New US law proposal will make all crypto illegal

[2bfree]

The stupid thing is I can leave bitcoin in my wallet at home. Cross the border into the United States with zero bitcoin in my phone wallet. Access my home computer remotely once in the US. Send my wallet phone in excess of $10,000 bitcoin.

When I'm crossing the border I can be totally truthful and state I am not carrying more than 10K worth of currency.

From what I was told from your Americans is that you can't do that because your country reads your email so you can't do that if you do then you go to jail. You are no longer free like your granddaddy was. Sorry Americans.

i don`t understand,even your country reads your email,how they know you tranfer your bitcoin after you cross the border?

My progressive/socialist/democrat country doesn't ask me at border yet to declare stuff like America does under penalty 10 years jail and our commies haven't put 5 people in jail for taxes yet your America has millions in jail. I hate that my country hates freedom and regulates everything but they suck at their job so I have more freedom right now then America problem is America is good at it and is forcing my country to take my freedom more and more which is happening slower then in America but we are all loosing freedom that is why I ask you America and uncle sam please go back to your old ways when you use to be a freedom loving country and lave me alone! Let me be free stop your anti-freedom regulations love the old bill of rights your grandfathers use to have! Is that to much to ask?

[Qrivium]

This law has no effect on price, fucking read before commenting. It does nothing to legal holders and you would be required to declare what you own over $10,000 when crossing the boarder.

So people who don't travel much are safe?

this bill is crap, it mean nothing for crypto. example is ARK, if you have 12 words passphrase for ARK you can print it out or remember it then come in/out to the U.S with hundred of millions with just this passphrase. just saying, whole ARK itself is not 100million yet.
HINT; to regulate crypto more affective is to regulate exchange like coinbase where bitcoin/fiat or fiat/bitcoin flow but then almost everywhere and everyone now is taking bitcoin

Bottom line, the problem with crypto if you have a lot is not buying it, it is converting it into other assets. Most will not want to do this down dark alleys, but will use exchanges to convert, which will easily be regulated by the govt and therefore controlled.   

Even now if you have a ton of coins then selling and converting into another asset is not simple and normally requires several steps assuming you are not selling BTC.  Many places such as counbase have limits on selling and withdrawing.  Yes, you can get them raised, but just more steps and again provides easy way for the govt to regulate.

As for declaring coins if the value is over $10k,sure you can delete wallets when crossing the border, but again for many this just adds more steps and complication.  In addition, it adds fear and if you get caught they will take it all.   


I don't think it will be hard for govt to regulate coins.  They don't have to regulate the whole system just specific points along the chain.   Coins that are designed to work around it will have a hard time getting listed on exchanges that are regulated.   Sure there will always be the black market it exists now in other assets, but mom and pop are not going to use it.

[thesavoyard]

The stupid thing is I can leave bitcoin in my wallet at home. Cross the border into the United States with zero bitcoin in my phone wallet. Access my home computer remotely once in the US. Send my wallet phone in excess of $10,000 bitcoin.

When I'm crossing the border I can be totally truthful and state I am not carrying more than 10K worth of currency.

From what I was told from your Americans is that you can't do that because your country reads your email so you can't do that if you do then you go to jail. You are no longer free like your granddaddy was. Sorry Americans.

i don`t understand,even your country reads your email,how they know you tranfer your bitcoin after you cross the border?

My progressive/socialist/democrat country doesn't ask me at border yet to declare stuff like America does under penalty 10 years jail and our commies haven't put 5 people in jail for taxes yet your America has millions in jail. I hate that my country hates freedom and regulates everything but they suck at their job so I have more freedom right now then America problem is America is good at it and is forcing my country to take my freedom more and more which is happening slower then in America but we are all loosing freedom that is why I ask you America and uncle sam please go back to your old ways when you use to be a freedom loving country and lave me alone! Let me be free stop your anti-freedom regulations love the old bill of rights your grandfathers use to have! Is that to much to ask?

America was a free country when it was ran by progressives. From 1933 until the 1970s, then conservatism came and ruined it. Now the assholes that call themselves progressive are mostly right-wing.

[luvbeening]

The stupid thing is I can leave bitcoin in my wallet at home. Cross the border into the United States with zero bitcoin in my phone wallet. Access my home computer remotely once in the US. Send my wallet phone in excess of $10,000 bitcoin.

When I'm crossing the border I can be totally truthful and state I am not carrying more than 10K worth of currency.

From what I was told from your Americans is that you can't do that because your country reads your email so you can't do that if you do then you go to jail. You are no longer free like your granddaddy was. Sorry Americans.

i don`t understand,even your country reads your email,how they know you tranfer your bitcoin after you cross the border?

