[2014-02-26] Sen. Manchin demands complete US ban on Bitcoin

[patricktim]

Bitcoins are disruptive to the economy? Does Congress has authority to ban Bitcoins, but they can pretty much regulate it however they see fit. It's a basic Constitutional power.

[pjviitas]

This guy is a total shill for the banks.

Once they ban Bitcoin in the USA it will be a perfect money laundering tool for the Banks and Government.

It's amazing how these rich people feel like they should have an exclusive form of currency for fucking the system.

[Unacceptable]

Thanks Mark,for bringing this awesome negative attention to Bitcoin,may you rest in peace forever!!!!!!!! 

[bitbouillion]

...spending Bitcoin now will cost you many orders of wealth in the future...
U.S. Joe Manchin III
United States Senator

Most stupid argument I have ever heard.

[FeedbackLoop]

...spending Bitcoin now will cost you many orders of wealth in the future...
U.S. Joe Manchin III
United States Senator

Most stupid argument I have ever heard.

 

Career politicians are not where they are due to their intelligence.

[bobdude17]

...spending Bitcoin now will cost you many orders of wealth in the future...

U.S. Joe Manchin III
United States Senator

Did this motherfucker just say he's bullish?

[CityGuy]

It won't happen IMO. Our legislators are capable of thinking critically (for the most part?) and realizing what went wrong. And they know this is going to help Bitcoin evolve. It's not a flaw in Bitcoin itself. They aren't calling it the "Wild Wild West" of Bitcoin for nothing! Things will get better.

[freedomno1]

It won't happen IMO. Our legislators are capable of thinking critically (for the most part?) and realizing what went wrong. And they know this is going to help Bitcoin evolve. It's not a flaw in Bitcoin itself. They aren't calling it the "Wild Wild West" of Bitcoin for nothing! Things will get better.

Personally I'm just more nervous that they try to stalk it to an extreme level like the internet with PRISM only applied to Bitcoin
Aka trace every address without evidence of wrongdoing just because they can then if someone is arrested use that database to implicate you as well as the defendant even if the coins plausibly were mixed before you receive them (Aka tainted coins)

Since it may be a new concept to a few gives a bit of an overview of what I mean link and explanation
http://www.bitkoins.com/discussion/5327/tainted-coins-how-colored-coins-could-be-used-against-bitcoins-anonymity/p1
http://bitcoin.stackexchange.com/questions/7966/what-are-tainted-coins-exactly

In simple terms don't mess with Fungibility

[CityGuy]

It won't happen IMO. Our legislators are capable of thinking critically (for the most part?) and realizing what went wrong. And they know this is going to help Bitcoin evolve. It's not a flaw in Bitcoin itself. They aren't calling it the "Wild Wild West" of Bitcoin for nothing! Things will get better.

Personally I'm just more nervous that they try to stalk it to an extreme level like the internet with PRISM only applied to Bitcoin
Aka trace every address without evidence of wrongdoing just because they can then if someone is arrested use that database to implicate you as well as the defendant even if the coins plausibly were mixed before you receive them (Aka tainted coins)

Since it may be a new concept to a few gives a bit of an overview of what I mean link and explanation
http://www.bitkoins.com/discussion/5327/tainted-coins-how-colored-coins-could-be-used-against-bitcoins-anonymity/p1
http://bitcoin.stackexchange.com/questions/7966/what-are-tainted-coins-exactly

In simple terms don't mess with Fungibility

That's interesting I actually haven't seen that yet. I understand the concept. However, I don't think it will become that extreme. Now of course anything can happen so I'm not being an asshole saying that won't happen, but I think a more realistic view would be to assume that this could be a acceptable way to regulate cryptos? As awesome as Bitcoin is regarding anomimity, I think realistically for bitcoin to become regulated we are going to have to surrender some qualities. The way I see it, if it becomes regulated to the point where we have to disclose all personal info like the article said, Bitcoin is still extremely valuable and it's utility holds. Transaction rates, and it's universal quality will still make it a go 2 currency.     

nonetheless very interesting.

