Bitcoin Forum

In a recent CNBC interview, U.S. Congressman Brad Sherman openly expressed his hope for the end of cryptocurrencies, a stance that will ruffle the feathers of crypto enthusiasts.  "I hope so, don't think so," was Sherman's succinct response when asked if the ongoing crackdown signaled the end of cryptocurrencies in America. His caustic comment follows recent regulatory actions taken by the SEC against major cryptocurrency exchanges, Binance and Coinbase. The Congressman, who is well-known for his anti-crypto stance, took issue with the idea that cryptocurrencies could benefit the economy or consumers, stating that their primary use was to evade the U.S. government and sanctions.

Read more on
U.Today https://u.today/is-this-the-end-of-crypto-this-us-congressman-hopes-so

The question to ask the congressman is, aside from the various attacks and sanctions of cryptocurrency services providers e.g. legal battles with exchange and other cryptocurrencies gateways that are located in their jurisdictions, what else can their directly to end cryptocurrencies like bitcoin?


The answer is not far from the truth, which is nothing the US government can do to end cryptocurrencies unless for those that are centralized and other their control,  and the highest the US government can do is to block access to cryptocurrencies through the exchange closures and the rest of other cryptocurrencies easy access.


This may limit the rate of scalability of the cryptocurrency market and also affect the value of most coins, but in the long run, cryptocurrency will survive and keep thriving.

On the contrary, those Democrats might be creating their own problems by attacking crypto itself.

https://beincrypto.com/leaked-memo-democrats-organized-anti-crypto/


So yeah, in the next election majority might lose their seats in Congress if they continue with their attacks and hard line stance on crypto.

As for the end, I doubt it, even US can't and won't stop it as this is the future. Just wait for the next bull run, and how huge it's going to be.

We have often seen skewed/negative news about crypto from year to year, general attacks are carried out by certain countries, the US, China, and several others, oppose and always speak bla'bla'bla. In fact, for now there is no serious action, only nonsense.

You have to read the whole thing to the end.

Sherman's attacks and criticisms, are more towards one type of crypto, namely Bitcoin, he is annoyed because Bitcoin's price is too high, I believe that if Bitcoin is currently in a price position like in 2010, there is no attack from Sherman, he buys as much as possible.

Remember, crypto cannot be destroyed by one person or parliament, remember that.

what's happening right now could affect the price of most assets, but not the crash of crypto. they do not have the ability to control crypto assets like Bitcoin. and that is their reason for shutting down the exchange platform to disrupt the value as well as the Crypto market.
we will feel the impact if exchanges as big as Binance and Coinbase are affected by this problem. but it's not going to completely destroy crypto like Bitcoin which they really can't control.

Maybe they deliberately made bad news, so that they could collect at a low price. They seem to be deliberately making people too afraid of Crypto. They deliberately make the situation that crypto has a negative effect on its users. They busted a lot of stories after using Bitcoin many people felt bad economically. I think they should think again. Don't make the situation worse. The overwhelming population of the U.S. is a large community. They are influential for the life of BTC.  Perhaps what should be dissolved is congressmen, not BTC or crypto.

I don't know why this should even be a topics, this won't be the first time we would be seeing this sort of issues, many times we would see that the government and institution has always tried hard to stifle the growth of crypto-currency but non of this scheme has ever worked and there is a reason to this and that's the fact government don't have authority on how the crypto-currency market would go.

Well but I think the only people government decision on crypto-currency can affect are those that aren't rooted into it or the newbies. Even in countries that has banned crypto-currency the citizens has still found a way around it.

Bitcoin was banned in China but is still growing.
People should realise that USA isn't the world
It might be a temporary pause on crypto 'legally' in USA but adoption may sprang up when they find themselves lagging behind
They ain't dumb just desperate the dollar is losing its stand against crypto
This is the disadvantage of been rigid and sticking only to tradition without considering the benefit of this change
No, I believe they are aware of its impact they all been selfish and scared of losing power
This isn't the end of Crypto
One country can't destroy crypto
Miners are everywhere
Even in all this some citizens in USA would still continue
As you said the only people that can be affected by it is newbie or those ain't deeply rooted,I believe that's why it's in the beginners and help section. The answers gotten can help boost their confidence and learn about how resilient Bitcoin is.