My progressive/socialist/democrat country doesn't ask me at border yet to declare stuff like America does under penalty 10 years jail and our commies haven't put 5 people in jail for taxes yet your America has millions in jail. I hate that my country hates freedom and regulates everything but they suck at their job so I have more freedom right now then America problem is America is good at it and is forcing my country to take my freedom more and more which is happening slower then in America but we are all loosing freedom that is why I ask you America and uncle sam please go back to your old ways when you use to be a freedom loving country and lave me alone! Let me be free stop your anti-freedom regulations love the old bill of rights your grandfathers use to have! Is that to much to ask?

i think you are a little bit out of topic...the question is: how do they know you tranfer your cryptocurrency out of the country...any country..not just america.

[2bfree]

The stupid thing is I can leave bitcoin in my wallet at home. Cross the border into the United States with zero bitcoin in my phone wallet. Access my home computer remotely once in the US. Send my wallet phone in excess of $10,000 bitcoin.

When I'm crossing the border I can be totally truthful and state I am not carrying more than 10K worth of currency.

From what I was told from your Americans is that you can't do that because your country reads your email so you can't do that if you do then you go to jail. You are no longer free like your granddaddy was. Sorry Americans.

i don`t understand,even your country reads your email,how they know you tranfer your bitcoin after you cross the border?

My progressive/socialist/democrat country doesn't ask me at border yet to declare stuff like America does under penalty 10 years jail and our commies haven't put 5 people in jail for taxes yet your America has millions in jail. I hate that my country hates freedom and regulates everything but they suck at their job so I have more freedom right now then America problem is America is good at it and is forcing my country to take my freedom more and more which is happening slower then in America but we are all loosing freedom that is why I ask you America and uncle sam please go back to your old ways when you use to be a freedom loving country and lave me alone! Let me be free stop your anti-freedom regulations love the old bill of rights your grandfathers use to have! Is that to much to ask?

i think you are a little bit out of topic...the question is: how do they know you tranfer your cryptocurrency out of the country...any country..not just america.

I think I wrote it already, but I'll say it again:

1. They "protection/safety" software or whatever they call it that's on your computer finds you have crypto and then runs into the central database and flags you as crypto person
2. annual sofware compares database where you are flagged to the cross border where you checked you don't have crypto since you use "cold paper" as you posted here
3. investigator says you broke law becasue now they read your email see you have crypto and you are money laundering
4. you pleed guilty not to get 10 years get down to 1.5 years

Something like that.

But no not in America, this cna't happen but not from what I see in your movey I saw your actors say 20+ time patriot act lets me do read email so I imagine they do more then this. Problem is you force this on other countries that's what I don't like america why don't you leave the rest of the planet alone? My country is tyring to do the same they just suck at it don't put any more presure on them

[CuriousGeorge]

Americans just like a disaster. That's why the ico are refuse those to investing on the ICOs. I mean if this is not a good news for us to hear the crypto will get regulate same as banker and another financial system.

[Qrivium]

Okay, but what if you are crossing the border with your assets in an online wallet and not a physical device?

Since it's untraceable and can be accessed anywhere, this law applies to owning. It doesn't say what happens if you have it in a cold wallet inaccessible.

Yes, but at some point assuming you want to have access to your coins and covert to other assets then the govt will be able to regulate what you do with them.  I am talking about a significant amount of coin and you not wanting to use dark alleys.

See my post above for more detail.

[callback]

Your crypto assets are never in any country, or on any device, they are on the blockchain.
That fact invalidates the classic definition of ownership, as all it takes to take control is a private key, which proves nothing.
These shit for brains politicians just don't comprehend how it works.

[LuanX3]

I don't think this bill will ever be passed as this is just a bill. A bill has no power over the land because this law is just for discussion as of now. Be worried if this bill gets enough traction though as it could get ugly even for bitcoins. This is temporary as bitcoins and crypto is a threat to the status quo.

[2bfree]

I don't think this bill will ever be passed as this is just a bill. A bill has no power over the land because this law is just for discussion as of now. Be worried if this bill gets enough traction though as it could get ugly even for bitcoins. This is temporary as bitcoins and crypto is a threat to the status quo.

I'm from East Europe and I have read don't worry it's not a bill yet then next thing this banned or that banned! I have seen a bunch of things like that from America. So I give it 99.99% that there will be some anti-bitcoin regulation from America. I HOPE I'M WRONG this time, but I have never ever been wrong about these things because I figured out years ago that America does what my countries ex. communist use to dream of and they are very very good at it. I wish I'm wrong but I have never been wrong and I hate myself for realizing this, it's much better to be ignorant. Ignorance is bliss!

