Bitcoin Forum

Bitcoin Threatens To 'Take Power' From The U.S. Federal Reserve

Bitcoin has long been called a threat to the existing financial system and the central banks that run it—though these claims have in the past been largely fringe ideas.The bitcoin price, now hovering around $8,000 per bitcoin, double what it began the year at, is often closely tied to public awareness of cryptocurrencies and the latest bitcoin bull run beginning in early April re-started the public debate on bitcoin.

Now, U.S. Democrat Congressman Brad Sherman has urged his colleagues to consider banning bitcoin and cryptocurrencies due to the threat they pose to U.S. international financial power, saying bitcoin needs to be "[nipped] in the bud."

https://www.forbes.com/sites (https://www.forbes.com/sites/billybambrough/2019/05/15/a-u-s-congressman-is-so-scared-of-bitcoin-and-crypto-he-wants-it-banned/#f2a62ee6405c)

I would love to understand on how exactly they plan on banning it?

All this is doing is reinforcing that Bitcoin has power globally.   Bullish.

Wonder who his top contrib.....oh

https://i.imgur.com/TC9t0Ab.png

Bitcoin is famous for money laundering. Bitconnect used bitcoin for $14 billion ponzi. All eyes are on Bitcoin

That was not a Bitcoin issue, it was a BitConnect issue.

Any Madoff ran a $64B ponzi with USD...not sure your point?

They can't ban BTC

CASH is the clear king when it comes to laundering/illegal activities.  If CASH was banned and only credit cards and bank accounts were used that would also largely resolve the problems.  No talk of dumping cash but it really is an obsolete concept compared to BTC.

Cashless society = Digital money. Bitcoin will be in real trouble.

That makes no sense what so ever.

Another proposal, that will not see the light of day as far as I am concerned. No matter how hard they try bitcoin and other cryptocurrencies are here to stay. If not for the currency itself but for the value Blockchain technology can add to all sectors of the worlds economy.

When debit cards and credit cards are used everywhere, there will be no cash/currency. Money will be digital

We are basically there today.

When money becomes digital in cashless society, there is no need for bitcoin.

Bitcoin transactions will go to income tax department/building by law.

Lol banning bitcoin is just impossible, especially in US. It's already used almost in every sphere.

I had read also this news, Sherman, who has previously called bitcoin and cryptocurrencies “a crock”. Well, its gross! I was also dismayed when U.S. trying to prevent people from buying or mining cryptocurrencies. They even reason out that cyptocurrency help terrorist, criminals and tax evaders. As a crypto user how will you react with this? This is frustrating.

in reality, they have to make an agreement on BTC regulation.  BTC will not threaten their financial system.  I think, they are not fair, why they also do not ban gold ? whereas gold is also an asset that can threaten their finances, especially for investment.

Probably this congressman is just banking on the popularity of Bitcoin as he prepares for re-election or run for higher office. But again its just a bill proposed, its not final and this will go through a lot of readings and it will be debated. Even if this bill is passed, before this becomes a law, the Presidents signature is still needed.

What a nice read, although it is about trying to ban bitcoin. it is satisfying how scared they are about "United States, and other
countries with major currencies, will lose considerable power if they are no longer in control". it only shows how fragile their economy is
if they think bitcoin can threaten it.  

I guess its also the reason why other countries have issues with bitcoin. Its really interesting to follow all the actions of US government because it can greatly affect the other country's adoptation. If the bitcoin wins, then mass adoptation and official currency will be possible.

I agree bitcoin is good and bitcoin can help for economic growth but some people use it into bad ways, but someday people agaist bitcoin can realize how it important as new form of money to help people and world economic growth.

He's not the first and not the last to try to ban bitcoin and he doesn't see that if he screams that some virtual coin is weakening the Fed it means the Fed is already very weak. It also means that the fed seeks to have full control over money. I thought money was made for the people and to be governed by the laws of economics.  :P

When people don't want your printed money and have their own ban their money! Genius! :D

This is old news. Sherman introduced the bill over a month ago. He also has a very long history of trying to lambast Bitcoin and cryptocurrencies in Congress -- and he's been very unsuccessful at convincing anyone.

I wouldn't worry about this bill, especially since many legislators at the state level are taking the opposite approach. This far more favorable cryptocurrency/token bill (https://www.coindesk.com/lawmakers-reintroduce-bill-to-exempt-tokens-from-us-securities-laws) is more likely to pass, although I wouldn't get my hopes up for that, either.

bitcoin is now unable to be controlled for its own rise and according to him the value of bitcoin is a lot of people who speculate about the price of bitcoin which makes bitcoin a big threat to some of the country's finances is not good for developed countries today only and if it's not under control it will become a very terrible reality, I believe bitcoin will be taken over by the US maybe in a short time

Bitcoin mining in my opinion will have a huge impact on all of us, I know how the miners are working maybe now I am upset with the miner

The banks put pressure on the government, obviously. After all, their power will come to an end when crypto becomes an integral part of our lives

Her time and energy should be channel to a more important and pressing need of the people. Maybe she wants to get popular with the bill which I will love to refer to as a dead bill on arrival. Case close=no case. Bitcoin has won.

At the end of the day, it's the fear of the potential Bitcoins and the cryptocurrency market in general holds that scares them; the thought of a non-centralized currency that they cannot control is something for them to be scared of, considering the fact that 20% of the global population controls 80% of its wealth resources. I think crypt I currencies in general will lead to a further distribution of wealth, taking away power from many of these centralized authorities and platforms. That is the major reason why they are infiltrating the market with their regulated cryptocurrencies.