There will be no end to negative news to destroy crypto the government always wants to thwart everything from opposition to making people panic, they also always make the market crash with a series of words from the top congressmen, so they just want everyone to switch to dollars, not crypto anymore.
I will not believe that this is the end of everything, crypto cannot be destroyed by anything, including government decisions that reject it, we will continue to believe in crypto and make things easier.

Furthermore, cryptocurrencies, including Bitcoin, are subject to market fluctuations and external influences. Prices and adoption of cryptocurrencies can be affected by government regulations, investor sentiment, and general economic conditions.

Due to their fundamental properties and principles, such as decentralization and blockchain technology, cryptocurrencies are resilient and independent of centralized control even if certain actions by exchanges or regulatory bodies disrupt the market for a short time. So, the right way to stay informed about the latest developments in the cryptocurrency market and to understand the risks associated with investing is to stay informed about the latest news. Investing in cryptocurrencies or Bitcoin is most effective when you diversify, manage risk, and maintain a long-term outlook.

Nope, not the end of crypto. just a painful time on crypto. It could be challenging that this issue could lead to a price dump, just as people are saying it would. But dammit, nothing lasts for ever; it's just for some period of time (months or years, and everything will become history). There's an old saying here that goes, "After rain, comes sun." which means Bitcoin will still bounce back after some time. The only way in which I feel crypto can be stopped is to stop the internet, which is not possible. As long as there is an internet connection, and blockchain technology still exists, crypto will continue to exist.


Cheers 🥂, Dr.Bitcoin_Strange 👺👺

I agree with some who have already mentioned, I do not know if we even need a topic about this. Especially in the Beginners & Help section, this seems off-topic to me.

There will always be some who oppose the idea of Bitcoin, including some high-ranking officials. But that does not mean that the government is going to ban it. And even if they did, they wouldn't be able to do so immediately and completely. There would still be a lot of people who use Bitcoin, including those who do not care about what the government says or does.

But here in the Beginners & Help section, we try to bring all those who are new to Bitcoin together, including those who may not have heard about it before and might be afraid of what they see or hear about it. So, I think it is best to move this topic out of the section and let us focus on helping newcomers with their questions.

Based on my experience here, I'm pleased to report that the prominent influencers in this field do not endorse replacing the dollar with cryptocurrency. It seems that someone might be searching for an excuse to support a witchhunt. If the country were to be investigated, it's possible that they could be one of the countries benefiting the most from the increased interest in crypto investments.

I don't believe anyone, not even a country or an organization, can put an end to Bitcoin's rise because Bitcoin is independent and decentralized, unlike altcoins, which can be regulated by the government due to certain financial rules.

To me, this is merely talk since he is in a position to discuss the matter, but the US government as a whole cannot stop Bitcoin; the only thing they can easily do is stop using exchanges, which can never stop Bitcoin.

He could have worded this that the primary use of Bitcoin is to escape the inflation crash in the dollar and other fiat currencies.
With people like this it is not surprise that we actually want an escape from government's overbearing sanctions and regulations. It is always ironic watching or reading people talk about something they have no idea about.

In fact, they are making this issue before and always talking about topping Bitcoin, and yet they fail, and I know they will still fail again this time. Because people don't believe such power to stop thousands of people who are in crypto now that giving support and using it in their daily lives. Yes, it was hard to expect from someone who really doesn't have an idea about Bitcoin/crypto because that is in their mind is their own interest and gaining popularity but not the welfare of their people who are living with the help of Bitcoin.

From this, it's safe to assume people like Congressman Brad Sherman are the people pushing the SEC to do what its currently doing...

I even wonder if such people have taken a moment to find what good cryprocurrencies serve in today's world, Unlike having a biased opinion about it having to be used by criminals.

Btw Hope with all this, I hope they know that Bitcoin does not have on/off switch...once it goes online, it's on forever thanks to its decentralized nature.

That's good news although it is not new. The more individual countries push back against bitcoin, specially a country like US where the hashrate has grown to non-negligible amounts, the better it would be for decentralization.
It's like China, the fact that the government continue placing more restrictions on bitcoiners helped spread the hashrate around the globe in addition to other bitcoin related businesses like exchanges.