[Mr.Joshua]

Yes but how to enforce in a decentralized system?

[2bfree]

Yes but how to enforce in a decentralized system?

It's easy when they have access to your laptop! They put that in the law (the shadow part you American citizen are not entitled to see since you are not "cleared" for clearance).

the AI can see what you have an how much and report to the central database then prosecutor can put you in jail for a few "laws" like tax evasion, money laundering, crossing border not declaring "unregulated crypto money" etc... 10 years in jail you settle for 2 ond have a criminal record now.

How's that answer?

[Spoetnik]

The stupid thing is I can leave bitcoin in my wallet at home. Cross the border into the United States with zero bitcoin in my phone wallet. Access my home computer remotely once in the US. Send my wallet phone in excess of $10,000 bitcoin.

When I'm crossing the border I can be totally truthful and state I am not carrying more than 10K worth of currency.

From what I was told from your Americans is that you can't do that because your country reads your email so you can't do that if you do then you go to jail. You are no longer free like your granddaddy was. Sorry Americans.

i don`t understand,even your country reads your email,how they know you tranfer your bitcoin after you cross the border?

My progressive/socialist/democrat country doesn't ask me at border yet to declare stuff like America does under penalty 10 years jail and our commies haven't put 5 people in jail for taxes yet your America has millions in jail. I hate that my country hates freedom and regulates everything but they suck at their job so I have more freedom right now then America problem is America is good at it and is forcing my country to take my freedom more and more which is happening slower then in America but we are all loosing freedom that is why I ask you America and uncle sam please go back to your old ways when you use to be a freedom loving country and lave me alone! Let me be free stop your anti-freedom regulations love the old bill of rights your grandfathers use to have! Is that to much to ask?

i think you are a little bit out of topic...the question is: how do they know you tranfer your cryptocurrency out of the country...any country..not just america.

Re-read the topic title.
And maybe stick to the cawing crow routine i heard since 2013.. they can't stop us.
..like the guy who posted that tired old fail cliche earlier here.  

News Flash.. they can and they DO !
Meanwhile some guys using Localbitcoins in Florida were arrested by the FBI in a parking lot.

If they try and stop Crypto then yeah it's going to have a massive impact.
Just because some users get away with it occasionally makes no difference.

For example..
How many of you cocky stupid mouthy retards used PAYPAL with crypto ?
Had your account seized yet ?

I don't need political rabble from noobs.
It doesn't matter which party is pulling strings.. they are all same shit different pile.
You all want to spout off like you know things with your noob accounts.
But line up and raise your hand if you paid your taxes on any crypto profits.

yeah i thought so.. so STFU idiots.

Get smart and do your homework morons..

http://www.coindesk.com/localbitcoins-users-criminal-charges-florida/

http://www.coindesk.com/irs-bitcoin-tax-guidelines-mean/
http://www.coindesk.com/canada-revenue-agency-tax-rules-apply-bitcoin/

Go to jail quicker kidiot profiteers  

PS:
How to enforce in a decentralized system the noob asks ?
News Flash: this shit ain't decentralized ahhahahha
Wake the fuck up little kiddys.

[Mr.Joshua]

Re-read the topic title.
And maybe stick to the cawing crow routine i heard since 2013.. they can't stop us.
..like the guy who posted that tired old fail cliche earlier here. 

News Flash.. they can and they DO !
Meanwhile some guys using Localbitcoins in Florida were arrested by the FBI in a parking lot.

If they try and stop Crypto then yeah it's going to have a massive impact.
Just because some users get away with it occasionally makes no difference.

For example..
How many of you cocky stupid mouthy retards used PAYPAL with crypto ?
Had your account seized yet ?

I don't need political rabble from noobs.
It doesn't matter which party is pulling strings.. they are all same shit different pile.
You all want to spout off like you know things with your noob accounts.
But line up and raise your hand if you paid your taxes on any crypto profits.

yeah i thought so.. so STFU idiots.

Get smart and do your homework morons..

http://www.coindesk.com/localbitcoins-users-criminal-charges-florida/

http://www.coindesk.com/irs-bitcoin-tax-guidelines-mean/
http://www.coindesk.com/canada-revenue-agency-tax-rules-apply-bitcoin/

Go to jail quicker kidiot profiteers 

PS:
How to enforce in a decentralized system the noob asks ?
News Flash: this shit ain't decentralized ahhahahha
Wake the fuck up little kiddys.

