The real reason American government hates Bitcoin

[cbeast]

They cannot print "In God We Trust" on bitcoins.

[p2pbucks]

what about :"In satoshi we trust " 

[amspir]

They cannot print "In God We Trust" on bitcoins.

I always thought "In ESCDA and SHA256 We Trust" would be a more appropriate motto.

But seriously, why do you think the government hates bitcoin?   I see the government attempting to regulate it, so it doesn't become a method to break existing tax evasion/money laundering laws, but nothing more onerous than what it already applies to existing payment methods or bartering systems.  You would still get reported to the IRS if you deposited $10,000 worth of cash to your bank account vs. a transfer of $10,000 of USD from a bitcoin exchange.

[jubalix]

They cannot print "In God We Trust" on bitcoins.

I always thought "In ESCDA and SHA256 We Trust" would be a more appropriate motto.

But seriously, why do you think the government hates bitcoin?   I see the government attempting to regulate it, so it doesn't become a method to break existing tax evasion/money laundering laws, but nothing more onerous than what it already applies to existing payment methods or bartering systems.  You would still get reported to the IRS if you deposited $10,000 worth of cash to your bank account vs. a transfer of $10,000 of USD from a bitcoin exchange.

Because in a post BTC world, you don't but 10K fiat into your bank account, you pay in BTC

[ebliever]

They cannot print "In God We Trust" on bitcoins.

Given how much American government hates God, I rather doubt that is the reason. They'd yank that off their fiat today if they thought they could get away with it.

[amspir]

They cannot print "In God We Trust" on bitcoins.

I always thought "In ESCDA and SHA256 We Trust" would be a more appropriate motto.

But seriously, why do you think the government hates bitcoin?   I see the government attempting to regulate it, so it doesn't become a method to break existing tax evasion/money laundering laws, but nothing more onerous than what it already applies to existing payment methods or bartering systems.  You would still get reported to the IRS if you deposited $10,000 worth of cash to your bank account vs. a transfer of $10,000 of USD from a bitcoin exchange.

Because in a post BTC world, you don't but 10K fiat into your bank account, you pay in BTC

And if you buy a nice car with $10K in BTC, the car dealer would still have to report you as if you bought it with cash.   I'm not saying it's right, but I don't see how it is a narrow attack on transacting in bitcoin versus transacting in cash.

[tvbcof]

I sense relatively little 'hate' toward Bitcoin from the government or from various other sectors.  Much less than I had anticipated given the nature of the Bitcoin system.  For the most part it seems like most elements within the government and in various other power spheres (media, various corporate sectors, etc) simply have a sense of wonder and bafflement more than anything. Those who thought that regulatory bodies, law enforcement, etc were going to somehow stop trying to do their jobs, or that that should be their reaction to Bitcoin were being unrealistic.  I'm surprised at the U.S. flexibility so far.

That said, I was blown away by the relatively neutral reaction of the Chinese govt half a year ago.  We see now how quickly things snapped back.  The best hypothesis I can see is that I overestimated the amount of coordination within the Chinese central government and there are a different blocks with different ideas about policy and different levels of influence.  My suspicion is that the U.S. govt is a bit more 'tight' in this respect but the same dynamics are at play here as well.  I would not be surprised to see significant shifts in the level of tolerance towards Bitcoin which is expressed, and see them happen fairly rapidly under certain sets of conditions.

[durrrr]

Idk I don't think this is the reason why I think mostly the reason why is they can't tax it or keep track of it and honestly they probally don't even know much about crypto currency

[jonald_fyookball]

They cannot print "In God We Trust" on bitcoins.

I always thought "In ESCDA and SHA256 We Trust" would be a more appropriate motto.

But seriously, why do you think the government hates bitcoin?

It doesn't.  Government is made of thousands of individuals, with varying degrees
of power and influence, and all with their own opinions and agendas.

The people that hate bitcoin the most are probably the "NWO" minded folks
(Ultra rich elite that control banking interests etc). 

[Beliathon]

Fear of what you don't understand -> hatred

is usually how that works.

[cryptoanarchist]

They cannot print "In God We Trust" on bitcoins.

