic fundamentals behind it.

I don't think it's a threat to any economy at the moment, though some people are going to lose their shirts trying to get rich quick by flipping bitcoins.
 
but many have gain more than they had the problem is the uneducated who mine and have no clue,they will lose their shirts.
 
Senator Joe Manchin must see there is more demand for a crypto-currency than the American dollar. If anything, he should write a letter to the Federal Reserve to stop printing money.
 
Although a ban is silly the article did mention that Thailand, China, and South Korea have all instituted controls restricting Bitcoins so it is probably reasonable for the USA to at least review if any legal protections are needed (short of an outright ban)
 
The Feds don't like Bitcoin's or any other similar crypto-currency because they have no way of directly taxing its use or gains. Add in the fact it can be very difficult to track movement of crypto-currency; the Govt might fear people will change dollars into a crypto-currency to avoid paying taxes or to hide assets.

This demand is just part of the typical BS nanny state mentality commonly found on both sides of the aisle.

I did enjoy this part:

Sen. Dipshit said:
...speculative gambling make me weary of its use.
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So why doesn't he demand a ban on day trading?
 
Stiletto said:
Yes, because the history of national currencies is so much better.
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A currency without the backing of its value by an authority is absolutely worthless.

Also, just because currencies have been mismanaged in the past, doesn't mean we shouldn't manage them at all. That just means the outcomes will be even worse.

I for one can't think of a single first world currency that has been as volatile as Bitcoin has since its inception 5 years ago.
 
Twisted Kidney said:
It's actually not a terrible concept, it just lacks backing. As it stands it's like buying shares in nothing, that's the problem. While the current crop is utterly doomed, there is a real potential for world trade in the crypto currency concept, it just needs maturation time and some actual economic fundamentals behind it.

I don't think it's a threat to any economy at the moment, though some people are going to lose their shirts trying to get rich quick by flipping bitcoins.
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But, I think that's what I don't get. I also think it would be an AWESOME concept to have a currency not controlled by a government. But, they pretty much do have every control over their economies. I mean they really can ban crypto-currency, and that's that. Vendors wouldn't be able to accept them. I'm not saying right or wrong, I just mean that's how it is now.
 
Zarathustra[H];1040657539 said:
A currency without the backing of its value by an authority is absolutely worthless.

Also, just because currencies have been mismanaged in the past, doesn't mean we shouldn't manage them at all. That just means the outcomes will be even worse.

I for one can't think of a single first world currency that has been as volatile as Bitcoin has since its inception 5 years ago.
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Hech, the stock markets are less volatile than Bitcoins...and that's saying something!
 
pcjunkie said:
Hech, the stock markets are less volatile than Bitcoins...and that's saying something!
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lol. We're in the middle of major economic decline and the stock markets are higher than ever. It's going to make the housing bubble look like a minor tremor.
 
kbrickley said:
And the stock markets and companies who participate in them are HEAVILY monitored and regulated ;)
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Hell, they're so heavily regulated they're not allowed to fail!

And lord knows that's a sustainable economic model! :cool:
 
Cr4ckm0nk3y said:
The Feds don't like Bitcoin's or any other similar crypto-currency because they have no way of directly taxing its use or gains. Add in the fact it can be very difficult to track movement of crypto-currency; the Govt might fear people will change dollars into a crypto-currency to avoid paying taxes or to hide assets.
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Except anytime you want to convert US $ to or from a crypto currency you create a paper trail which is all ready regulated by the US Government since all Crypto Currency exchanges that operate in the US or with US customers have to register with the US Government as a currency trader.

The IRS has busted millions of people who dealt only in cash by auditing their bank accounts or looking at their assets. If you pay a monthly mortgage of $1,000 and only claim $10,000 in income for the year the IRS is plenty capable of figuring out what is going on.

