Senate Struggles to Understand Bitcoin – A Scam or Genuine Innovation?

[Sandus_Cryptolover]

The world is learning more about Bitcoin and cryptocurrencies every day as they are creeping into public consciousness steadily. However, learning about Bitcoin, investing in it, and creating laws that regulate the cryptocurrency sector are completely different things. For the Senate Banking Committee, Thursday presented one of the biggest challenges in the decade — to understand Bitcoin without fear or favor. For the members of the Committee, it could be difficult to fully comprehend the technical jargons and the new technology that underpins cryptocurrencies.

What Is the True Nature of Bitcoin?
Lawmakers need to understand the implications of a brand-new technological breakthrough to create legislation accordingly. But just like every technological innovation, be it the 1970s era of emails or the subsequent rise of the Internet, Bitcoin and its underlying technology can give Senate members a headache in trying to understand them.

Source: https://blokt.com/news/senate-struggles-to-understand-bitcoin-a-scam-or-genuine-innovation

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[franky1]

senators, and the SEC and even american courts have no clue

US courts said bitcoin is a commodity.. again lets laugh
a commodity is a raw MATERIAL used to create other produce. EG oil=plastics/fuel.. beef=burgers/steak.. wheat=cereal/bread
bitcoin is actually an asset. not a commodity.

[Indrawan77]

Its very funny to see them got no clue about bitcoin and only see the negative side of bitcoin, and it said that crypto currencies is the father and mother of all scam, crypto is just the medium the one that scam people is the scammer not crypto, and the senate confuse because the some people like Warren Buffet call crypto as bubble, but it just the same with stock that can go up really quick and fall down really fast, I think the senate really need to learn the basic before they judge crypto, there are so many usage of crypto that people mention but never being consider

[pinkpanther03]

senators, and the SEC and even american courts have no clue

US courts said bitcoin is a commodity.. again lets laugh
a commodity is a raw MATERIAL used to create other produce. EG oil=plastics/fuel.. beef=burgers/steak.. wheat=cereal/bread
bitcoin is actually an asset. not a commodity.

Actually, most politicians are not familiar with bitcoin or crypto currency. They may have heard of other acquaintances
but the deep sense of bitcoin of bitcoin or blockchain they may not really understand. And maybe this is also one of the
reasons why other countries do not want to enter the blockchain in the economy of the other nation.

[franky1]

senators, and the SEC and even american courts have no clue

US courts said bitcoin is a commodity.. again lets laugh
a commodity is a raw MATERIAL used to create other produce. EG oil=plastics/fuel.. beef=burgers/steak.. wheat=cereal/bread
bitcoin is actually an asset. not a commodity.

Actually, most politicians are not familiar with bitcoin or crypto currency. They may have heard of other acquaintances
but the deep sense of bitcoin of bitcoin or blockchain they may not really understand. And maybe this is also one of the
reasons why other countries do not want to enter the blockchain in the economy of the other nation.

senators do know of bitcoin. there have been MANY senate hearings on the topic. if a senator says they know nothing. then maybe thats because they never turn up to senate hearings and should just quit if they would prefer not to turn up

[PsylockReborn]

Sometimes there are some people who are really afraid of change, specially if this kind of change wouldn't favor them. This technology is not that hard to comprehend, the mere fact that this is a decentralized form of currency there are some downside when it comes to taxing people. Money laundering is the number reason why the government is so afraid of this technology. There are lots of issues and FUD saying that illegal stuffs are being purchased in the dark web using bitcoin.

If only the government will focus more on the good side of this technology then we don't have to worry about any regulations and such. Any form of currency even in FIAT can be used in any illegal transactions online and can be laundered as well.

[erikoy]

senators, and the SEC and even american courts have no clue

US courts said bitcoin is a commodity.. again lets laugh
a commodity is a raw MATERIAL used to create other produce. EG oil=plastics/fuel.. beef=burgers/steak.. wheat=cereal/bread
bitcoin is actually an asset. not a commodity.

Yet bitcoin is also considered as digital currency used for payments even if bitcoin may not be suitable for payments because of its market price volatility. It must be understood that bitcoin must always be paired with fiat currency to complete the transactions. After receiving the bitcoin one may have the option to convert it to cash or trade it with other crypto in the market to earn more or could also be mean to lose some of the money depending on how one will going to trade.

I consider bitcoin as a genuine innovation. Government system could create something like this innovation to promote transparency using block chain technology. Anyway, I doubt that those corrupt politicians may agree with it but this genuine innovation for the goodness of the community and not just by the corrupt politicians.

[Raja_Salman]

senators, and the SEC and even american courts have no clue

US courts said bitcoin is a commodity.. again lets laugh
a commodity is a raw MATERIAL used to create other produce. EG oil=plastics/fuel.. beef=burgers/steak.. wheat=cereal/bread
bitcoin is actually an asset. not a commodity.

it's true that bitcoin is a very promising asset and bitcoin is our investment opportunity that can produce big. be a bitcoin asset that can change our future later too

[darkangel11]

The Senate is relying on different sources and trying to form an opinion, which is extremely difficult if you have no scientific background (and almost all of the senators don't have it). I've watched the hearing 2 days ago and that critic they asked for opinion, Mr. Roubini, was clueless. The only thing he could say about Bitcoin is that it's a scam, a way for terrorists and tax avoiders to flourish. He also said that Bitcoin is centralized because people in China and Russia have the most mining power. I don't know where he got this information, but the majority of criminals use US dollar. It's a go to currency of every drug lord. Also, mining was banned in China months ago...
How can the Senators come to any conclusions if they're being fed lies and propaganda?