11 votes

Congress Drafting Anti-Bitcoin Legislation

Democratic Senators Charles Schumer of New York and Joe Manchin of West Virginia are in the process of drafting an anti-bitcoin law that would make trading or using the bitcoin currency illegal in the United States.

The draconian law (from what we have seen) would make ANY trades in the currency illegal. They are stating that the currency is constitutional.

http://www.tribbleagency.com/?p=8070

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Whether or not this story is

Whether or not this story is accurate, I'm sure many in Congress are seriously considering anti bitcoin legislation for a very specific reason: Iran.

US sanctions against Iran apparently have caused the Iranian currency to plunge in value against the dollar. I've read that dollars are hard to come by in Iran, so people are unable to protect themselves from devaluation of the rial by holding dollars.

I've read that many people in Iran have been using Bitcoin to protect from the loss of value in the rial.

So... making Bitcoins illegal in the US will put an end to all that circumventing of the sanctions / effects of sanctions, at least to some extent.

...

Already illegal

Those sanctions already make it illegal to export or import Bitcoins from Iran. Making a new law to highlight another law is a waste of time.

No sources at the source

No sources at the source article. The source website is an advertising company or something to that sort.

FUD

The article is fake on a fake website with no sources.

Running scared

This is great. If some bigger companies would start accepting Bitcoins we could make huge inroads with a competing currency imagine Amazon accepting Bitcoin as a form of payment. They can't take away peoples Bitcoins. They can try but like with gold confiscation there will be people that will continue to use and hoard Bitcoins. Bring it on bitches.

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    This is one of the things that worries me

    This is one of the things that worries me about bitcoin. Many say that gold is not as good as bitcoin but at least with gold they need a weapon in my face to take it from me but with bitcoin they can take it from you with a stoke of their pen.

    I guess it goes to prove the old saying that the pen is mightier than the sword.

    This is an old Bitcoin article...the effects are COMING SOON(?)

    Still...it will probaly be relevant soon... I wonder how long it will take to go from "drafting" to enacting a law.

    It is probably right around the corner.

    Just plain 'Happy'about the direction the world is taking! Especially if we live to reach LEV [Longevity Escape Velocity]

    Another

    This was always on the cards.

    I thought the attack might have come through the regulatory agencies. They guard their power jealously and if bitcoin is making inroads then they will pull out all the stops to prevent it happening.

    The one benefit is that it will demonstrate to those who believe their nation is free that is is anything but. People do not realise they are in a cage until they touch the perimeter fence. This regulatory confinement has been intensified gradually over the years.

    "Jesus answered them: 'Truly, truly, I say to you, everyone who commits sin is a slave to sin. The slave does not remain in the house forever; the son remains forever. So if the Son sets you free, you will be free indeed.'" (John 8:34-36)

    ...

    http://www.tribbleagency.com/?p=8341

    https://bitcointalk.org/index.php?topic=6652.0

    November 6th 2012 I voted for Dr.Ron Paul
    "We must remember, elections are short-term efforts. Revolutions are long-term projects." ~ Ron Paul

    Congress: We'll make a deal with you...

    If you take back your authority to do what you're supposed to do then maybe you have a beef. Bitcoin is for those who are tired of congress not doing their jobs.

    This is a slap in the face that this Nazi would use the constitution for selective purposes. Does this mean the 2nd amendment is a good idea too?

    Cyril's picture

    Well, you know what ?

    Well, you know what ?

    These days ... when the Statist BureauCRAPS attempt to make some things illegal or prevented to be built upon...

    ... it usually means they are FIRST AND FOREMOST interested in DESTROYING MORE OF THE UNDERLYING FREEDOMS that are, they figured, IN ESSENCE, incompatible with THEIR OWN FUTURE SPECIAL INTERESTS.

    NOW - and by this ALONE, thanks, OP - Bitcoins HAS JUST BECOME yet a little more interesting to watch, by me ...

    ... or - AT LEAST - TO BE DEFENDED A PRIORI.

    "Cyril" pronounced "see real". I code stuff.

    http://Laissez-Faire.Me/Liberty

    "To study and not think is a waste. To think and not study is dangerous." -- Confucius

    An attempt to make bitcoins cool

    .

    Political risk

    Political risk is a problem for bitcoins.

    Were the people who ordered "Liberty Dollars" but had not yet received them ever compensated? I was critical of Liberty Dollars because I thought they were just overpriced silver rounds with a dollar amount stamped on them that potentially facilitated fraud. Still, the people who bought them ought not to have had their property confiscated. But confiscation is what the government does.

    When "legitimate" merchants, i.e. merchants who report to the government, pay taxes and all that, are banned from accepting bitcoins, the value of the bc's will plummet.

    Ĵīɣȩ Ɖåđşŏń

    "Fully half the quotations found on the internet are either mis-attributed, or outright fabrications." - Abraham Lincoln

    Perhaps this could backfire

    because where in the Constitution does it allow fora private bank to be assigned the responsibility of the Congress?

    "If this mischievous financial policy [greenbacks], which has its origin in North America, should become endurated down to a fixture, then that government will furnish its own money without cost. It will pay off its debts and be without debts. It will hav