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US Senate Bill S.1241 to Criminalize Concealed Ownership of Bitcoin

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Re: US Senate Bill S.1241 to Criminalize Concealed Ownership of Bitcoin

#41

Post by throwaway613834 »

stale2002 wrote: post #38
lordCarbonFiber wrote: post #30

Earlier quoted context omitted.

So long as you never use your currency to buy anything you've got a great anonymous currency. Sounds very useful.

If a coffee shop accepts bitcoin, your transaction is effectively as untraceable as cash is today. The more that people use bitcoin, the more useful it gets and the harder it is to stop.

> If a coffee shop accepts bitcoin, your transaction is effectively as untraceable as cash is today.

How? There is no globally public record of all cash transactions, unlike with Bitcoin.

Re: US Senate Bill S.1241 to Criminalize Concealed Ownership of Bitcoin

#42

Post by jjoonathan »

adventured wrote: post #25
jgh wrote: post #5

Earlier quoted context omitted.

Eh did you notice that huge tax cut they just gave the ultra-rich? They gotta start digging through the couch to pay for it ;)

The US has the most progressive taxation system among all developed nations. Nothing about that fundamental progressiveness has changed due to the tax cuts. The top 20% are paying 95% of all income taxes, that will continue. For example, the US is radically more progressive on taxation than all of Scandinavia: https://taxfoundation.org/how-scandinavian-countries-pay-the...

> income taxes

Oh, come on. Everyone here knows how this game is played.

Re: US Senate Bill S.1241 to Criminalize Concealed Ownership of Bitcoin

#45

Post by estroz »

Simulacra wrote: post #44

With the NSA permeating so much, how sure can we be a bitcoin was ever truly anonymous ?

Bitcoin was not and never will be anonymous if a user converts to fiat. There is always a way to trace a transaction through the blockchain, and from there to a fiat-Bitcoin exchange where you have an account tied to your bank.

Re: US Senate Bill S.1241 to Criminalize Concealed Ownership of Bitcoin

#46

Post by teawrecks »

throwaway613834 wrote: post #41
stale2002 wrote: post #38

Earlier quoted context omitted.

If a coffee shop accepts bitcoin, your transaction is effectively as untraceable as cash is today. The more that people use bitcoin, the more useful it gets and the harder it is to stop.

> If a coffee shop accepts bitcoin, your transaction is effectively as untraceable as cash is today. How? There is no globally public record of all cash transactions, unlike with Bitcoin.

Because at no point is your identity tied to the address.

Re: US Senate Bill S.1241 to Criminalize Concealed Ownership of Bitcoin

#47

Post by cvsh »

tehwebguy wrote: post #19
chroem- wrote: post #6

Good old Dianne Feinstein, always protecting me from the scary terrorists.

Not only did she pretend to be incredulous about NSA spying, she put forward the bill to excuse most of it after completely redirecting the conversation to "metadata." Now Ajit Pai made it a partisan issue she's having screaming about being pro net neutrality but a few years back she co-sponsored the PIPA bill! Worst of all she's considered to be basically impossible to replace. It would be very nice to see CA stop g…

>Worst of all she's considered to be basically impossible to replace. It would be very nice to see CA stop giving her money and put a significant challenger forward but it's probably not good ROI to attempt.

The only type of person that has a chance is a celebrity. If Arnold can win governor as a Republican, then a left-wing celeb can definitely primary Feinstein.

Re: US Senate Bill S.1241 to Criminalize Concealed Ownership of Bitcoin

#48

Post by grandalf »

Uh, it says intentionally concealing, not owning.

Income from investments is supposed to be reported to the IRS. It’s silly that anyone would expect crypto currencies to be an exception.

This would be one of the few cases when the title should be updated.

Re: US Senate Bill S.1241 to Criminalize Concealed Ownership of Bitcoin

#49

Post by thaumaturgy »

tehwebguy wrote: post #19
chroem- wrote: post #6

Good old Dianne Feinstein, always protecting me from the scary terrorists.

Not only did she pretend to be incredulous about NSA spying, she put forward the bill to excuse most of it after completely redirecting the conversation to "metadata." Now Ajit Pai made it a partisan issue she's having screaming about being pro net neutrality but a few years back she co-sponsored the PIPA bill! Worst of all she's considered to be basically impossible to replace. It would be very nice to see CA stop g…

Kevin de Leon is running against her and has some political and media support. Unfortunately, he's far to the left of her on the issue of gun control and that alone may nullify whatever small chance he had of getting elected.
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