Politician: If Bitcoin Are Banned, Why Not Dollar Bills?

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Your tax dollars at work. Although this is funny, you'd think politicians would have better stuff to do than calling for bans on bitcoin and the dollar bill.

So, in response to a totally technologically clueless elected official, up steps Rep. Jared Polis, perhaps the most technologically knowledgeable elected official out there, with a counterproposal. He basically rewrote Manchin's letter, but replaced Bitcoin with the dollar bill, highlighting the sheer absurdity of Manchin's request.
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Bitcoin will save the world, because Bitcoin sucks! (you're welcome weuntouchable)
 
Yeah, uh, the real unemployment rate is still around 15% while these morons fight over semantics. Besides banning bitcoin is like banning Target gift cards which only proves the point that this was a huge waste of time...
 
Look, I don't believe bitcoin is a long term currency.
Currently places that accept it as payment are few and far between.
Its not an official widely accepted currency of any government and right now acts more like stocks than cash.
But if people want to put faith into it, invest in it and try and use it more power to them.
Just don't come crying to me when you're ripped off at the exchange from hacking or value plummets over night and you tied up your kids' college fund in them.
 
While the letter was obviously satirical, it does actually hold validity. A one world currency would level the playing field across the globe.
 
Look, I don't believe the dollar is a long term currency.
Currently countries that accept it for international payments are declining.
.......
But if people want to put faith into it, invest in it and try and use it more power to them.
Just don't come crying to me when you're ripped off due to inflation, from someone hacking your bank account, or when value plummets due to the Fed's inflationary policies.
 
For mocking the orginal text and adding in the dollar bills it does hold a lot of validity indeed. And was a good laugh while reading it.
 
Nexillus said:
For mocking the orginal text and adding in the dollar bills it does hold a lot of validity indeed. And was a good laugh while reading it.
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It's fun at a cursory read but it very wrong on many levels when you're looking at nuances between a fiat currency and what cryptocurrencies are and operate. The strongest difference is importance to the state and it's effects upon it vice versa.
 
An even more badly implemented dark net version of PayPal ... already failing miserably, who could see that coming.
 
jwalk6 said:
Besides banning bitcoin is like banning Target gift cards which only proves the point that this was a huge waste of time...
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I'd be ok with banning gift cards. Worst idea ever. Here's something that's basically like some cash, but you can only spend it at this one particular place...but it's more thoughtful than cash...yeah, that's the ticket!
 
xX_Jack_Carver_Xx said:
An even more badly implemented dark net version of PayPal ... already failing miserably, who could see that coming.
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Bitcoin is about as far from a dark-net as it's possible to get...

Everything that has ever happened to any bitcoin (creation, transaction, and fractioning) is recorded forever in the blockchain. You can download the blockchain and have a record of everything that has EVERY happened to every bitcoin in existence.

It's 100% public, traceable, and decentralized.
 
Unknown-One said:
Bitcoin is about as far from a dark-net as it's possible to get...

Everything that has ever happened to any bitcoin (creation, transaction, and fractioning) is recorded forever in the blockchain. You can download the blockchain and have a record of everything that has EVERY happened to every bitcoin in existence.

It's 100% public, traceable, and decentralized.
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Correct!

But darkcoin solves all if this. It's in beta3 right now, probably gold in a month.
 
Real world currencies are backed by central banks which hold considerable caches of gold, not dollar to dollar but considerable amounts. Bitcoin then again is a brain fart of one guy that got popular for being practical for illegal trade.
 
People will goto war over the dollar. They won't over bitcoin. It really is that simple.
 
B00nie said:
Real world currencies are backed by central banks which hold considerable caches of gold, not dollar to dollar but considerable amounts. Bitcoin then again is a brain fart of one guy that got popular for being practical for illegal trade.
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The dollar is backed by nothing.

We've been off the gold standard for quite some time. That's why it's considered to be Fiat now.
 
elzeus said:
People will goto war over the dollar. They won't over bitcoin. It really is that simple.
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People will go to war over anything they believe to be valuable. And everything in the universe is worth nothing until somebody says it's worth x amount per y amount.
 
I'm not fan of crypto currencies, but banning Bitcoin would be the most idiotic knee-jerk reaction I've seen in a while. If they decide there is a crime being committed or an inherent threat to economic stability, then do it. If you ban something "just in case", you aren't doing anyone any favours, you're just afraid.

Politicians acting out of fear is why things like the Patriot Act fouled our lives.
 
B00nie said:
Real world currencies are backed by central banks which hold considerable caches of gold, not dollar to dollar but considerable amounts. Bitcoin then again is a brain fart of one guy that got popular for being practical for illegal trade.
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Gold!! LMAO, Gold!!