I'm not for the ban of BTC and if you read proposed bills you can get quite a laugh as senators routinely push through stuff with no chance of passing. This isn't news. Regulation is coming, but an outright ban likely won't be the end.
 
Zarathustra[H];1040657539 said:
A currency without the backing of its value by an authority is absolutely worthless.
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value doesn't come from an "authority", but from the agreement between people that something has value. if enough people do that, it becomes a currency by definition. it doesn't have to be a crappy piece of paper. it could be sea shells or rocks. it shouldn't be a commodity though because in that case it's not a deal that involves currency anymore, but it becomes barter.
 
Zarathustra[H];1040657539 said:
A currency without the backing of its value by an authority is absolutely worthless.
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I don't see how an authority figure imbues a currency with value.

Just because "this special figurehead" endorses it, it has value? What?

Zarathustra[H];1040657539 said:
I for one can't think of a single first world currency that has been as volatile as Bitcoin has since its inception 5 years ago.
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There also aren't any other currencies trading at at a 1:500 to 1:1000 ratio against the US dollar.

That's where a substantial portion of volatility comes from. It's extremely highly valued.
 
Stiletto said:
NO LIKE! NO UNDERSTAND! NO ABLE TO CONTROL! MUST BAN!!!
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this is pretty much everyone who post on here hating on bitcoin. I thought it was dumb too when i didnt understand it,then instead of being ignorant and making my own assumptions I researched it and have been mining since November. I have even bought few things online with my earnings.
 
weuntouchable said:
Except anytime you want to convert US $ to or from a crypto currency you create a paper trail which is all ready regulated by the US Government since all Crypto Currency exchanges that operate in the US or with US customers have to register with the US Government as a currency trader.

The IRS has busted millions of people who dealt only in cash by auditing their bank accounts or looking at their assets. If you pay a monthly mortgage of $1,000 and only claim $10,000 in income for the year the IRS is plenty capable of figuring out what is going on.

I'm not for the ban of BTC and if you read proposed bills you can get quite a laugh as senators routinely push through stuff with no chance of passing. This isn't news. Regulation is coming, but an outright ban likely won't be the end.
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That's all well and good until you go outside the US to convert bitcoins to $$.
 
celeron300 said:
A decentralized currency needs decentralized exchanges; definite weakness.... but already has bounced back. Haters gonna hate :)
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You can't take a day after bad news where a bunch of people with a huge amount of self-interest are potentially propping up pricing as some kind of message. The mid term trend is still remarkably bearish.
 
nvgrim said:
this is pretty much everyone who post on here hating on bitcoin. I thought it was dumb too when i didnt understand it,then instead of being ignorant and making my own assumptions I researched it and have been mining since November. I have even bought few things online with my earnings.
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And there's the first true troll post...nobody but miners can truly understand it.
 
pcjunkie said:
And there's the first true troll post...nobody but miners can truly understand it.
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When did i ever say that? I am saying majority of the people posting here hating on it are either misimformed and think its only used for buying drugs and money laundering or they are mad because GPU's prices went up. Or they just dont understand it at all and dont feel safe putting money into something they dont fully understand.
 
i am pretty sure most places that accept bitcoins for physical goods dont care about the bitcoins because they instantly get thrown into the market and sold at the current value price by a bitcoin broker of sorts to someone buying at that price which means the store gave the item to user A but was actually paid for by user B with US dollars if its a US based store like Tiger Direct. which means bitcoins did nothing to disrupt the economic flow. one person still gets their item another person gets a bitcoin they wanted and the store gets its money. and the gov. gets its sales tax from that store assuming it was required to charge for the tax to begin with.

im sure there are some places that might trade solely in bitcoins and hold onto them but that is their gamble i mean they can hold onto/invest in the coins and hope they go up in value or they can sell them off for USD or what ever other currency they value.

atleast right now bitcoin is very very dependent on other national currencies so much so that bitcoins or any other crypto currency wouldnt have a ground to stand on without them.
 
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