Bitcoin Forum

first step :   :)

https://www.youtube.com/watch?v=v2XqcWWnGqU

They are scared of crypto taking over traditional currency and tax payment.  ;D They cannot just accept the fact that cryptocurrency had given financial freedom to people, and that the government it self cannot take advantage of it since it is decentralized and not controlled by anyone. Of course, the government is threatened that people will take their power as the government if people will continue to support crypto.

Mr Sherman say it all they afraid of cryptocurrency making the traditional economic and tax system in effective, and the Congress view it so because they have failed to formulate policy that can meet up with the standard of cryptocurrency operations. Am very optimistic that this bill will have any effect on the Price of bitcoin/cryptocurrency against the dollars and other currencies on the exchange market this is so because they have failed to take the right step which is adoption of cryptocurrency instead of banning it.

The reason why they want to put a ban on cryptocurrency in some areas because of tax. Cryptocurrency transaction doesn't need any tax to send and receive any assets in the blockchain. It might appear that cryptocurrency transaction affects the economic rate of each country so they create a bill on it. Government are afraid because they don't know how to control bitcoin because it's a decentralized digital money. Well, in some cases, this bill will might help some but not that big, governments priority is their nation, they are scare to adopt this new technology.

They're scared that their little piggy banks and magic sticks (banks and fiat) will get overtaken by this financial instrument tool. They know so well that it can't replace fiat, but once people shifted their interest towards crypto, people will start losing trust into fiat and all hell will break loose from where they are contained right now. It's inevitable that fiat will have its ups and downs, but then again it still remains to be one of the most flexible (albeit destructive) financial system introduced after the gold standard is broken, and banning cryptocurrencies wouldn't even help in their cause, lol.

Rep. Sherman is not the voice of the government. I am sure that this will not pass in Congress because this is a myopic view of cryptocurrency. I am enjoining Mr. Sherman to instead take a look at how many countries including China and others who are already undermining the economic status of USA by bypassing the dollar...soon the dollar will not be very influential anymore because many central banks are unloading it as one of their reserve currency. Why? because they are concern about the propensity of the USA government to print more paper money (called as quantitative easing to make it more appealing). The problem is not cryptocurrency...it is the government itself. Now, when the government is not accepting its fault they usually refocus the blame to someone or something else. That is what Rep. Sherman is doing.

They have to simply abandon the idea of taxing private Bitcoin transactions. What they could do is go after business, since they are by law required to keep accounting they could be also be subject to auditory on items sold or services given, and tax according to that, or the items themselves.

So when you buy the Lambo its the Lambo that is taxed, not the bitcoin used to buy it. An officer could check its plate to confirm if that car has its tax paid. Countries like Japan have yearly taxes for cars anyway, no pay no right to use public roads.

Every time a new "disruptive" technology comes, the first reaction from the old politicians is to try to "ban" it (since it takes so much effort to learn), until the use is so overwhelming that they are forced to concede. Bitcoin is no different and it probably won't be last.

This is just one man that has probably been paid by the enemy of decentralization. They said bitcoin is going to die, or just a bubble, but still it's rising and this politician is just coming up with another twist that it's taking power from the USD. This Mr Sherman will be voted out, someone should please check if he is affiliated with any big bank. No colleague will join him.

This guy disgusts me. So damn conservative. The US has done a lot of damage to other countries, because of playing this world police officer role. Now that this status is in danger, this guy offers to make sure this country still stays on top of everything and keeps benefiting from the countries it made economically dependent. I think lawmakers in America are not like that in general, though. The bill won't pass, because it's risky even for the USA to outlaw cryptocurrencies. It could significantly trigger the outflow of investment and smart people as well as development of underground economics. Every country has its radically oriented politicians, but I don't think they will win in this country.

Yeah, I saw that clip from an Anthony Pompliano tweet, and it seems like satire on how out of date and diabolical some politicians can be. Supposedly this Congressman has been in office for 22 years - much longer than he should probably be allowed.

