Congress: Bitcoin Is Unkillable And Unstoppable!

[Leonardo7]

They have made several attempts on the bitcoin by collaborating with the media to cause FUD about bitcoin and see how the users could abandon it, since it can't be shut down, the more they did this, the more bitcoin gets stronger and more expensive, so they are now finally coming to reality to seeing way they can support its adoption.

[SuperTA]

Congressman Supports Bitcoin and against Libra!

https://youtu.be/y0HU0OiXfqE

here you go

[Kemarit]

At least there is some breath of fresh air. US lawmakers really understand that Bitcoin is unstoppable as this point, who's in the person that they're going to summon? Craig Wright?  . So it's good to hear from them some validation that it is here to stay as people are slowly adopting it and the best way is to have a  regulatory framework. "It you can't beat them, join them", is the best approach to Bitcoin and the rest of crypto.

[Kakmakr]

I do not have to look into a crystal ball to tell you what is going to happen in the near future with Crypto currency legislation in the USA. The government want to control Crypto currency use and the only way to do that is for them to regulate it and also to make sure that the regulation protects the US economy.

So, they will enforce strict KYC/AML requirements on any Crypto currency use and they will put restrictions on Fiat to Crypto conversion and also restrictions on Crypto currencies transfers out of the USA. <This will purely be a paper exercise, because we know people will bypass most of these restrictions.> 

[Patentico]

Bitcoin is definitely unstoppable, all the government can do against it is at most slow it down. Although it does seem there are at least some sensible people in the government, as seen in the video. But no matter, what bills they will choose to pass to regulate cryptocurrency, its the people in the end who make the laws, through their mass action.

[muratsink]

BTC has always been the main stream in every crypto trade, Libra is still a beginner and requires a long process to get the attention of investors and crypto users.  and I predict that in the future BTC and Libra will get great attention compared to other altcoins.  Crypto regulation will favor the market authorities of BTC and Libra.

[proTECH77]

Congressman Supports Bitcoin and against Libra!

https://youtu.be/y0HU0OiXfqE

Believe me, the more reason they regret the Libra and embrace Bitcoin is it decentralization which is more transparent than what Facebook coin called Libra gat to offer. They will only steal users information and sell out for their selfish interest like what happened with their social media. They will all speak good of Bitcoin because they have realize the true power of Bitcoin to the global economy and they will definitely embrace it.

[BitcoinPanther]

Sometimes those who are critical mind about something like Bitcoin will be the first one who will support it at the end of the day when they are convinced. They will turn their ways 180 degrees and started to be a fan. I think congress is like that, they are not believers at the start but when they've realized that they cannot do something about Bitcoin and they knew that Blockchain will really help the country then they have this statement. That is a good thing and I am still hoping that everyone who doesn't really know it will open their minds and heart on accepting Bitcoin.

[prehisto]

The quote is true, well almost.

BTC can be killed or at most screwed up badly if one person controls over 50% of computing power.

From government point of view, they can ban it and come up with hard punishment but it will only push the crypto underground but it will still be there.

[1Referee]

The quote is true, well almost.

BTC can be killed or at most screwed up badly if one person controls over 50% of computing power.

It would require that person to acquire so much hardware that it literally would take years to perform this attack, and then still, existing farms have enough extra capacity to increase their hashrate to a point where the attacker would need +60 or even +70% of the hashrate. It would be an utter waste of time and money.

From government point of view, they can ban it and come up with hard punishment but it will only push the crypto underground but it will still be there.

Just like how they banned drugs? That definitely worked. It made the prices of drugs sky rocket and the industry be worth like $400 billion annually.

[Aveatrex]

It would require that person to acquire so much hardware that it literally would take years to perform this attack.

Not really, if that "person" or organization have enough money and influence it won't take much to perform it.

existing farms have enough extra capacity to increase their hashrate to a point where the attacker would need +60 or even +70% of the hashrate.

No.As far as I can tell, farms can expand their capacity to compete with attacker and not let him get 51% but they can't make him need 60-70% of the hashrate to perform it.

It would be an utter waste of time and money.

If the attack succeed, it won't be a waste of money.

Just like how they banned drugs? That definitely worked. It made the prices of drugs sky rocket and the industry be worth like $400 billion annually.