[freedomno1]

@Cityguy

The problem is that if a government says X amount of bitcoins can never be traded because they were used for money laundering/drugs so on and so forth then you end up with a spending problem as those units decrease the available supply of bitcoins on the market.

Bitcoin has a controlled supply of 21 million units so you can't just say X amount of units cannot be traded.
https://en.bitcoin.it/wiki/Controlled_supply

Otherwise you end up with a fungiblity issue which is the concept that every unit or subunit remains equivalent and identical to any other unit or subunit. It is the property of a good or commodity whose individual units are capable of mutual substitution.

If each bitcoin is worth a different amount as another bitcoin because some are considered tainted then it becomes much more complicated to determine the value of each bitcoin.

Government paper has fungibility provided that the bills have not been marked or serial numbers have not been ‘blacklisted.’ In other words, you cannot be held responsible for the historical path of that banknote prior to its acceptance by you.

So a system of regulation should be focused on exchanges where transactions occur, not on reducing the supply of bitcoins by confiscation.

Since the argument I presented is a short of the coindesk article I'll just recommend checking that one out as well

http://www.coindesk.com/bitcoin-fungibility-essential/

[ArticMine]

This Forbes article http://www.forbes.com/sites/andygreenberg/2014/02/26/senator-calls-for-bitcoin-ban-in-letter-to-financial-regulators/ contains the following update:

Update: A spokesperson in Senator Manchin’s office said that his call for regulation doesn’t yet extend to other cryptocurrencies, such as Litecoin or Dogecoin. And asked how such a ban would be technically feasible, he admitted that the senator is still trying to gather information on “different ways to protect consumers” that might entail a ban or simply increased regulation.

This appears as typical political damage control after the senator spoke.

[justusranvier]

And asked how such a ban would be technically feasible, he admitted that the senator is still trying to gather information on “different ways to protect consumers” that might entail a ban or simply increased regulation.

Easy question. He just has to order Bitcoin to cease operations, right?

[freedomno1]

And asked how such a ban would be technically feasible, he admitted that the senator is still trying to gather information on “different ways to protect consumers” that might entail a ban or simply increased regulation.

Easy question. He just has to order Bitcoin to cease operations, right?

I hereby ban You bitcoin
If only there were no decentralized exchanges and nodes everywhere around the world 

[Gabi]

Ahahah it is funny to see how ridicolous can a government be

[E.exchanger]

I guess the idiot don't have anything better to do rather then banning  bitcoin, which is atleast helping people in many ways unlike him.

[johnyj]

He lost a fortune in MTGOX and became furious  

[davidgdg]

Isn't this sort of thing what the Bitcoin Foundation is supposed to be for?

[bitcool]

Mr. Manchin, as the senator from one of the poorest state in the country, don't you have better thing to do, other than emulating communist regimes around the world?
 

[aigeezer]

Interesting comments arising from the Coindesk version of the story: http://www.coindesk.com/us-senator-bitcoin-ban-letter-federal-regulators/

This sequence is revealing. Ignore the bitcointalk smiley artifact on #8 below, but notice #18. Small world:

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Avatar
My2Cents • 21 hours ago Featured by CoinDesk

JPMorgan contributed $30,550 to this goon's campaign. That says everything... he is just a puppet not even worth mentioning.

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    Bboy 360 My2Cents • 21 hours ago

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    20) Lewis, Glasser et al $27,600
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        Disqsuxs Bboy 360 • 19 hours ago

        remember Robin Williams said politicians should wear patches like NASCAR drivers

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[hacknoid]

...spending Bitcoin now will cost you many orders of wealth in the future...
U.S. Joe Manchin III
United States Senator

Most stupid argument I have ever heard.

Also contradictory to his own arguments:

I am most concerned that as Bitcoin is inevitably banned in other countries, Americans will be left holding the bag on a valueless currency.