I always thought "In ESCDA and SHA256 We Trust" would be a more appropriate motto.

But seriously, why do you think the government hates bitcoin?   I see the government attempting to regulate it, so it doesn't become a method to break existing tax evasion/money laundering laws, but nothing more onerous than what it already applies to existing payment methods or bartering systems.  You would still get reported to the IRS if you deposited $10,000 worth of cash to your bank account vs. a transfer of $10,000 of USD from a bitcoin exchange.

Because in a post BTC world, you don't but 10K fiat into your bank account, you pay in BTC

And if you buy a nice car with $10K in BTC, the car dealer would still have to report you as if you bought it with cash.   I'm not saying it's right, but I don't see how it is a narrow attack on transacting in bitcoin versus transacting in cash.

Unless you buy from a car dealer that doesn't. I see you like trolling gov't fear around here. What exactly do you do for a living? Just post shit for the IRS?

[Peter R]

And if you buy a nice car with $10K in BTC, the car dealer would still have to report you as if you bought it with cash.   I'm not saying it's right, but I don't see how it is a narrow attack on transacting in bitcoin versus transacting in cash.

Unless you buy from a car dealer that doesn't. I see you like trolling gov't fear around here. What exactly do you do for a living? Just post shit for the IRS?

The car dealership must file a report with FinCEN whether you pay by BitPay or bankwire.  I don't think this has anything to do with the IRS, however.  And having a report filed doesn't mean you've done anything wrong.  Here is the quote from BCB:

What you are discussing is called "Trade Based Money Laundering" and it is a bit problem.  Auto dealer are required to file currency transaction report (CTR's) with FinCEN for the reason.

EDIT: http://www.ice.gov/cornerstone/money-laundering.htm

[cryptoanarchist]

And if you buy a nice car with $10K in BTC, the car dealer would still have to report you as if you bought it with cash.   I'm not saying it's right, but I don't see how it is a narrow attack on transacting in bitcoin versus transacting in cash.

Unless you buy from a car dealer that doesn't. I see you like trolling gov't fear around here. What exactly do you do for a living? Just post shit for the IRS?

The car dealership must file a report with FinCEN whether you pay by BitPay or bankwire.  I don't think this has anything to do with the IRS, however.  And having a report filed doesn't mean you've done anything wrong.  Here is the quote from BCB:

If I just send right to the dealers bitcoin address - no Bitpay is required, and so no reporting is required. I know of a couple dealers who would do that and never say a word about it.

[Peter R]

If I just send right to the dealers bitcoin address - no Bitpay is required, and so no reporting is required. I know of a couple dealers who would do that and never say a word about it.

Yes, I believe you are correct.  If you don't pay via a third-party, I don't believe this rule would apply.  

[BittBurger]

They cannot print "In God We Trust" on bitcoins.

Why is it "hip" to be anti-God?  Or snarky about the God topic.  That has always seemed lame to me.  Focus on assholes or something instead.  Plenty of those to go around.

-B-

[lemfuture]

nice try. 

[aakashkumar]

All government hates bitcoin

[dogechode]

OP, I'm sorry but your suggestion is pretty ridiculous.

And for the record, I don't believe for a minute that the high level members of government are even remotely religious. In many great civilizations throughout history, the government and monarchs feigned religious beliefs in public to satisfy the public (and keep them in line, but that's a whole separate issue) but in private life they in fact were often not religious at all.

[jonald_fyookball]

OP, I'm sorry but your suggestion is pretty ridiculous.

And for the record, I don't believe for a minute that the high level members of government are even remotely religious. In many great civilizations throughout history, the government and monarchs feigned religious beliefs in public to satisfy the public (and keep them in line, but that's a whole separate issue) but in private life they in fact were often not religious at all.

Throughout history, some parasitical elites used religion and god to control the masses,
Others banned religion.  The mind control tactics were different but had same goal.

[amspir]

Unless you buy from a car dealer that doesn't. I see you like trolling gov't fear around here. What exactly do you do for a living? Just post shit for the IRS?

I am a pragmatist, not an idealist.  I like to be aware of the laws, and avoid going to jail.  Being ignorant of the laws that you are fighting against is not a sign of activism.