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Sen. Manchin demands complete US ban on Bitcoin
cnet.com ^
| 2/26/2014
| Declan McCullagh
Posted on 02/26/2014 6:19:20 PM PST by mmichaels1970
A US senator is asking the federal government to take this remarkable step: completely ban Bitcoin. Joe Manchin, a Democratic senator representing West Virginia, sent a letter Wednesday to the Treasury Department, the Federal Reserve, and other regulators characterizing the virtual currency as encouraging "illicit activity" as well as being "highly unstable and disruptive to our economy."
(Excerpt) Read more at news.cnet.com ...
TOPICS: News/Current Events
KEYWORDS: bitcoin; counterfeiting; countryroad; crypto; currency; federalreserve; joemanchin; mountainmama; westvirginia
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From Manchin's letter:
The clear ends of Bitcoin for either transacting in illegal goods and services or speculative gambling make me weary of its use. The Senate Homeland Security and Governmental Affairs Committee issued a report just this month stating, "There is widespread concern about the Bitcoin system's possible impact on national currencies, its potential for criminal misuse, and the implications of its use for taxation." Before the U.S. gets too far behind the curve on this important topic, I urge the regulators to work together, act quickly, and prohibit this dangerous currency from harming hard-working Americans.
Liberals to the rescue! Our government, protecting those who are too stupid to protect themselves...freedom be da**ed!
To: Errant
See this one yet? (bitcoin ping)
To: mmichaels1970
Yeah, the government is the only entity that should be allowed to separate the stupid from their money.
To: mmichaels1970
4
posted on
02/26/2014 6:23:02 PM PST
by
GraceG
To: All
5
posted on
02/26/2014 6:23:15 PM PST
by
musicman
(Until I see the REAL Long Form Vault BC, he's just "PRES__ENT" Obama = Without "ID")
To: mmichaels1970
Oh, Lawd. I was skeptical about Bitcoin, but if Manchineel hates it, maybe I was wrong.
To: mmichaels1970
During the Great Depression, many forms of gold ownership were deemed illegal.
When people have God Money, why should they settle for Ho Money...?
7
posted on
02/26/2014 6:27:36 PM PST
by
gaijin
To: mmichaels1970
"highly unstable and disruptive to our economy." LOL! Like the non-stop dollar printer is NOT??
To: mmichaels1970
IMHO, Bitcoin is a joke.
But re: “banning” Bitcoin — a) Why? and b) HOW???
Ain’t gonna happen.
9
posted on
02/26/2014 6:28:56 PM PST
by
Nervous Tick
(Without GOD, men get what they deserve.)
To: Tijeras_Slim; All
Yeah, the government is the only entity that should be allowed to separate the stupid from their money.
Isn't it funny that on one hand they argue that the bitcoins are virtually worthless, but on the other hand they argue that they are used for illicit activities such as drugs, prostitution, and gambling?
Hypothetically, if we granted his assumption that they are worthless (or soon will be), wouldn't that leave the drug dealers, prostitutes, and bookies "holding the proverbial bag"?
Following his logic, Bitcoin may be the secret weapon in the war on drugs. If we equate bitcoin to "tulip bulbs" or "monopoly money" as many have, and we argue that they are being used to purchase drugs, are we not ending up with drug dealers and other bad actors ending up with a handful of tulip bulbs for their efforts?
To: Nervous Tick
IMHO, Bitcoin is a joke.
I can respect that opinion.
But re: “banning” Bitcoin — a) Why? and b) HOW???
I agree, and I think it's something that those FOR and AGAINST, especially here, can agree on.
To: GeneralisimoFranciscoFranco
Oh, Lawd. I was skeptical about Bitcoin, but if Manchineel hates it, maybe I was wrong.
Bravo!
To: mmichaels1970
I don’t know much about Bitcoin, and am very skeptical about it. However, all the bad things Sen. Manchin attributes to it also apply to the US dollar.
The US dollar is virtually a government-issued counterfeit. It also can be used for illicit purposes.
Manchin is rather a dull bulb.
13
posted on
02/26/2014 6:46:33 PM PST
by
docbnj
To: mmichaels1970
Gee, this is unexpected. Who’d a thunk the government would make Bitcoin’s threat to their monopoly on monopoly money a crime?
14
posted on
02/26/2014 6:47:48 PM PST
by
DaxtonBrown
(http://www.futurnamics.com/reid.php)
To: mmichaels1970
“being “highly unstable and disruptive to our economy.”
Translation...
We can’t tax it!!!!!!!
To: mmichaels1970
To: mmichaels1970
Joe Manchin is either an idiot or...nope, he's just an idiot.
Obama is destroying West Virginia's coal industry, and Manchin is all worked up about Bitcoin. Idiot.
17
posted on
02/26/2014 7:07:44 PM PST
by
Leaning Right
(Why am I holding this lantern? I am looking for the next Reagan.)
To: mmichaels1970
“Sen. Manchin demands complete US ban on Bitcoin”
Sounds like somebody got burned recently.
18
posted on
02/26/2014 7:07:59 PM PST
by
mark3681
To: Leaning Right
I don’t see their authority to ban bitcoin
19
posted on
02/26/2014 7:08:18 PM PST
by
GeronL
(Vote for Conservatives not for Republicans!)
To: mmichaels1970
I was on the fence about Bitcoin, but if Manchin is against it I'm for it!
20
posted on
02/26/2014 7:12:12 PM PST
by
E. Pluribus Unum
(If Barack Hussein Obama entertains a thought that he does not verbalize, is it still a lie?)
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