Where is this gold? And why do you think gold has value exactly?
 
MethylONE said:
Gold!! LMAO, Gold!!

Where is this gold? And why do you think gold has value exactly?
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Well, a star has to explode to make gold, that makes it pretty rare. Gold is consumed in huge quantities by India during the wedding season, that leads to an annual spike in value. Gold is also a valued holding for the rich who will actually hoard the real bars like one would expect an eccentric to do.

Not that this is any kind of argument for or against Bitcoin, Bitcoin is an entirely unrelated animal.
 
Twisted Kidney said:
Well, a star has to explode to make gold, that makes it pretty rare. Gold is consumed in huge quantities by India during the wedding season, that leads to an annual spike in value. Gold is also a valued holding for the rich who will actually hoard the real bars like one would expect an eccentric to do.

Not that this is any kind of argument for or against Bitcoin, Bitcoin is an entirely unrelated animal.
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The Big Bang created everything in the universe, so everything is worth something and everything is worth absolutely nothing.

Value is an opinion.
 
B00nie said:
Real world currencies are backed by central banks which hold considerable caches of gold, not dollar to dollar but considerable amounts. Bitcoin then again is a brain fart of one guy that got popular for being practical for illegal trade.
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You mean banks which TELL us they hold considerable caches of gold. Know anyone with the ability to verify this?
 
Ironically, banning it would be the single greatest way to legitimize it the concept.

It really just comes down to supply and demand though. Bitcoin or not, there will always be a demand to exchange "credit" anonymously. If there is a demand, people will make good effort to create a supply.
 
Gotta keep the party going.

The Federal Reserve has been printing dollars recklessly for decades now, and we resemble the Weimar Republic which also printed money until it became worthless.

Stuff like Bitcoin and alternative currencies will prove to be wise investments. Gold is a currency as well.
 
Probleminfected said:
The Big Bang created everything in the universe, so everything is worth something and everything is worth absolutely nothing.

Value is an opinion.
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No, Gold's value is based on rarity, it's why we don't place a high price on a cubic meter of hydrogen but a cubic meter of gold is worth a fortune. Rarity is a real thing, it's not imaginary, Helium3 is even more rare and it's worth a whole lot more than gold. The value is a function of difficulty in attaining the goods. Bitcoins require no effort but are valued based on speculation and nothing more.

We can all hang around the Koolaid jug and pretend that everything is imaginary in some grand, masturbatory session of pseudo philosophy. Let's be honest though, the only reason the men and women of the bitcoin cult want to call everything else's value imaginary is because bitcoin is imaginary. At the end of the day bitcoin is worth as much or as little as people are will to pay for it, but outside of arbitrary value placed on it, it has zero intrinsic value and if something collapses the bitcoin "economy" people lose %100 of their holdings with zero chance on recovery. Even the legal tender of a collapsed economy from a dead country has more value than that.

Gold is finite and has an atomic weight of 196.96657 ± 0.000004 u. Gold's assigned atomic number on the periodic table is 79.

Bitcoin does not exist. It does not have an atomic guide, it has no properties, and it has no rarity since it is infinitely repeatable.

Gold is literally worth infinitely more than Bitcoin.
 
Twisted Kidney said:
No, Gold's value is based on rarity
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It is also an opinion. Right now governments and people place value on gold because of the opinion that it's worth something.

If there was some type of apocalypse scenario, people wouldn't care about gold, even if it is rare. The value would be placed on food, water, spices, etc (also related to rarity).
 
Fail said:
Stuff like Bitcoin and alternative currencies will prove to be wise investments.
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I dunno about that...I guess time will tell. So far they have proven to be extremely volatile.
 
Twisted Kidney said:
Bitcoins require no effort
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False.

but are valued based on speculation and nothing more.
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At the end of the day bitcoin is worth as much or as little as people are will to pay for it
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Correct. Kind of like oil, precious metals, currency, AMD video cards, and Starbucks coffee.

it has zero intrinsic value
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So are you using the economic or philosophical definition of "intrinsic value"?

and if something collapses the bitcoin "economy" people lose %100 of their holdings with zero chance on recovery. Even the legal tender of a collapsed economy from a dead country has more value than that.
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No, it really doesn't.

Bitcoin does not exist. It does not have an atomic guide, it has no properties, and it has no rarity since it is infinitely repeatable.
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So stocks aren't real either? How about oil futures?

Gold is literally worth infinitely more than Bitcoin.
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I disagree. You did a completely insufficient job of explaining why.

I'll state a fact. An ounce of gold is currently worth about 2 Bitcoins.
 
WTF? What's next on the government ban list, guns and then bottlecaps?
 
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