I've read your posts, all you do is complain and insult people.  You must have very low self-esteem that you do that to strangers on the internet.

P.S.

Don't judge a book by its cover.  It may say newbie under my name, but I've been involved with crypto since the beginning and probably longer than you.  My account was made the same year as yours, the difference is you ranked up by posting garbage rants and insults. This is a place for discussion of ideas and information, not malevolence.

[bartolo]

I was thinking it was the disaster that happened in London and usa yesterday that is affecting the price of crypto currencies but from this news many Americans crypto currencies traders are selling off their coins and price of most of the coins has dropped over 25% now. Though another opportunity to buy cheap as this law is norgratal

This law has no effect on price, fucking read before commenting. It does nothing to legal holders and you would be required to declare what you own over $10,000 when crossing the boarder.

This point makes no sense at all. Are they goint to check if all travelers have a pendrive with a btc wallet? Are they going to check their smartphones to see if there is a btc wallet with funds? Are they going to calculate the amount stored in USD? What reference will they use? Coinbase? Stamp?
But the thing is they don´t even need to take their wallet with them if they remember their seed. Will the border agents ask them if they own bitcoins and if they remember their seed?

[Sex Video Chat VKcams.com]

Are they going to check their smartphones to see if there is a btc wallet with funds?

The US Embassy ask for social media accounts, and study them.

[ghatts]

With the rise of all of these crypto credit cards (ala tokencard, monaco, etc.), will this give us an avenue to buy things without having to worry about big brother?

[BTCwriter]

After read most of the replied, what make you all not understand about it? The bill mean nothing to user of digital currency like Bitcoin, if you use it the legal way. It's beyond believe that so many people can't comprehend a simple bill like this. No! It do not make all or any crypto illegal if this bill is pass.

[Spoetnik]

Are they going to check their smartphones to see if there is a btc wallet with funds?

The US Embassy ask for social media accounts, and study them.

Yes i heard this too as well as other things such as massive organizations etc.
They have huge systems in place to monitor people and they don't deny it either.
In order to watch people they have to find them LOL
I seen a show on TV about this and they make no effort to deny it.
Any US citizen can be put on the watch lists simply because of a political view.
It doesn't take much.

And money laundering is tracked already which is what the big problem is and would be with Altcoins.

This crap is no different than digital transfer of FIAT across borders etc.
And if "Mr.Joshua" the noob was here long enough he'd know that in 2013 Coindesk posted that FBI story because the guy moved 30k in BTC which violated ANTI-Money laundering laws.

And yeah i have an attitude because NOOBS show up saying "They can't stop us"
As the guy JUST SAID on this very topic..
Just like i heard all the time constantly when i warned you all this regulations shit was coming..
and you all lined up to laugh at me and mouth me off etc.

They did so i am 100% entitled to be a dick and yell I TOLD YOU SO !

I warned you all loud & clear about all this back in 2013 and onward and i was dismissed by the vast majority.

@Mr.Joshua
You are wrong.. know how i know ?
I'm here.

There is not a rule having an attitude here.
Being shocked by blatant stupidity posting tangibly proven false info.
Which is what happened on this topic.

You all line up to say "they can't" with you noob accounts.
And then i post they already did and here is proof all of it from years before you got here.
That makes you STUPID.
Know what stupid means ?

And you can blame yourselves.
I did not get the rules implemented.. YOU ALL DID with your dumb ass shitcoin faggotry.
I told you your dumb ass behavior would bring it on to yourselves and surprise surprise here it comes.

@Mr.Joshua
You implied i showed up just top call you all stupid.
Maybe but who brought up the points i mentioned ?
No one.
My comments were higher quality than all of yours combined.
Because i know more about this stuff than you NOOBS.

Seen my link to the SEC fraud warning issued bu the US govt ?
I am the only one who posted that too.
Not you guys.. you smart ass's didn't know it existed.
You have your heads shoved up your ass's naive & oblivious.

I have probably thousands of crypto bookmarks.. need more links ?
How about one more ?

http://www.coindesk.com/coinbase-users-court-bitcoin-irs/

Which one of you already posted that again ?
Oh that's right ..none of you.

[bitcoinvestor]

May be you'd better go to australia becasue bitcoin is legal there. That's new land of cryptos if US will make crypto illegal.
http://investmentwatchblog.com/on-july-1-australia-will-make-bitcoin-legal-money/
sooner or later all country should accept cryptocurrency. Why they make law to ban crypto, Because banking industry will colapse. And the govermnet not smart enough, They should embrace cryptocommunity if the government will survive.