Well he said it himself, cryptocurrency dis-empower the government, they are afraid that as more and more people start involving in crypto, people would deviate from using fiat and that would mean putting them at a position where they are not able to control transaction and the privacy of the poeple, which proves the point that bitcoin and cryptocurrency give people the power to control their own financial lives and do what they want and how they want.

That is true, but they don't think that people now become smart and people want to learn new thing that will help them to solve their problem.
I guess that will not give a bad effect to people and if the government still wants to do that, then they need to be careful with the people power ;D
But soon, the government will realize the benefits of cryptocurrency, and in the end, the governments will approve the cryptocurrency.

But people have to pay their dues to the government since they are supposed to pay for whatever they were supposed to pay for example an income tax. Income taxes gives a big part of a government's income. But yes, I think banning buying cryptocurrencies is like a hypocritical move. If they do so, they should also ban ForEx and Stocks since many people make big money out of it.

After all the regulations they made they can't stop bitcoin from growing and it could affect the economy by cashless payments that avoid extra tax because the payment is on cryptocurrencies. They just want to suck the most of the tax that they could use for themselves. Fuck those politicians only thinking for themselves. Cryptocurrency is the future and it is for convenience and if the government take that away then prepare on the online backlash they would receive on the future.

The government will always disagree and do everything against cryptocurrency because it's giving users financial freedom. The government thinks that we're taking advantage of crypto usage that they couldn't regulate and implement taxation in this area. They're greedy when it comes to taxation so this news isn't new anymore.

All governments approving crypto? I don't think that will ever happen. Some governments will support crypto while some will always oppose it which is not such a big deal since you cannot ban crypto completely.

Do you think this is the first time someone proposed such a useless bill op? Its pointless driving attention towards such pointless negative news.

If USA will ban BTC, there will be no BTC.  USA is the biggest market.

Getting tax from crypto is difficult to implement though. Bit complicated but they can always devise a system on how to extract their share. Crypto users will not gonna like this, obviously. But for now, let's enjoy the moment.  ;)

It's this same scared of crypto hullabaloo. The OGs are still confused as to why the new generation doesn't wanna give up cryptos. No matter what they do we're still surviving. May be they've forgotten that what doesn't kill you makes you stronger.

Well we have to thank Congressman Sherman, because after making that statement, bitcoin goes and break $6300 barrier.  ;D. It also goes to show that they that are very threaten by this so called crypto and the only way to stop them is to ban it, but you see resistance is futile because this revolution is gaining grounds.

That is going to fail so hard. How exactly do they intend to enforce such a law ?

This is the same posture people made in 2017 and 2018 that crypto will take over traditional currencies yet it turn out to disappoint crypto investors. There is no much regulations in crypto and if government intend to impose bills to ban on buying and selling of crytpocurrencies in countries that have low supervision, then is ok.

You can think that will never happen, but we don't know what will happen in the future, right? ;D
There is a chance for all government to approving crypto especially if they can realize what is special from crypto and how they can take the advantages from the crypto.

They stand no chance. Tried to ban Alcohol, didn't work, imagine banning a digital good this time.

More and more privacy oriented features are being built to protect from exactly this kind of hostile behaviour.

Ok, I am thinking the peaceful option I have proposed is about to go out the window.
You traders ready to trade time for bitcoin?

a lot of are power comes from forcing people to use out b.s. money supply.

This will further put US on a step backward in crypto world. There's really not going to be much impact in pricing if this scales through in the end but I don't see an end of this decentralized economy just yet.

Can we make a bill to outlaw fiat?

Did u guys hear? he almost said out law owners.

https://youtu.be/v2XqcWWnGqU?t=7

btw this is actually good news, the faster they ban fiat trading into bitcoin, the faster bitcoin can serve it`s purpose, also they won`t be able to trade their own b.s. money supply for it ^_^

https://pbs.twimg.com/media/D55rONlXsAEdpLH.png

I am not sure in what world you are living, let us assume that the US government will come up with a regulation that trading bitcoin and conducting bitcoin is illegal, businesses will shift to other countries where it is legal to conduct business and people will still keep on trading, you cannot shut anything down completely, that was a hypothetical situation, US is just one country and the entire world does not revolve along one country.

