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Author Topic: Anti bitcoin/crypto/gift card/redeemable legislature bill proposed in senate  (Read 860 times)
Xavofat
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Satoshi wanted "small, casual transactions".


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July 02, 2017, 08:12:21 AM
 #21

That is good for bitcoin, now the people will select between dollar or btc. Time to make your bets Wink
No, it's extremely bad for Bitcoin, because it implies that they're trying to prevent people from travelling with too much of it.

Solution:

1.  Buy a TREZOR.
2.  Create a load of hidden wallets behind additional passphrases.
3.  When they look at it, they won't see that you're travelling with >$10,000.

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Yuuto
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July 02, 2017, 09:42:44 AM
 #22

Solution:

1.  Buy a TREZOR.
2.  Create a load of hidden wallets behind additional passphrases.
3.  When they look at it, they won't see that you're travelling with >$10,000.

That's not wise, because technically you'd still be travelling with $10000 and no matter how many addresses you create, there might still be a way for the government to detect that you have this much and potentially fine you for not declaring or even confiscate your coins.

The easy solution is to get a 2-2 multisig wallet. Have one redemption/private key as one of your addreses', and the other as one of your family member's or trusted friend's addreses. Don't tell him/her your private key because they can take your coin with ease if thats the case. And when you go to the US, if you need access to coins, you just give them a call and they give you the private key, and you can access your coins. You never really owned the coins this way. Or you could use Chipmixer's new service, but it's based on the same concept.

The new laws are definitely going to negatively impact bitcoin. Though i don't see how it can be enforced. Warpwallets(basically a more secure version of brainwallets) is virtually indetectable.

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July 02, 2017, 05:53:52 PM
 #23



If nothing else, the search and seizure part of this bill which claims the government has the authority to confiscate crypto without due process has to be anti-constitutional.

I would have to think it won't pass on that basis alone.

The problem is the patriot act and other legislature have eroded the 4th amendment and set a bad legal precedent for laws ignoring it.


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Kyraishi
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July 03, 2017, 03:12:39 AM
 #24



If nothing else, the search and seizure part of this bill which claims the government has the authority to confiscate crypto without due process has to be anti-constitutional.

I would have to think it won't pass on that basis alone.

The problem is the patriot act and other legislature have eroded the 4th amendment and set a bad legal precedent for laws ignoring it.

The amendments are going to be twisted, because they're not searching in houses for bitcoins but rather for anyone travelling with bitcoins in their laptops. So they'll probably say it's just to strengthen the border control etc.

In the past, laws that outlaw gold holdings has been implemented. So don't expect everything to be done the way it should be, the president can sign an executive order much like the last one(https://en.wikipedia.org/wiki/Executive_Order_6102) that said you can't hold private gold.

Though the law also targets gift cards, which is a very important revenue source for big corporations, making me think that the bill probably won't get passed.

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July 13, 2017, 07:02:38 PM
 #25

As far as I can tell, this senate bill 1241 news release was the cause of the last big price drop.

News release was on june 14th, right around the timeline of the last big decline.



If nothing else, the search and seizure part of this bill which claims the government has the authority to confiscate crypto without due process has to be anti-constitutional.

I would have to think it won't pass on that basis alone.

The problem is the patriot act and other legislature have eroded the 4th amendment and set a bad legal precedent for laws ignoring it.

The amendments are going to be twisted, because they're not searching in houses for bitcoins but rather for anyone travelling with bitcoins in their laptops. So they'll probably say it's just to strengthen the border control etc.

In the past, laws that outlaw gold holdings has been implemented. So don't expect everything to be done the way it should be, the president can sign an executive order much like the last one(https://en.wikipedia.org/wiki/Executive_Order_6102) that said you can't hold private gold.

Though the law also targets gift cards, which is a very important revenue source for big corporations, making me think that the bill probably won't get passed.

The amendment doesn't exclusively specify "in-house" searches.

That's a good point on gold holdings/gold standard, btw.


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▬▬ THE LARGEST & MOST TRUSTED ▬▬
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July 13, 2017, 07:54:22 PM
 #26

This is quite funny considering just yesterday some guy held up a "Buy BTCitcoin" sign behind Janet Yellen (current Chair of the Federal Reserve) on live television. He was later escorted out of the courtroom (where she was giving her testimony) and his friend shared a pic of him and his Bitcoin address on social media.

So far he has received almost five Bitcoins in donations. xD

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