Senator asks U.S. to ban Bitcoin and other cryptocurrencies

[tokeweed]

Senator Joe Manchin (D-W.Va.) has called for the U.S. to ban Bitcoin, and by extension all anonymous cryptocurrencies.

In an open letter addressed to U.S. regulators, obtained by Business Insider Wednesday, Manchin wrote his desire for them to "limit the abilities of this highly unstable currency." He cited the usual host of complaints about Bitcoin: that it's a favorite currency of online illegal activity and that it's completely unregulated.

His primary concern, though, is economic, and that he doesn't believe in its long-term viability. "I am most concerned that as Bitcoin is inevitably banned in other countries, Americans will be left holding the bag on a valueless currency," he wrote.

A Manchin staffer told the Daily Dot that though the letter uses the word "regulate," the senator's intent is indeed to fully ban the use of Bitcoin in American trade. And while his office didn't seem familiar with other types of cryptocurrencies, like Litecoin and Dogecoin, the staffer said that Manchin would have similar complaints about any such anonymous form of online payment.

"It's the anonymous, unregulated nature of it," that Manchin finds a problem, the staffer said.

The timing could hardly be better for a politicians who opposes Bitcoin. It's has been awash in bad press in recent days, as once-prominent exchange site Mt. Gox mysteriously shut down, amid an allegedly leaked memo that admitted it had lost hundreds of millions of users' dollars. Mt. Gox, based in Japan, was reportedly issued a U.S. subpoena in the days before it closed up shop.

http://www.dailydot.com/politics/senator-joe-manchin-bitcoin-litecoin-dogecoin-ban/

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[Bytas]

lets respond shall we:

http://wh.gov/lEE49

[trek27]

Anyone who happens to live in West Virginia, please, never vote for Joe Manchin who proved to be freedom hater.

[solid12345]

He just wants to "protect" our money yet will he propose the government reimbursing all coin holders for all the thousands they've spent? Fat chance.

[Vitamin]

How does Senator Manchin propose we regulate cash?  I mean every transaction is completely anonymous.  I know, let's put a serial number on every bill!  We'll only be able to track them as they come into banks, but it'll be better than nothing.

Every transaction with Bitcoin is documented and free for anyone to be able to see online.  There's even ways to find out which parties made the transaction.  Obviously, the FBI used the Blockchain to track down Silk Road, and not PRISM since it didn't take them 10 plus years to find the guy.  

Show me one American job, Senator,  show me on American job lost over Mt Gox, a Japanese exchange!!!  Quit fearing what you don't understand and start bringing more jobs to America and West Virginia like you were elected to do!

[waqas]

some one must give him tip in Bitcoin and Litecoin then may be he change his mind about bitcoin and other altcoins

[Lauda]

This Senator is foolish. The U.S. will make a mistake if they ban bitcoin.

[LostDutchman]

lets respond shall we:

http://wh.gov/lEE49

IMHO, not a wise thing to do.

Were the US government to declare Bitcoins to be legal tender it would therefore have complete control of that particular crypto.

My $.02.

[trek27]

lets respond shall we:

http://wh.gov/lEE49

IMHO, not a wise thing to do.

Were the US government to declare Bitcoins to be legal tender it would therefore have complete control of that particular crypto.

My $.02.

I'm too a bit puzzled towards recognizing bitcoin as legal tender.

But this seems clear cut:
https://www.change.org/petitions/senator-joe-manchin-don-t-let-the-government-ban-bitcoin

[gollum]

I welcome a ban on crypto currencies, it will be the best marketing for crypto currencies.
Upon such ban people will realize even more that politicians care more about bankers than us.

At first cryptos will become a black currency, but when it becomes widespread enough like pot, they got to legalize it so they can tax it.

[Vitamin]

I welcome a ban on crypto currencies, it will be the best marketing for crypto currencies.
Upon such ban people will realize even more that politicians care more about bankers than us.

At first cryptos will become a black currency, but when it becomes widespread enough like pot, they got to legalize it so they can tax it.

So I should have to live my life in fear that the government will track me down and arrest me for having Bitcoins?  No thanks.

[LostDutchman]

Senator Joe Manchin (D-W.Va.).

Another f*ckin' Big Government Democrat at work.

There are far too many people around here who trust the government.

My $.02.

[Bitcoinpro]

lets respond shall we:

http://wh.gov/lEE49

IMHO, not a wise thing to do.

Were the US government to declare Bitcoins to be legal tender it would therefore have complete control of that particular crypto.

My $.02.

and for all your two cents worth you could barely have made a dime

[Bitcoinpro]

Senator Joe Manchin (D-W.Va.).

Another f*ckin' Big Government Democrat at work.

There are far too many people around here who trust the government.

My $.02.

you been turning a blind eye to the nefarious activities on here or do you just log in for five minutes a day and put in your worthless 2 cents ?

[elavenil]

Almost everywhere politicians are like these only. Either they have no brain or cockroach sized. 

[aztecminer]

worried about the economy ?? let's see we are been printing 85 billion for over a year .. then we start to taper and things are start to fail again .. i believe they cannot completely taper and i believe they cannot keep printing forever .. if the print forever then americans will be left holding a valueless currency .. if they taper then the economic recovery will start to fail .. what new system does the usa have in place to deal with the dollars demise ?? i do not believe that 'bail-ins' stealing americans money and stealing americans 401k's is solution that is going to work .. i think the reason china banned bitcoin is because they are buying and hoarding gold .. i personally think a gold backed currency is going to win against a currency that is that is debt . so unless the usa has a bunch of hoarded gold then we have to wonder what their PLAN is  . crunch time might not be the best time to ban new technolgy alternate currency that has been successful.

[Weioo]

Time for people to get unlazy, sign up, and vote.

[LostDutchman]

Senator Joe Manchin (D-W.Va.).

Another f*ckin' Big Government Democrat at work.

There are far too many people around here who trust the government.

My $.02.

you been turning a blind eye to the nefarious activities on here or do you just log in for five minutes a day and put in your worthless 2 cents ?

You are suggesting that surrendering to the government control of crypto will bring to a halt the various "nefarious activities on here" to which you refer?

Very much as the long-standing federal illegalisation of marijuana has eliminated it?

Or perhaps much as the Volstead Act eliminated alcohol use?

"Giving money and power to government is like giving whiskey and car keys to teenage boys."

-P.J. O’Rourke, Civil Libertarian.

My $.02

[Bit by Bit]

Leave it to West Virginia to be afraid of change.  It's a sad fact of reality that people are always afraid of what they don't fully understand.

[Flunder707]

Is it possible to ban the senator instead?