You can't compare drugs to BTC.If they ban it, price will 100% collapse not sky rocket.

[bitcoindusts]

Must be a sensible statement since proven already. It is good that bitcoin is not owned by anyone or any institution but just freely roaming around and anyone who would want to kill or destroy it will find himself hitting the air. 

[rdluffy]

I don't know what to think about it
BTC is probably unstoppable, but governments can difficult the life of investors and people who want to use BTC apllying laws against
In this situation BTC will continue to exist, but who are the ones brave enough to fight against governments with risk of jail?

[squatter]

It would require that person to acquire so much hardware that it literally would take years to perform this attack.

Not really, if that "person" or organization have enough money and influence it won't take much to perform it.

It's possible if the attacker is -- or has close connections to -- a top ASIC manufacturer, and colludes with large existing miners. But this all gets back to the problem of incentives. Even if an attacker has the means, it would still cost billions of dollars to mount this attack. For what gains? Once it's known that a 51% attack is occurring, users simply need to stop transacting. The attackers will just keep bleeding money until they give up.

[rodel caling]

What do you think about this statement? Yesterday, at the Libra Facebook hearing, we heard positive bullish news for bitcoin and negative statements about Libra.
A Congressman: Bitcoin is Unkillable and Unstoppable. TV news already discussing possibility of mainstream adoption.  Talking about regulations and allowing emmergence of cryptocurrencies. They are talking about bitcoin and how mainstream could it be in the future. So they are slowly considering crypto adoption.

Can you give link for this news, sorry for asking the link beacuse I want to read it clearly. But anyway according tp your thread bitcoin is unstoppable and nobody can stop it. I agree on that, the congresman statement is can bring it to another hype story and it's also call an attention for new investor to invest in bitcoin so,posaible bitcoin goes into the moon this year.

[Aveatrex]

It's possible if the attacker is -- or has close connections to -- a top ASIC manufacturer, and colludes with large existing miners. But this all gets back to the problem of incentives. Even if an attacker has the means, it would still cost billions of dollars to mount this attack. For what gains? Once it's known that a 51% attack is occurring, users simply need to stop transacting. The attackers will just keep bleeding money until they give up.

Well,it's true that it's a big challenge for a person or a small group of people but what about Governments and whole Countries.. Money isn't a problem to these entities, and as of the incentive to do so is simple -get rid of BTC.We can't deny that if governments want,they definetely can cause trouble to BTC

[squatter]

What do you think about this statement? Yesterday, at the Libra Facebook hearing, we heard positive bullish news for bitcoin and negative statements about Libra.
A Congressman: Bitcoin is Unkillable and Unstoppable. TV news already discussing possibility of mainstream adoption.  Talking about regulations and allowing emmergence of cryptocurrencies. They are talking about bitcoin and how mainstream could it be in the future. So they are slowly considering crypto adoption.

Can you give link for this news, sorry for asking the link beacuse I want to read it clearly.

Congressman McHenry made the comment that "there's no capacity to kill Bitcoin" on CNBC. See here.

Congressman McCarthy also praised Bitcoin while criticizing Libra in a CNBC interview.

The hearing was about Libra. I don't recall much about Bitcoin but you can watch it here.

[Sihab76]

Wow great happy news..bitcoin unstoppable and unkillable cryptocurrency..Donald trump speaks hampers a little bit but bitcoin never bind his assumption.

[jhonjhon]

What do you think about this statement? Yesterday, at the Libra Facebook hearing, we heard positive bullish news for bitcoin and negative statements about Libra.
A Congressman: Bitcoin is Unkillable and Unstoppable. TV news already discussing possibility of mainstream adoption.  Talking about regulations and allowing emmergence of cryptocurrencies. They are talking about bitcoin and how mainstream could it be in the future. So they are slowly considering crypto adoption.

Well, what do you know, some politicians have done their homework. Best thing they can do is embrace it and see how to benefit from it.

As i have said before, Libra can be stopped easily, like any other centralized altcoin. But you cannot shutdown Bitcoin, as simple as that.

The government has been trying their best just to ruin bitcoins reputation and tried to destroy it but despite the criticisms and controversies bitcoin is here to stay, in fact, bitcoin is going stronger each and everyday so the government has no other choice but to accept the fact that they can't destroy and control bitcoin.