Even if the US government does its best to terminate cryptocurrency activities in its country, it will never have the capability to end crypto.  The simple reason is that the US is not the world.  The US is just a country in many that is established throughout the world.  There may be countries that sympathized with it but there are also countries that are not.  In a simple world even with many allied countries, there will always be a country that is neutral and others hostile that can host the Cryptocurrency industry and take advantage of it.

I will believe the capability of the US if they can shutdown file torrenting which they have been combating for so long.

No one is ending anything related to crypto, they saw an opportunity and they took it, that's the case with SEC and FTX, the FTX crash was an opportunity for Gensler to pursue his agenda and the funny thing is, they got FTX CEO, and they did nothing about it, we still don't know all the people that benefitted from that funds that Sam stole using FTX, there is a hidden truth that politicians in America are behind the fast release of Sam and the high numbers of allegation on Sam have been pardoned, these people think we are fools, They use peoples money to fund their political agenda and still want to put pressure on people.

The fact is that regulators need to set out time to go into research about cryptocurrency, bitcoin/ blockchain, and the rest of what have you, one of the most miss conceived ideologies of the current congressmen is that cryptocurrency is an attack on the economy due to the weakness of the fiat currency and this is something that needs to unravel and properly thought out so that the misconception can be put to an end.


We have a few of those congressmen who have taken off upon themselves to build the necessary knowledge about the cryptocurrency industry.

This is yet another forum post about "Crypto hater says this and that about Bitcoin". Should we even care?
The crypto/Bitcoin haters won't go away and they won't stop hating on Bitcoin/crypto.
The fact that this guy doesn't understand why Bitcoin is more valued than "Hamster coin" only shows the doesn't understand how economy and finance works and he's completely retarded. Evading the US sanctions is actually something good. The USA is shooting itself in the foot by using it's own currency and financial system as a global weapon.

I'm glad someone said it.  Thank-you.  

It never ceases to amaze me how the US still sees itself as "leader of the free world".  That time is rapidly coming to an end.  As a Brit, I feel I'm qualified to speak about "world powers that completely lost their influence on the global stage" and it looks like the US are making nearly all the same mistakes as Britain did.  Insular, arrogant and preachy.  No one wants to listen to that shit in 2023.  Much like the UK, the US will be a political pariah soon enough. 

America needs to start showing some humility and stop acting like every random thought that enters their lawmakers heads carries anywhere near as much weight as it once did.

They lost the 'War on drugs', they lost the 'War on terror' and they'll lose the 'War on crypto', too.

Since he is an anti-crypto stance, we shouldn't be surprised to hear negative statements from him. He must spread FUDs related to the issue around Binance and Coinbase. He thinks the end of Binance and Coinbase means the end of crypto, but it is absolutely the wrong perception. There are many other top exchanges, crypto will survive even if those 2 major exchanges are shut down. People who have crypto assets on those exchanges will move their assets to other major exchanges.

I also think the same, those who spread FUDs may try to have an entry price as lower as possible. They expect the FUDs will make people panic and the prices to freefall because people sell their coins immediately. This scheme already happened many times, some people try to manipulate crypto market by spreading FUDs. Sadly, this scheme seems still work effectively because people are easy to feel worried.

Let's assume US banned bitcoin (which is not gonna happen) which means it's the end of cryptocurrency? US should wake up from their dreams and US is not the entire world and it's a fact that they are on the losing side of powerful economy. China banned bitcon but people from their are still holding most of the bitcoins because they used to be the early miners.

US making a lot of money from taxing cryptocurrency and all other business regarding cryptocurrency so what could be the valid reason to ban the asset instead of who committed the crime.

Everybody can express themselves the way they feel. His views have also been shared by many Bitcoin critics, some even predicted the year bitcoin will become worthless. But these sentiments and predictions have always failed and the coin keep getting stronger and stronger. To think of it, did the crackdown on Binance and Coinbase affect the Bitcoin space negatively? It didn't as they expected. So I am sure that they are arranging another strategy to attack the sector. When China banned Bitcoin, many anti-Bitcoin forces thought that the sector will get to its kneels. But the system was able to overcome the shock. If the US decide to ban Bitcoin today, the sector will still survive and recover. But it will be a big blunder to do that because it will lead to loss of revenue and jobs in the US.     

how long will this scheme be effective because many new investors are starting to enter and do not know about the previous manipulation schemes. But some people who have been in crypto for a long time are also caught up in this game that is being carried out by Whales. Just look at the impact that happened, of course people who were initially strong enough to hold on finally had to sell their ownership for fear that prices would continue to crash with various kinds of FUD being spread.