This move will give bad effect to people and if the government still wants to do that, then they need to be careful with the people  because many people will protest it to any level.

This has to be the dumbest post I have read on here in awhile. IF ALL FIAT DIED, THERE WOULD STILL BE BTC!

oh btw Mr. Sherman
YOU GOING TO BAN GOLD AGAIN TO? FFS!

I am going to ban hammer all of your kind from my universe very soon.

The Government
gang·ster
/ˈɡaNGstər/
noun
noun: gangster; plural noun: gangsters

    a member of a gang of violent criminals

Most of the police force and military:
thug
/THəɡ/
noun
noun: thug; plural noun: thugs; noun: Thug

    a violent person, especially a criminal.
    "he was attacked by a gang of thugs"
    synonyms:   ruffian, hoodlum, bully boy, bully

I KNOW A LOT OF YOU ARE GOOD PEOPLE, YOU ARE JUST UNAWARE AND YOUR COMMANDING OFFICERS EN$LAVE YOU!

mob·ster
/ˈmäbstər/
nouninformal
noun: mobster; plural noun: mobsters

    a member of a group of violent criminals; a gangster.

Both of you:
bully:
/ˈbo͝olē/
noun
noun: bully; plural noun: bullies

    a person who habitually seeks to harm or intimidate those whom they perceive as vulnerable.
   "you mustn't give in to the village bully"

    seek to harm, intimidate, or coerce (someone perceived as vulnerable).

This is another clear indication of the fear the governments have concerning cryptocurrency. Cryptocurrency is gradually winning the war because it gives financial power back to the people and the governments fear that ones this power is taking from them and given back to the people by crypto, the may lose control over the people which is not the case.
Taxing individual Bitcoin or crypto transactions can pose some difficulties hence if tax implementation is one of their cases, then they should target the exchanges where every trader ends up finally - here each trader will pay tax indirectly through the transaction fees.

While businesses can move their operations out of the United States and opt to set up in more "Bitcoin-friendly" countries, such a ban on the purchasing of Bitcoin would be a ridiculous blow to the American Bitcoin community and definitely be a serious detractor for overall Bitcoin adoption. The US Bitcoin market is probably within the top three in the world if not the top two, and having it suddenly get removed due to a move from the US government will nuke the interest the average person has in Bitcoin. That, and it makes it significantly harder to earn/exchange Bitcoin in the US because there would be no legal way to sell it, at least within the country. Maybe there could be loopholes which allow people to sell it to foreign nationals. Even if it just bans the purchase of Bitcoin domestically, that's still a massive blow to the American community.

Such a law would be passed off as an anti-terrorism measure because that's what's used to kill freedoms and systems outside the conventional institutions. Everyone laps it up too, that's the worst part.

Fortunately, enough billionaires are involved in cryptocurrencies to fight fiercely over any attempts to ban it. Also, the American government itself has an incentive to keep bitcoin alive - for clandestine operations requiring funding from outside of Congress. Also, any politicians who attempt to stifle blockchain innovation could be accused of attacking the economy itself. It is highly doubtful such a bill would gain traction.

I already knew it would happen but didn't expect it to happen later than I anticipated, I think the reason behind this bill is because they know what cryptocurrencies are capable of, a digital coin that cannot be manipulated by any governments and this is the main reason why governments are seeing cryptocurrencies as threat and call it an outlaw.

Bitcoin and other cryptocurrecies are started being recognized again and is it a good thing or bad, I always say that any news that regards cryptocurrencies is favorable to it but if its a news making a law out of it then I don't see a good cause around this.

such news will affect investors who relied with news, but for those supporters around it will be an ordinary obstacle again for this growing industry, this Congressman have it's own understanding regarding to cryptocurrency and most of his principle might be influenced by the current fia system, few post above me showed the involvement of the Banking businesses behind his campaign supports which highly explained why he made this action.

I do not think that this could push through. It is the people to decide whether cryptocurrency is bad or not for the community. But, to what i have been seeing lately and it is of course cryptocurrency had made some good reviews from the community that benefited the system.

