Senator wants to ban Bitcoin in US

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blade52x

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"The clear ends of Bitcoin for either transacting in illegal goods and services or speculative gambling make me wary of its use," Manchin wrote. "I urge the regulators to work together, act quickly, and prohibit this dangerous currency from harming hard-working Americans."
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How did I know this guy was an old fart before I even read the story? And I don't appreciate someone trying to take away my freedom. :rolleyes:
 
The more our world becomes ingrained with technology, the higher the chance digital currencies will be used by everyone. If governments ban the use of it, it will only slow it down, not stop it. As the reddit thread points out, I'm sure the same things were said about credit cards, wire transfers and even Paypal.
 
Yea, there's always going to be opponents of major infrastructures like cryptocurrency, especially if they don't understand it.
 
If he's concerned about purchase of illegal goods and services, and speculative gambling, he should go right ahead and ban cash before he even starts to think about banning bitcoins. I bet the amount of USD cash being used for these purposes is at least 5 orders of magnitude larger than the USD equivalent amount of bitcoins being used for unlawful activities. Nobody buys drugs and prostitutes with their credit card.

Bonksnp said:
Yea, there's always going to be opponents of major infrastructures like cryptocurrency, especially if they don't understand it.
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It has nothing to do with them not understanding it and everything to do with them being unable to control or regulate it.
 
I'm still waiting for the Wall Street crooks who knowingly sold crazily risky derivatives and derivatives of derivatives to be brought to justice. If he wants to "make a difference" and mitigate harm to Americans, he should pursue the crooks on Wall Street.

On the other hand, if he were to successfully ban Bitcoin he would be harming Americans directly by truly causing the value of BTC in terms of USD to go to zero. Which means it isn't about protecting people, but about controlling what us peons can and can't do.
 
Zero Cool said:
Would it even be possible for the government to ban something like bitcoins?
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I think given our current budget woes (in most first world nations, in terms of debt vs GDP) it would make a lot more sense to recognize it legally and then tax it, but that's just me...
 
IEC said:
I think given our current budget woes (in most first world nations, in terms of debt vs GDP) it would make a lot more sense to recognize it legally and then tax it, but that's just me...
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Like CO is doing with marijuana, lol. Funny, the state starts rolling in tax dollars, and other states all of a sudden want their cut.
 
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