So you're asking if a single country could end bitcoin and the crypto world? Do you really think bitcoin needs the USA? I don't think so. China tried to do the same thing and look now what is going on with Hong Kong, endorsed by China of course. This is just (another) battle the US can't win, the sooner they understand that the better for everyone.

And this will continue to be appointed as FUD which affects the market. Because in reality, many people or parties really hate cryptocurrencies and will do various things to bring them down. Currently, various regulations have been created to control crypto business activities and will try to bring them down if they go against them. SEC conditions in the US are not new anymore. continue to find fault with various parties or platforms that exist in the US. Yes, and this is very influential because people's sentiment towards news like this is very high. For us, this might be normal and even give us an advantage to make a purchase. However, there are some parties who really panic or continue to push the crypto market to get worse.
However, I'm really not sure if this is the end of crypto. Because crypto is widespread, not only in the US.

No, truly decentralized cryptocurrencies like Bitcoin cannot be eliminated. They will continue to exist as long as they have the support of their holders. Since Bitcoin is constantly changing hands, there will always be new holders emerging. While the US may choose to ban Bitcoin and cryptocurrencies within their country, they cannot prevent global Bitcoin trading. Therefore, the chances of cryptocurrency coming to an end are zero. Instead, it will evolve and upgrade over time.

Anything can happen in the cryptocurrency industry. But I believe in the future growth and development of the market

Your perspective isn't entirely unfounded. But remember, all revolutionary techs face hurdles. True, the SEC and alike are strict on crypto scrutiny. But, it's not just about stunting crypto growth, it's also about safeguarding investor interests and market equilibrium.

Cryptos, led by Bitcoin, are already intertwined in our financial systems. Their global footprint and decentralization make them tough to 'dismantle'. I agree, this isn't crypto's demise. It's a purifying phase leading to stronger market norms.

I think it doesn't matter in the sense that we should be caring about it and make a trade, but it does matter in the sense that someone that is high up there in political world ended up hating bitcoin and we should be well informed on it. Remember history class? Why would I care about the war between Rome and Carthage?

It doesn't mean that I would ever use it, but I was thought about it at school for some reason. Because so I would be well informed on the subject, being able to know a lot of things means you would be wise, the more things you know the wiser you are. This is one of those things, be aware of it, be informed on the subject, then you don't have to do something about it directly, just being aware of this news is enough.

Still on same issues of control. Guess what, crypto is more than what US agrees on or not. We control USD, now look what's happening all over the world and the unification of most major countries to adopt Yeun as trade currency.
It won't stop crypto adoption and use even if we ban it. The congressman is echoing what the government wants to hear from him.
It is people like this that would have a secret stash of satoshis stored somewhere or have investment and assets on a decentralized network where same government can't track.

Ignore the bullshit news because cryptocurrency is here to stay and is the future of Web3, commerce and innovation.

If you can't beat them, your only option left is to join them, this is what the government have left as an option, and that's why want to be in control of centralized exchange, that's why they bring up a so-called more reliable centralized exchanges and only fools will believe them and they will be able to monitor your money and your every move.

I think this is also the reason why Bitcoin ETF will be approved this time around, if you can think about it very well you will see it makes sense, all what the SEC wanted is power and involvement in crypto, through them, people should purchase assets instead of other exchanges.

Hmm, I do agree with the statement pretty much on the spot but dear if you have already controlled the emotions of fear last week, according to the current market conditions and market developments you can clearly watch out for a completely different view. the market crackdown has now vanished even now the federal institutes are hopeful to lunch a training platform and they are more interested in the crypto market's stablecoins. A trend of ETF applications is leading the market to a new end. I have some concerns about it as well, for now, forget to abut it enjoy the market greenery. 

He said that he hopes so and does not think so....your title is misleading. He didn't say "I don't think so, I know so" which would imply that he knows something that will severely effect bitcoin/crypto.

Who cares about this one guy anyway? Bitcoin and crypto are way beyond being influenced by a singular individual/politicians hopes. Even if the US firms didn't take their recent support stance, it would make no difference in the long term.