People can say what they want but the government is still the one that has a power on whether they will approve or reject the use of cryptocurrency .


Yes cryptos are mainly have a positive review from the public .alot of governments also see and feel it , this is the reason why most of them approved cryptos .  

Meanwhile , threats and rumors about banning cryptos is real and in fact its already happening to some countries/governments but we shouldnt be worry about that because the percent of crypto adopters are still more bigger than the percent that those who reject cryptos

I think in America and so you can not invest in ICO.And about the ban I think is not worth much to pay attention to it.America will be the first country where cryptocurrency will be used everywhere.

yes I read this news
every bitcoin grows. there is always someone who prevents it.
I agree with some of the friend post reviews above.
they fear crypto shifts traditional currencies. that's why they try to do everything they can to prevent it

I don't think they could ever stop us from investing or buying cryptocurrency. There are a lot of people who knows how cryptocurrency helps their lives and also, I think we should find a way to convince or change this minds of these people. Because even though I know that they can't stop us, they will surely give us a hard time. I think this is all because of different illegal activities that includes bitcoin. We have to clear cryptocurrencies' reputation.

I know some people that will be moving out the USA if that bill should pass. That sherman guy is the face of the fear that Bitcoin represents to the bankers and to the corrupted machine that runs this world.

People in the USA should be thinking on voting for a presidential candidate that supports cryptocurrency if they don't want shmucks like that brad sherman congressman to start making these pressures to the US goverment.

It seems to me that it is not yet time for direct applications to support Bitcoin by such high officials as the candidate for the President of the United States.

Worst case scenario it will drive the price up and using peer to peer method to trade

I hope that countries will not start ban crypto, but if even happen people will find some ways to trade and use, but i think governments preffer to tax crypto than to ban it, because why not come more money to budget.

Lol, these guys are seriously trying their best to knock out cryptocurrencies. well, they surely do not think what they are doing all they care about is their money and their dollars and all. but what about the public which is being affected by these faint money. there are a million cases of suicide, depression, begging and a lot more. cryptocurrency has potential to fulfill all these needs.

Lol, his mouth was so full of horseshit he could hardly formulate a sentence.

We should expect that to happen sooner or later but regardless of their laws and regulations nothing is going to stop people from buying and selling cryptocurrencies. They know that and that's probably why they are not going to try and stop people from doing it but one thing I know for sure they will do. And I'm talking about them trying to somehow take advantage of bitcoin users, either by applying big taxes for using it or limiting it's use only in certain areas.

they can ban the exchangers and that's it :)

also, it's VERY hard to find a bank if you are an exchanger...that is like a ban,

Brad Sherman has been pushing anti-Bitcoin legislation for several years now. He may have finally drafted a bill, but that's a far cry from anyone in Congress taking it seriously.

Judging by the way that other legislators (https://www.coindesk.com/us-lawmakers-file-bill-to-exempt-cryptocurrencies-from-securities-laws), regulators (https://www.coindesk.com/bakkt-sets-july-test-date-for-bitcoin-futures) and industry (https://www.forbes.com/sites/michaeldelcastillo/2019/05/13/starbucks-nordstrom-and-whole-foods-now-accept-bitcoin-just-dont-ask-them/#5b5488392252) are moving forward, I doubt Sherman's bill will go anywhere.

The genie is out of the bottle. It's not going back in...

No threat that will pass.  Very bullish to see the fear motivating it though!

This is like banning electricity. HA! I want to see someone arrest me for using crypto. If you want to take my freedom I will take more. Simple as that. We no longer need government issued filth fiat.
All forms of censorship is wrong and against free will. You born into a world and you should be able to interact with it as you wish without fear of some "law" man arresting you because his opinion is different and throwing you into a cage somehow solves this issue?


The day the first person is arrested for bitcoin is the day the people will take up arms. The moment the government starts just arresting people that's when people start getting pissed off. Here Cannabis was banned and is now legal. The law was only there to give the law and excuse to harrass people. It causes more damage then it solves.